As the ubiquitous Metaverse continues to blur the boundaries between both the physical and virtual realms, brands are still uncertain about the impact that it can have on the consumer retail experience. Brands will have to buckle their bootstraps and prepare to dive into an entirely new realm where very little to no rules apply.
For brands in the luxury retail space especially, whose core ethos revolves around the traditional notions of heritage and provenance, we have witnessed a certain type of reluctance or hesitation in implementing disruptive technologies, primarily due to concerns surrounding democratisation and accessibility, this then begs the question of whether the Metaverse might counter-intuitively deter brand power.
Amidst these risks, the Metaverse also brings forth new opportunities (with potentially high reward) for value creation for brands that are open to swapping tried and tested marketing strategies with truly immersive experiences that will allow consumers to innovate, co-create and curate the way that they engage with brands.
Whether it’s through virtual story worlds, gamification, or virtual fashion and NFTs, when harnessed in the right way, the Metaverse can serve as a stepping stone for brands to reimagine their narratives and build a community centred on creating rich encounters with consumers by empowering them to personalise and shape their brand experience.
