It’s also easier to see how this universe could be used for a lot more than gaming. It could even evolve into a space where healthcare, design, the arts, science and sports come together. And retailing — especially furniture retailing.
Online furniture shopping has advanced significantly in recent years, and the tools available to the shopper — such as 360-degree views and augmented reality — have improved the customer’s ability to get a better picture of their purchase. The metaverse takes it a step further, leaving even less possibility for shoppers to be disappointed when the furniture arrives at the front door.
You won’t be able to physically sit on a couch in the metaverse, but shopping could otherwise be remarkably similar to an in-store experience. Imagine browsing a 3D digital store that’s filled with hyper-accurate images of furniture. You’re able to move around the store, browsing pieces rendered in incredible detail, including the grain on wood pieces and the texture of fabrics.
The metaverse will likely be well suited for the “wander” shopping experience. Wandering through a brick-and-mortar store is one of the most productive and fun ways to shop for furniture. It gets your creative juices flowing and spurs ideas about how to mix and match various pieces and styles as you move from department to department. The metaverse comes much closer to replicating the in-store shopping experience, providing more realistic views and details in-store shoppers expect before making a purchase.
Further, imagine inhabiting a digital version of your own living room and — with just a few clicks, populating the room with furniture from the store — virtual living room sets, coffee tables, lamps, etc. In this 3D environment, you could see precisely how the furniture will look in your house before you make the purchase. You could even invite friends and family into the room to solicit their opinions.
Although not available today, this future is within reach. We are already seeing companies stake out competitive positions in their metaverse-related patent filings for 3D interior design systems and other technologies. In addition, savvy furniture manufacturers and retailers are taking the first steps toward making the metaverse a reality. They are creating storefronts in 3D worlds like Roblox, where they can sell virtual merchandise and provide a host of activities and experiences. According to a report last year from Morgan Stanley, the total addressable market for e-commerce in the metaverse could be $8.3 trillion, including $697 billion in home and home-related spending.
Other industries are getting involved as well. Auto manufacturers are exploring the metaverse for prototyping and to improve production processes. One car company is creating a digital twin of its real-world production facility. In the petroleum industry, an integrated multinational company is building digital twins of its offshore platforms and other facilities, to better predict and diagnose problems.
So, how can furniture retailers and manufacturers get started on their metaverse journey? First, put yourself in the consumers’ shoes. You know better than anyone else what your customers love (and don’t love) about the in-store and online shopping experience. Start thinking about how you would create an immersive 3D experience that delights shoppers. What features would you offer them? How would you make the buying process easy, intuitive, informative and fun?
Next, think about how you can monetize your investment in this new platform. Which products and services would you sell? How would you market to consumers? How could your virtual real estate integrate with your brick-and-mortar locations? What about payments? It’s unclear at this point if the metaverse will rely on a single currency — and, if so, what that currency might be. However it plays out, a robust payments capability will be essential to the platform’s usefulness for business. Watch this space.
Furniture is a sensory-rich business. Shoppers want to see the products — up close. Buying furniture also requires imagination on the part of the customer: “How will this sofa (or dining room set, or bed) look in my house?” Up until now, there has been no solution that easily satisfies both needs. The Metaverse could be the game-changer that the furniture industry has been waiting for.
Credit Source: Furniture Today
