The Metaverse appears to be the next big thing that will change our world, shaping the future of almost every industry. That's why it is the talk of the day in industry gatherings, including retailing.

Quo Vadis President John Zolidis noted how the Metaverse was the central theme in the recent Shoptalk conference in Las Vegas.

"There is nothing more digitally transformed than a metacustomer spending real dollars in virtual worlds," Zolidis said. "Before you roll your eyes, consider that despite all the talk about the Metaverse, there was little if any consensus about what it means, will be, or how important it will be. Rather, we overcame our initial skepticism to come to a working opinion that the Metaverse is going to be a real thing (some irony intended).”

Yet there doesn’t seem to be a consensus as to how the future of retailing will be in a Metaverse world. Who will be the winners?

“We believe companies that are positioned to win in the Metaverse include brands whose qualities can translate in digital formats, and the businesses that provide the infrastructure that will enable the Metaverse to function and commerce to occur," Zolidis said.

Simply put, the Metaverse will change retailing as we know it, as it will make it possible to merge traditional brick-and-mortar retailing with online and virtual retailing.

According to Ismail Amla, Executive Vice President of Professional Services at NCR Corp., the Metaverse is what the industry needs as it tries to shake off a challenging decade.

"The coming of the Metaverse will provide an immediate opportunity for retailers to continue to transform to be more competitive in reaching customers where they are," Amla said. "The best news for the retail sector in a while is that the Metaverse is coming and provides the opportunity for a giant reset for retailers who want to reshape the game in their favor and create unique experiences for their customers."

The Metaverse is already here for some brands, creating a unique experience for shoppers. For instance, Nike's metaverse store has reportedly already attracted 7 million visitors since its inception in December.

Meriav Harel, COO of software technology company XMANNA, noted how the Metaverse will change retailing through virtual stores.

"The Metaverse can be seen as the 'future of the internet,' where customers could step into and interact in a 3D environment, thus revolutionizing the future of retail for both customers and retailers," Harel said. "The user experience includes interacting with elements in the virtual store, while physical items available for shipping could also be represented by NFTs as 3D assets available for purchase or trading. User data will enable a tailored experience unique to every customer. This will create a personalized, convenient, and an innovative shopping experience that merges the best of both worlds."

The Metaverse can help a company boost its direct-sales strategy, boosting its profit margins.

"The Metaverse, and specifically augmented reality (AR), is set to have a profound and wide-ranging impact on retail," said Dr. Brad Quinton, CEO of Singulos Research. "Emerging technologies in AR will continue to swing the balance of power in the consumer-retailer relationship towards the consumer. Empowered by intelligent, context-aware AR applications on phones, tablets, and glasses, AR users will be able to simply glance at objects in a store (or even in the street) and automatically access a host of digital information specific to that object. Information ranging from reviews to competitor pricing and alternative products will create the ultimate information-enabled consumer."

That would make shopping efficient and effective, as it will merge brick-and-mortar retailing with virtual and online retailing to deliver a unique customer experience.

"As an example, imagine walking into a large retailer, looking at a new pair of shoes, at which point your AR assistant automatically finds the same shoes elsewhere for $50 less," said Quinton. "As you continue to show interest by looking at the shoes, the AR asks you if you would like to order them for same-day delivery."

An AR assistant can quickly accommodate customer interests in a major shift to the retail landscape.

"Imagine the same scenario, as you walk down the street and see someone with a cool new handbag that your AR assistant quickly finds available at an online vintage re-seller. Intelligent AR will provide an automatic link between our real worlds and online resources and retail," said Quinton.