Focus Outlook

Metaverse Finding Increased Prevalence in Retailtech 2023?


The retail tech 2023 will be controlled predominantly by technological trends and their impacts. A wide range of technology-oriented approaches is likely to disrupt the sector. Here is a look at one of the most prominent ones among them, the metaverse.

Metaverse is a significant trend poised with the power to transform retail tech. Retailers resort to mMetaverse to deal with ever-increasing consumer expectations. The effect of virtual reality is already proven.

In essence, Metaverse is a virtual environment where users can engage with various digital items and experiences.

READ MORE: More Layoffs Expected At Meta

Retailers may design realistic, engaging experiences in the Metaverse. Using metaverse, customers virtually try on clothing, test out products, and even browse virtual storefronts.

The worldwide virtual reality market is expected to reach $45.09 billion by 2027, increasing at a CAGR of 19.3% from 2020 to 2027, according to MarketsandMarkets research.

READ MORE: AR, VR, and Metaverse are Going to Be the Drivers of Experiential Shopping

Many concur that the metaverse will be where the real world is digitally paralleled. Everything that the real world does will be included in this digital realm.

“Major players in the metaverse space, such as Meta, pushing towards a viable product in 2023 will open the door to reduced costs and lower barriers to entry, allowing the technology to reach more businesses and impact people’s lives worldwide,” says Globant, an IT technology firm.

In 2023, innovative approaches toward incorporating the metaverse will be explored.

Several enterprises have already invested heavily in the space. Moreover, more investments are expected in the current year and beyond.


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