What: As traditional brick-and-mortar stores face new challenges and e-commerce continues to grow, retailers are looking for innovative ways to reach consumers and provide engaging shopping experiences.

Why it is important: The metaverse has promised a new frontier for retailers to create virtual storefronts, showcase products, and engage with customers in ways that were previously impossible.

According to industry experts, the metaverse is still developing, as is Web 3.0 technology, and together, it presents an entirely new way of interacting online, with new consumer experiences and a shift toward a democratised and traceable future.

Experts do not believe that there is a rush for retailers to enter the metaverse, but rather there is an urgency to put the tools in place that digitise the in-store experience and allow for interactive, 3D experiences with customers.

Why these experts believe the metaverse is still relevant for retail