Headlines

Does the Metaverse Make Sense for Retail?

Immersive tech’s impact on shopping still uncertain, study finds

Published

2 years ago

November 7, 2023

Shop! Association

Naratrip Boonroung/iStock/com

By 2030, the metaverse will reach over $627 billion in revenue, having grown at an astounding compound annual growth rate (CAGR) of 34 percent between 2022 and 2030, a new report from ResearchAndMarkets.com concludes. Despite that, the technology is expected to only make slow inroads in retail.

“The metaverse is still in its early stages of development, and its future trajectory in retail is uncertain,” the report states. “This, alongside a limited audience reach as the tech has not achieved mainstream adoption, suggests there may be more risks associated with the retail sector exploring the tech than benefits.”

Among the obstacles: “The tech operates on various platforms, each with its own user base, rules and capabilities. This makes it difficult for retailers to establish a consistent and cohesive presence across all metaverse platforms. As a result, the metaverse will not help retailers increase their reach.”

Still, the report says once those challenges are overcome, the metaverse will grow in importance for the retail industry. According to news reports, retailers recently dipping their toe into the technology include H&M, Macy’s and PacSun.

Click here for more about the report.

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Shop! Association

The Shop! Association is a global trade association dedicated to advancing the retail environment and experience industry. Its purpose is to empower members to innovate at retail by connecting them with education, insights, and events that support collaboration and forward-thinking solutions. From ideation through implementation, Shop! engages its diverse membership to co-create innovations that help shape the future of retail worldwide. Central to its mission is fostering an inclusive culture that embraces diverse voices and upholds high standards of ethics and transparency. Since 1956, Shop! has empowered its members to innovate at retail through education, insights and events. Learn more by visiting shopassociation.org. Interested in joining the Shop! Association? Reach out to Dina Meindl, Membership Services, for more information today! [email protected].