Metaverse. An overview of retailers’ initiatives

Featured image of the article Metaverse. An overview of retailers’ initiatives
How are the main retailers approaching the metaverse market? What are the strategies adopted by luxury, fashion and grocery brands? mind Retail interpreted activities of 23 major retailers and identified 4 major forms of investments.
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For retailers, the metaverse represents many advantages. There are limited costs to building a digital audience, to store management or to supply chain. “Retailers invest in the metaverse because the R.O.I. is directly measured in visibility and brand image,” Neal Robert, C.E.O. of bem.builders, told mind Retail. The entry ticket in metaverse is much lower than the cost of a classic advertising campaign”.

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As a result, many retailers decided to make inroads into this new virtual world. This desire became a reality in April 2021, for the first time. The US brand Vans created its own game, “Vans World” on the Roblox platform. From 2021, retailers have multiple partnerships with metaverse platforms, notably with Dolce & Gabbana and Decentraland in October, Nike and Roblox and Adidas and The Sandbox in November.

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