4 / 14 / 23 , 9:45 AM What Retailers Need to Know About the Metaverse – WWD
In the Metaverse ADOBE STOCK
It ’ s technical , complicated and largely untested , yet retailers shouldn ’ t be averse to the
metaverse .
“ The big question retailers have been trying to answer is whether or not an investment in extended reality technologies will tangibly grow a brand ’ s fan base and create real business opportunities that don ’ t already exist in-store or through a typical online website presence . The short answer is yes ,” said Mike Riggs , managing principal of IA Interior Architects , a global rm of architects , designers , strategists and environmental specialists .
“ Like most things in life , a moderated approach to adoption and consumption would work best for retailers , as the real and virtual worlds continue their convergence . Retailers should not ignore the inevitability of at-home XR ( extended reality ) technologies in uencing in-store experiences .”
Riggs co-authored a research report , titled “ The Case for Retail in the
Metaverse ,” based on an IA survey last September that achieved a response rate from 1,012 of 3,500 U . S . adults . The idea was to explore the future for extended reality in retail environments , and understand how it can appeal to different demographics across various income levels , ages and ethnicities .
Twenty- ve percent of the respondents were 35 to 44 years old ; 23 percent were 25 to 34 ; 49 percent were white ; 25 percent were Black or African American ; 15 percent were Latino or LatinX .
Eighty-three percent of the respondents resided in urban or suburban environments ; 17 percent lived in rural locations . Fifty-six percent had a bachelor ’ s or higher degree , while about 1 in 4 attained a high school diploma or equivalent .
The most represented average household income was the $ 100,000 to $ 150,000 bracket , at 19 percent , followed by $ 50,000 to $ 75,000 at 18 percent , and $ 35,000 to $ 50,000 , 13 percent .
Among the key ndings :
Eighty percent of respondents experienced XR ; 71 percent used XR on a daily or weekly basis .
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