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Get Ready for the Metaverse to Impact Retail Ecosystem
November 7,
2022 by HFBusiness Staff in Business Strategy, Industry 
Prime real estate has always been an important factor for most retailers before starting a business, but things might be different with the emergence of a new virtual platform. The metaverse is a platform combining multiple technologies to enable social and economic activity in a digital world connected to the physical one.
With the effects of metaverse commerce adoption being felt by retail brands at various stages of the shopping journey, global IT research and advisory firm Info-Tech Research Group has published a timely research-backed blueprint, Shopping in the Metaverse.
According to research, retailers often struggle to adapt to the evolving needs of virtual shoppers, which can include the use of cryptocurrencies or NFTs. Shopping in the metaverse works differently than in the real world, which has shifted more online since the onset of the pandemic. Retail in the metaverse requires a new outlook, models, and competencies to become competitive.
"The metaverse will fundamentally disrupt the retail ecosystem and take personalization from evolution to a complete revolution," says Rahul Jaiswal, principal research director at Info-Tech Research Group.
"Although metaverse commerce is still in its infancy, many retail brands are testing applications like avatar-driven customer services, augmented reality, and 3D interaction to entice shoppers through virtual stores, products, and events."
The research shows that metaverse commerce transformation is challenging, requiring superior technology journey mapping and strategies to build cohesive client experiences.