IMMERSIVE COMMERCE IS THE VIRTUAL STORE OF THE FUTURE
Humans are a particularly tough nut to crack when trying to determine what it is we truly want. Never is that idea more true than when it comes to the shopping experience.
In the past, we have demanded a tailored in-store experience. A big party full of custom offers and behind-the-curtain deals just for being in-store. Limited editions, bonus gifts, cash back; you name it, we wanted it.
While the digital revolution came well before the pandemic, it streamlined the next step for retail demand.
Immersive Commerce and it’s impact on marketing and the virtual world
We want the in-store experience from wherever we happen to be at the time - work, home, the car, the coffee shop. We also want to share it with our friends and fellow brand loyalists at the same time.
This change of mindset ushered in the era of immersive commerce. The upgraded virtual model store now feels static, cold, and anti-social.
The Changing Face of Consumers
We have reached a page in history where the fastest-growing consumers are digital. They are Millennials and Gen Z citizens who have only ever known life with the internet.
Tech advances that blow the minds of Generations X and Y are viewed with far more banality by their younger acquaintances. Almost 90% of Gen Z engage in video games weekly.
They expect anything “virtual” to mirror their video game avatars. They can dress in any outfit and explore virtual worlds through countless camera angles and levels of interaction.
Current virtual stores fall short of this experience. Yet, this is the way the Metaverse is trending, thanks to a combination of technologies with extended reality at the forefront. While the technology might take a while to catch up, brands have endless offerings to make customers feel like they are indulging, while shopping from the comfort of their own homes from any device.
Using XR to position clothes on your body and furniture in your home is a reality that is already catching fire. Brand incentives that lead to deeper discounts, exclusive offers, and rewards never go out of style. They let shoppers engage with each other to form teams and make deals on secondary markets.
In a survey, 75% of Roblox users stated they are willing to spend money on digital clothing, with over 25% having already spent $20 to $100 on a single digital item.
Taken altogether, we’re estimating tens of millions of dollars spent on virtual clothing every single day. Considering how this is creating a vast user base of fashion-minded individuals (among 59 million daily active users, most of them Gen Z) it becomes apparent how great of an opportunity lies ahead.
As it stands, Gen Z is the world’s largest generation and possesses a spending power of $360 billion (BoF Insights). As they age and build wealth, the future of immersive commerce appears incredibly bright.
Conclusion
Crafting virtual experiences is a phenomenal way to draw people to brand websites. From interactive games, to fashion shows, or concerts, the options are endless. They incentivize customers to chat, sample, and establish relationships on your platform.
Immersive commerce contains the best elements of brick and mortar, but paired down to fit on your screen. It is the way that business will move for all us in the future.