PricewaterhouseCoopers (PwC), a multinational accounting and consulting firm, has published a report analyzing the impact of the Metaverse on the retail and consumer goods industries. In 2020, the market capacity of Metaverse-related technologies is about 48 billion US dollars, and it is expected to grow at a rate of 43% per year through 2025.
Retailers and manufacturers are also increasingly interested in virtual worlds. For the past two years, fashion shows have long been held in virtual worlds, such as purely digital collections; VR technology is also growing, with around $36 billion in sales last year, allowing customers to use filters to view a piece of clothing on themselves Or the effect on the furniture in their living room.
In a white paper, PwC analyzes the opportunities, risks and requirements that metaverse brings to companies, especially in retail and consumer goods.
Additional sales of fashion and luxury goods will reach $50 billion
Metaspace itself will also provide businesses with more and more revenue. Investment bank Morgan Stanley has assumed that the metaverse could bring in $50 billion in additional sales to the fashion and luxury goods industry by 2030.
"The transformation of the retail and consumer goods industries is in full swing. First movers are already developing new business models and customer touchpoints in the metaverse. Covid has exacerbated this evolution to a digital world and projects," concluded Arnoldy.
The PwC expert firmly believes that Metaspace is more than a buzzword: "Metaspace brings significant growth opportunities to the retail and consumer goods industries through new business areas and marketing channels, enabling customers and prospects to gain an innovative brand experience".
However, enterprises also pay attention to risks and challenges. "For retailers and manufacturers, it is imperative that they continuously analyze consumer behavior and build a solid digital foundation for their company in terms of organization, process, data and architecture, even independent of the metaverse. Equally important is the , rather than putting the cart before the horse, retailers need to approach the technology/metaverse in the second step from a strategy/use case perspective, for implementation purposes," Arnoldy advises.
SeeCelia is positioned as a light luxury women's fashion brand, covering women's clothing, bags, beauty, gifts and other categories, SeeCelia - see a charming life.
Originally published on FashionUnited.de