Just when we thought all had gone quiet on the metaverse front, with AI grabbing the limelight, the world’s largest retailer Walmart has announced plans to ‘aggressively pursue’ new virtual world opportunities in the metaverse.
“As the lines between physical and virtual continue to blur, we want to meet our customers where they’re spending more and more of their time. Increasingly, that includes virtual worlds,” the retail giant says.
Virtual worlds — environments that allow you to create avatars, socialise with others, explore 3D spaces and participate in activities — are already changing the way we connect, play and shop, and they are poised to further transform our daily lives.
Citi estimates that the total market for metaverse-related commercial activity will be between $8 trillion and $13 trillion by 2030, with total metaverse users numbering around five billion.
And always at the forefront of new technology, where Walmart goes, others will be sure to follow.
THE VIRTUAL WORLD OPPORTUNITY FOR RETAIL
Walmart says it sees the growth and expansion of increasingly immersive virtual worlds as not only a chance to develop new ways to meet and engage with its customers, but also an opportunity to experiment with a new type of commerce, where customers can not only continue buying virtual goods, like clothing for their avatar, but now their real-world counterpart.
The retailer explains: “Given that almost 90% of the US population lives within 10 miles of a Walmart store, we also have an opportunity to connect their physical and virtual lives in a way that only Walmart can.
“Over the next year, you’ll see us test a variety of experiences in virtual worlds that connect to commerce at stores and vice versa. In fact, we’ve already begun,” it adds.
Earlier this year, Walmart teamed up with game developer FUN-GI on House Flip, a mobile game available on iOS or Android, that allows players to renovate and sell virtual homes.
The game initially started with the ability for players to virtually test certain Glidden paint colours sold at Walmart, generating more than 12 million impressions for the Glidden brand over the first six months.
But this month, it will introduce the ability to purchase physical items contextually and natively in the game — either the same one’s customers use to decorate their virtual house or ones they discover while playing the game — using their Walmart account without leaving the virtual world. It is also adding new décor items from Mainstays and Better Homes and Gardens in the Walmart in-game landmark that players can browse and purchase.
In August, Walmart entered the virtual fashion segment with its clothing brand Scoop, taking over the fashion space, Runway Z, within the mobile virtual world ZEPETO.
Not only was Runway Z fully decked out in Scoop branding, but virtual goods based on Scoop’s designs were available for players to buy for their avatars. Within the first month of launch, it saw increased user engagement in Runway Z and purchases of virtual Scoop clothing items — another first for Walmart.
Walmart says: “With a projected 3 billion participants spanning all geographies and demographics, virtual worlds and games represent the fastest-growing category of entertainment, and they present us with the opportunity to redesign the shopping experience and invent the future of retail.
“We believe in building commerce in virtual worlds and experiences for everyone, accessible via any device, that align with our digital values and meet the needs of all our customers. We see limitless potential with this emerging technology, and we’re excited to explore its possibilities,” the retailer adds.
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