September 08, 2022

How the Metaverse Will Transform the Home Furnishings Industry

Nicolina Savelli
Marketing

The term metaverse is one of the major buzzwords in tech and financial industries and its definition is ambiguous and determined by the ambitions of its users. A year ago, Facebook announced it was rebranding to Meta and would focus its future on the upcoming “metaverse.” In the time since, its purpose in today's society remains new, and relatively unclear. But for others, like Facebook, metaverse is a viable solution for a number of industries and can be commercialized as such. Most commonly used by gaming aficionados, the metaverse is quickly emerging into something much more, and serves to transform the home furnishings industry if not right now, in the very near future.

Textiles-5-BR-Black

Metaverse explained

In the simplest way possible, we can describe the metaverse for the home furnishings industry as virtual shopping experiences, allowing consumers to see, touch and interact with products from wherever, whenever. It is breaking the barriers between the physical and digital world in the same way eCommerce did 30+ years ago.

More than Virtual Reality

The metaverse needs some improvements to reach a worldwide adoption. And an important issue was the “virtual parts” of the universe. While VR has long been viewed as a crucial ingredient for a good metaverse, access into metaverse is not restricted to VR headsets. Anyone using their mobile phone can use Metaverse experiences to connect with the digital world. But the metaverse must be widely accessible in order for VR to gain traction among customers. Throughout the last decade the industry of VR technology saw remarkable developments, and user adoption is beginning to snowball.

 

Is Metaverse Really Useful?

The Metaverse is seen as being a key player in digitaliZation. The metaverse will grow the digital economy as one of the main driving forces in the global economy. Although metaverse has been seen to have been viewed by many as future entertainment and gaming and party destinations, as we mentioned earlier, the use cases are much greater than that. 

Big brands know that:

  • Millennials are strongly geared towards experiences and personalized products, which in the metaverse are easier to obtain and even to design individually
  • the GenZ, the one born after 1995, as well as the GenAlpha, which at the moment is still at school, will not stop attending the metaverse once adult.
  • While not knowing exactly what will happen, and while not based on the bombastic figures of the turnover expected in 2030 on metaverse (8/13 trillion dollars), they bet on new technologies because they tend to be a futures-thinking generation.

Entering the Metaverse: How to Get Started

Metaverse are essentially a virtual system containing multiple virtual worlds in 3D. Unlike the real world, it is accessible with a headset that navigates the metaverse through an eye movement. It immerses the user in a stimulating induced sense of presence, a physical feeling. For the best view of the metaverse we can look at the widely multiplayer augmented reality video game like Replay. But its potential applications are enormous.

What is metaverse shopping?

These stores are supposed to allow your avatar to enter a shop on metaverse clothing shops that sell you products to be shipped out on your behalf. You can either gift your avatar new computer-enabled clothing.

How do I start a shop in the metaverse?

Tell me the best way to build virtual stores for metaverses? Buy space on Metaverse platforms, or build it yourself. ' Selecting metaverse development. Find the right blockchains. Add the necessary components.

Can you buy physical goods in the metaverse?

We are buying completely digital products in the meta world and physical objects. Given that this is all a 3D environment, you cannot return with thumbnails. Brands need something more 3D immersive and interactive.

How do I access the metaverse for now?

The metaverse isn't yet accessible by any one device, though experts recommend buying an additional piece for yourself to fully experience it yourself. This includes a $20 Google Cardboard to a $300 Oculus Quest 2 headset, or a $999 Valve Index VR, depending upon your spending. Cybernetics expert Baggili says the Metaverse structure resembles the Apple App Store structure.

Mediated, Magical Worlds for Home Furnishings, and More!

Augmented Reality experiences can provide insight into metaverse potentials. Using AR, a person can use their smartphone (or another device) and digitally improve the perceptions and perceptions in physical environments for an instantaneous effect. Metaverses based on Augmented Reality could not create a totally new digital universe, but they could intersect with reality. It is this metaverse that will change how we live, says Louis Rosenberg.

Create a unique customer experience journey

Tell me the easiest method for creating a memorable customer experience? Your limit is your imagination. Another way to build a metaverse shop experience is by introducing external elements into your retail stores. If you are using a VR headset for kayaking in the store, it could be possible a user experience on a bigger screen. What about virtual home tours? Give visitors an opportunity to share contact if they want and win a dinner. Its fun, interesting and very meta!

Virtual Showroom & Exhibition

Take your product to a global showroom and showcase it. Allow customers to see products in 3-D and take them through a personalised experience. Organize groups of speakers, talks and presentations. All in one quick swipe or via videochat.

Virtual workshops & meetings

Some things are more important in public than in private. There's a room for intimate meetings. Exclusive meetings of key players, workshops or even private events like press conferences, ambassador meetings or other.

Virtual events & conferences

Transform your live events into unforgettable events. Inspire, involve, connect and inspire people emotionally. Emojis and gestures allow an authentic social experience.

Shopping in Metaverse Could be More Fun Than You Think

Data matters

This metaverse is young, but statistics are an excellent indication of where they will go. In its report, Bloomberg says Metaverse is projected to reach about $800 billion by 2024. The CAGR represents over 11%, which compares to a market valued around $900bn in 2022. Games hardware revenue and service revenue will grow to $412 billion between 2030 and 2524, up from $275 billion by 2020.

Metaverse Shopping: The Benefits of Immersive Commerce

The Earth has fallen into the metaverse completely. Major corporations are scrambling to capitalize in this new space to develop innovative customer experiences. Retail will be changed by Metaverse. Below are some of the ways Metaverse shopping can affect customers and businesses' shopping experience.

Personalization

Conversely, a personalizing of online commerce typically yields discounts and product recommendation. Adding natural objects to online environments allows retailers to create personalized customer experience. With the development of Metaverse websites, the Internet stores can now connect with customers to challenge their imagination and create ideas which can never be achieved. Numerous studies demonstrate why handling clients should be handled with a personal approach to reduce the perceived need for numbers. Brands can provide their clients with an exciting, personalized digital experience by adding the metaverse into the mix.

Augmented Reality

Users may see things in the real-world when purchasing AR products via AR Shop. Some cosmetics companies use artificial intelligence to give customers the ability to try on different palettes before making the purchases, which helps especially in online transactions, where customers can't physically perceive the colors. Another example of AR shopping is wearing clothes before a purchase. Users are able to see product information by scanning QR codes or digital components in packaging. AR may improve metaverse shopping experience through integration of digital elements in real-world stores.

Virtual Reality

A virtual shop allows you to compare prices online with real retail. According to a survey, 85% worldwide are shopping online. Customer can still purchase at home using VR while still receiving personal attention, social connections and an immersive experience. VR allows businesses to present their goods in a virtual environment where they are able to interact in virtual changing rooms and even try clothes in VR showrooms. Often clients will encounter virtual influencers during the purchase process – this tactic for metaverse brands works perfectly.

New Sales Channel

Metaverse allows brands to sell online or offline goods on the same platform. Those changes transform online shopping as they open up more possibilities. The new technology will make selling virtual products in virtual environments easier for clients, eliminating the need for supply chain management. Retailers can reach their customers by using sales direct to consumers. Brands can also demonstrate their product before physically selling to consumers. In this example a user journey starts in an imaginary world and ends in the real world.

New Shopping Experience

A more interesting possibility is that one can purchase at Metaverse. Because this means a wide range of designers are searching for ways to contribute to the Metaverse Mission to provide a better immersive and interactive experience to their customers. Metaverse Shopping helps customers track their purchases history, taste and demographics, and uses that data for fresher, better tailored apparel recommendations. Complete accessibility can also happen through online shopping, which transcend the space or time.

Integrated Shopping Experiences With Gaming

Metaverse Retail will increase in value dramatically. Let us see the merger of business with gaming. Please be patient because it will take some imagination. Imagine the creation of an avatar that looks exactly like yours. You've entered Decentraland's realm which is completely built on the cryptocurrency Etherium. You can also purchase parcels of land on which to build your own environments, marketplaces, and applications. Decentraland’s three native tokens — MANA, LAND, and Estate — all play a unique role in furnishing the Decentraland economy. So, what's stopping home furnishing retailers for participating? It's likely a combination of things: risk, fear, and user adoption. But soon enough all that will be left is fear and those early adopters are going to see their risks pay off in dividends.

Shopping with AI avatars

How did you create virtual personas? If virtual shop experiences had not been created with 3d avatars using artificial intelligence, it would never be as exciting as it would have been. Digital Avatar is customizable for any purpose, allowing you to customize it as you see fit. It has exceptional functionality. You can order items to create virtual avatars, dress them up, or personalize them.

The Future of Home Furnishings is in the Metaverse

Yes, it's daunting to wrap your head around new technology, especially for industries such as the home furnishings space, which has found success using relatively simple tools and technologies. So, why even bother with metaverse? Well, it's Marketing 101: you have to be where your customers are. As we begin to see greater adoption and a growing population of active users, it will simply be a missed opportunity for furniture marketing and sales not to serve the future of their customers in the metaverse. 

Live Furnish has created a way to make it simply and easy for those in the home furnishings industry to leverage metaverse technology and create interactive shopping experiences. So, if you're ready to see what it's all about, we're always here to help.