H&M Loooptopia experience on Roblox launched in 2023.
Consumers now want their interactions with brands to be experiential in new ways, which means retail companies need to focus on creating memorable experiences throughout the buying journey. Using metaverse technology, like augmented reality (AR) and virtual reality (VR), are common ways to do this.
Retail brands like Gucci have staked their virtual real estate claims in the most popular emerging metaverse platforms, including Roblox and The Sandbox. Earlier this year, Gucci became the world’s first luxury brand to build its own world in a metaverse platform when it launched Gucci Vault Land, an experimental space for NFTs and vintage items.
In 2023, we’ll see more retail brands providing immersive in-store and virtual experiences that consumers will share on social media and tell their friends and family about.
Building Trust With Authenticity
Brands know that trust is a big part of building better consumer experiences, so more companies are focusing on providing open answers to key questions during the customer journey. Authenticity means letting a brand’s human qualities shine through to the consumer.
For retail brands, this can be simple, like admitting mistakes and making every effort to put things right for things that go awry during the purchasing process. It also means being honest about how customer data is being used and protected.
Additionally, brands are now speaking openly about how they’re using technology to provide a better customer experience. For example, Netflix has now published information on the artificial intelligence algorithm that powers their recommendation engines.
Across sectors and industries, more consumers are considering environmental, ecological and political factors when making buying decisions.
As part of the customer experience, retail brands can now offer consumers the chance to make ethical decisions that align with their values.
For instance, consumers can “round up” their cashless purchases to make charitable donations to worthy causes. Pennies, a micro-donation service, has already raised £25 million (more than $30 million) for charities using these small change transactions.
Consumers can also lower emissions by collecting deliveries at drop-off points, which lowers the number of stops trucks need to make to deliver packages.
In 2023, we’ll also see more retail brands making it easy for us to make informed decisions about the items we’re buying. This will include transparency around raw materials, supply chains, labor, packaging and delivery.