how well is he metaverse known in retail and what potential benefits does it offer? Is it relevant enough to invest? And if so, when?
the EHI Retail Institute Survey saw 433 decision makers from all over the world participate GermanFrench-speaking retail sector, with most stating that while the term ‘metaverse’ is widely known, awareness among retailers is still lacking.
Six in 10 of those surveyed believe that the metaverse will prevail in the next few years, two in 10 consider it an exaggeration, while others are still not sure how it will play out, the study found.
an exciting future
About 75.5% of panelists see interesting retail apps in the metaverse. The study results also imply that most retailers believe they need to prepare for changes due to developments in the metaverse.
However, these changes may be a long time coming: surveyed retailers predominantly assume that this topic will only gain importance for retail businesses five to ten years from now.
Such an external evaluation can serve as an indicator; after all, it is a central task of retailers to know their target groups. Consumer behavior should look at how acceptance will actually play out at the end of the day.
Challenges and Complexity
The retailers surveyed feel that the metaverse also harbors dangers, anticipating that there could be a power shift between retailers and manufacturers, or between retailers and suppliers in the metaverse. Complexity, expense, and dependencies could increase. Getting into the metaverse business can be associated with high risk and high investment.
According to the retailers surveyed, the profitability of metaverse apps, as well as internal resistance, are considered the biggest obstacles to adopting this channel. In addition to this, there is also uncertainty about future developments, about the suitability of their ranges, about cannibalization effects, and about security issues.
Interviewees also confirmed that the metaverse appears to be a cross-departmental issue that touches on many different aspects of retail. Therefore, the main challenge for service providers is deciding which aspects to focus on: just under 5% of respondents believe that their companies have enough staff with the relevant experience to start a metaverse business.
Additionally, only 4% think their retail business is likely to already invest in metaverse apps today; in two years 12% think this is likely to happen, in five years this figure increases to 23% and in 10 years to 46%.
In the coming years, it is assumed that retailers will approach the metaverse with isolated pilot projects. Additional perspective on this will be provided at EuroShop 2023 in the retail technology Dimension, while the metaverse will also be discussed at conferences hosted on the Connected Retail Stage.
EuroShop is open to professional visitors from Sunday, February 26 to Thursday, March 2, 2023, every day from 10:00 a.m. to 6:00 p.m. For more information visit www.euroshop-tradefair.com.