Info-Tech Research Group (ITRG) has said that the metaverse is going to shake up the retail world. The company said that avatar-driven customer services, augmented reality, and 3D interaction will disrupt the sector, but suggested progress could be a bit sluggish at first because retailers are unsure where to start.
The researchers found that if metaverses use blockchain technologies too, then there will be other benefits for retail. With blockchain smart contracts, for example, parties to a transaction will be made to fulfil their obligations without the need of a middleman. Other benefits include data portability and reduced risks associated with storing customer information, seamless direct money transfers and payments, and quicker decentralized trade settlements.
For businesses that want to leverage these technologies, ITRG recommends that businesses look throughout the services that offer and identify where the technology could be useful. It also recommends getting customers’ opinions about how the tech could be integrated. Finally, ITRG tells businesses to look into things like blockchain, digital twins, infrastructure, and virtual environments to get started.
The biggest player in the metaverse right now is probably Meta, it has its popular Oculus headsets, has renamed itself, and has been spending a lot of money to try to build the technology required for a comprehensive metaverse. Last month, however, shareholder Brad Gerstner called on Meta to limit spending on the metaverse and become more focused. It’ll be interesting to see whether any metaverses really take off, or whether they remain a niche.