Mastering the metaverse: A reimagined future for the consumer and retail industry

While there is no single, unified view of the metaverse, we define it as a network of three-dimensional virtual worlds that, in its ideal state, focuses on immersive experiences, digital economies, and social connections.

We’ve been seeing a massive uptick in metaverse-related action, with companies across all industries experimenting with and launching different experiences to test with users. While this flurry of activity may lead some to question whether it’s mostly hype, there are strong indications that the metaverse is set to revolutionize the way brands market and sell.

The following are some potential use cases for the consumer industry, explored through our five fields of play.

1. Learning: Employee training through immersive learning in the metaverse can be both cost-effective and efficient. It could be a game-changer for employee onboarding, for example, or for training in soft skills like customer service and hard skills like warehouse machinery operations. Role-playing in virtual environments is ideal for upskilling workers in a safe, standardized, and scalable way.

2. Collaboration: Corporate teams can use the metaverse as a platform for collaboration and information-sharing to increase efficiencies and cooperation. For example, teams can design, edit, and iterate on virtual models/3D prototypes of products or storefronts in real time in an immersive platform.

3. Enterprise simulations: The metaverse can help improve existing operations by creating replicas of real-word assets or systems, augmented with real-time data. A digital twin of a retail store facility, for example, can be used to track inventory and foot traffic to model how the store’s layout impacts sales.

4. Storefronts: The metaverse offers a new channel for organizations to sell products while enhancing the e-commerce experience and deepening customer relationships. For example, a virtual store can sell both physical goods that can be delivered to the buyer’s door and digital products that can be applied to the buyer’s avatar.

5. Reimagined experiences: New ways to engage with products and services can be created and deployed through extended reality (XR) technologies to increase customer loyalty or open new streams of revenue. Digital and physical (“phygital”) brand experiences can be used to celebrate the launch of a new product line, for example. 

The consumer industry is a leader in offering metaverse experiences to customers. We see brands building virtual stores, launching large metaverse marketing campaigns, developing innovative digital assets, and applying for a range of metaverse-related patents.

As you craft your metaverse ambitions, consider whether you will:

• Offer new virtual products or services aligned to your long-term brand vision and strategy
• Look for opportunities to create converged phygital experiences that offer the best of both worlds
• Engage, analyze, and influence current and potential customers
• Create new paths to customer loyalty through differentiated marketing or loyalty programs
• Use digital twins for process optimization, inventory management, and predictive maintenance

One thing is for certain: the consumer industry is playing a primary role in driving the adoption of the metaverse. The difference between the leaders and the laggards in this space will be their willingness to experiment and strategize now.