The increased adoption of the metaverse and other digital trends like crypto, BNPL, and social selling does not necessarily mean brick and mortar stores are dead. Brick-and-mortar stores refer to businesses that have a physical building to sell their goods, rather than relying solely on the Internet.
The metaverse is a relatively new concept, an adjunct to the Internet. This is a type of virtual environment that incorporates different functions and services. These include socializing, gaming, and business opportunities. Each of these activities occurs within an immersive virtual reality universe.
Those interacting in such a space do so through their virtual “avatars.” But is this digital reality a major threat to physical retail outlets?
Looking into this dynamic for digital Journal is Kelly Goetsch, Chief Strategy Officer, commercetools. Goetsch considers what the resilience of physical retail means for hybrid shopping, and if it is as embedded as we once thought.
According to Goetsch: “No matter how big ecommerce grows, brick-and-mortar stores will always have a place in the retail landscape.”
This is because of the real-world experiences, as Goetsch points out: “Regardless how superior and convenient digital experiences become, people will always enjoy the act of shopping, it’s an experience that cannot completely be replicated virtually.”
This does not mean that retailers can ignore the need to diversity and create a good customer experience, however.
Goetsch states: “As we’ve seen over the last two years, the convenience online shopping offers cannot be denied. The two types of shopping go hand in hand together, and this is why it’s so important that fashion brands unify their in-store and online experiences by priming their ecommerce platforms to provide the cutting-edge experiences their customers are looking for.”
Activities that physical stores can consider to attract customers include accepting all possible forms of payments, making the reality experience pleasurable, and having a wide inventory of goods.
In terms of example, Goetsch outs forward: “Retailers can simulate the social elements shoppers experience through digital offerings such as live stream selling and personalization.”
