The Covid-19 pandemic not only altered the way people interact between themselves but also how they go about their daily endeavors, such as going to work, meeting with friends, and buying groceries. Until two years ago, and with some notable exceptions, all these activities or events were done face to face, sharing the experience with friends and family, colleagues and/or acquaintances. Nowadays, all that continues to happen not only face to face, but virtually.
For the last two years people have been working remotely, shopping online and meeting for business, and fun, via ZOOM, Teams, Facebook Live or any other social media platform, as a way of “keeping in touch with reality” during quarantines and lockdowns.
Aside from keeping people connected to one another, these technologies enabled the continuity of economic activity, thus avoiding a greater crisis than the one we were already experiencing.
“None of these technologies are new, but they were accelerated by the pandemic,” said software engineer and Web 3.0 specialist Pedro Cruz.
“More and more people will be working online and seeking entertainment online, and businesses will have to adapt to these new preferences in order to stay competitive,” said Cruz referring to how online activity, particularly sales, have increase in the last two years.
According to www.digitalcommerce360.com, the Covid-19 pandemic added $218.5 billion to ecommerce in the US between 2020 and 2021, thus “accelerating ecommerce growth years into the future.” The website also points that other pandemic-caused shifts, such as inflation, “have boosted ecommerce sales” prompting consumers to pay “$32 billion more online for the same amount of goods during the past two years,” according to data from Adobe finds.
For Cruz, the next step for online retail would be moving into the metaverse to provide customers/users an immersive experience in shopping, not just the usual browsing through the usual online catalog.
“In the very same way as having a website helps businesses with their sales, having a space in the metaverse will help too. It will help drive users/clients to their stores,” argued Cruz, who admitted that some businesses would be negatively affected by this technological development.
In a retail metaverse users/customers could walk the aisles of a virtual store looking at different merchandise, interacting with other customers and even trying clothing and/or make-up.
What is the metaverse?
While still in its early stages, the metaverse is advancing at an accelerated pace so definitions are still somewhat “fluid.”
“I think the most accurate definition the one that describes it as a shared 3D virtual space connected to the internet, where you can seamlessly jump one application to another and where every person within that space is able to have his own experience but they are all experiencing it at the same time,” said Shirley McPhaul, director of Crypto Curious, the public education program of the Puerto Rico Blockchain Trade Association (PRBTA).
In some other instances the metaverse is also defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR) and blockchain, along concepts from social media, to create spaces for rich user interactions mimicking the real world.
For Cruz, the metaverse “is more than virtual reality, more than augmented reality… it is a layer upon our physical reality that allows us to collaborate in real time, regardless of distance –where we are.”
“The metaverse is the next iteration of the internet. In the same way the telephone first, and television later, brought us together, the internet brought us even closer. Now, with the internet we have videoconferencing… with the metaverse we are going to have immersive collaborations,” Cruz argued.
McPhaul on her part, counters that Cruz’ definition refers more to the internet of things, the social internet, internet 2.0.
Since the metaverse is still evolving, McPhaul considers the terms metaverse and Web 3.0 are currently used interchangeably, so could be having the same meaning.
“I’ve noticed, however, the way people are using the term metaverse refers more to that immersive 3D virtual experience… and that is another thing. A lot of people hear the word metaverse and they think of some kind of product that Facebook came up with. That is not correct,” she said.
All arguments about the nature of the metaverse, both Cruz and McPhaul coincide it is still a work in progress.
“The current immersive experience is not that good because the VR headsets are too heavy, they cause eye strain, dizziness and nausea,” Cruz said.
McPhaul coincides about the technology to the metaverse requires “is not at a place where the experience is going to be good for everyone.
“People always opt for the path of least resistance. If the virtual experience doesn’t satisfy them they won’t go back to it. But as technology improves people will start to jump into it,” she anticipated.
As it is, technology is improving constantly. Augmented reality (AR) mirrors are currently being marketed by several fitness companies (Tonal, Nordic Track Vault, Tempo, etc.) that allows you to exercise in a virtual gym, or any other environment, accompanied by a virtual personal trainer and other users/participants.
Select, try, buy
While said immersive experience could be felt in first person through just about any digital device, be it a smartphone, a tablet or a laptop, Cruz anticipates that people are going to prefer the AR mirror for their retail experience.
“They would be at home and the AR mirror will be their portal into the metaverse. They would be able to walk through a virtual store, chose the clothes they like and even see how they look on them,” the software engineer said.
As a matter of fact, such a device is already being use in stores in South Korea for customers to try make-up products. The person stands in front of the mirror at the store counter, his or her face is scanned and after he/she chooses a make-up product from the menu, the mirror shows how the person would look with the chosen make-up.
The interconnectivity of the metaverse would even provide for the possibility for two friends (on different parts of the world) to virtually go “grab a bite” or “have some coffee” after an afternoon of virtual shopping (with merchandise actually having been bought).
“Retailers will need to adapt to this new way of doing business if they want to compete,” said McPhaul, who also recognized changes are not going to take place from one week to the next.
While not many businesses in Puerto Rico are “rushing” into the metaverse, both Cruz and McPhaul anticipate that, as technology improves more and more businesses will “jump in.” In the past, several companies and brands had opted to wait on the sidelines as social media platforms started to become a feature of daily life and they arguably lost momentum. Such is the case of McDonald’s, who didn’t join Twitter until 2009, three years after the platform was launched, and Apple who did not joining until 2011.
“The metaverse is not going to completely replace anything. There will always be space for traditional retail. There is still some way to go. But there is a huge opportunity for retail businesses in the metaverse,” McPhaul said.
The Covid-19 pandemic not only altered the way people interact between themselves but also how they go about their daily endeavors, such as going to work, meeting with friends, and buying groceries. Until two years ago, and with some notable exceptions, all these activities or events were done face to face, sharing the experience with friends and family, colleagues and/or acquaintances. Nowadays, all that continues to happen not only face to face, but virtually.
For the last two years people have been working remotely, shopping online and meeting for business, and fun, via ZOOM, Teams, Facebook Live or any other social media platform, as a way of “keeping in touch with reality” during quarantines and lockdowns.
Aside from keeping people connected to one another, these technologies enabled the continuity of economic activity, thus avoiding a greater crisis than the one we were already experiencing.
“None of these technologies are new, but they were accelerated by the pandemic,” said software engineer and Web 3.0 specialist Pedro Cruz.
“More and more people will be working online and seeking entertainment online, and businesses will have to adapt to these new preferences in order to stay competitive,” said Cruz referring to how online activity, particularly sales, have increase in the last two years.
According to www.digitalcommerce360.com, the Covid-19 pandemic added $218.5 billion to ecommerce in the US between 2020 and 2021, thus “accelerating ecommerce growth years into the future.” The website also points that other pandemic-caused shifts, such as inflation, “have boosted ecommerce sales” prompting consumers to pay “$32 billion more online for the same amount of goods during the past two years,” according to data from Adobe finds.
For Cruz, the next step for online retail would be moving into the metaverse to provide customers/users an immersive experience in shopping, not just the usual browsing through the usual online catalog.
“In the very same way as having a website helps businesses with their sales, having a space in the metaverse will help too. It will help drive users/clients to their stores,” argued Cruz, who admitted that some businesses would be negatively affected by this technological development.
In a retail metaverse users/customers could walk the aisles of a virtual store looking at different merchandise, interacting with other customers and even trying clothing and/or make-up.
What is the metaverse?
While still in its early stages, the metaverse is advancing at an accelerated pace so definitions are still somewhat “fluid.”
“I think the most accurate definition the one that describes it as a shared 3D virtual space connected to the internet, where you can seamlessly jump one application to another and where every person within that space is able to have his own experience but they are all experiencing it at the same time,” said Shirley McPhaul, director of Crypto Curious, the public education program of the Puerto Rico Blockchain Trade Association (PRBTA).
In some other instances the metaverse is also defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR) and blockchain, along concepts from social media, to create spaces for rich user interactions mimicking the real world.
For Cruz, the metaverse “is more than virtual reality, more than augmented reality… it is a layer upon our physical reality that allows us to collaborate in real time, regardless of distance –where we are.”
“The metaverse is the next iteration of the internet. In the same way the telephone first, and television later, brought us together, the internet brought us even closer. Now, with the internet we have videoconferencing… with the metaverse we are going to have immersive collaborations,” Cruz argued.
McPhaul on her part, counters that Cruz’ definition refers more to the internet of things, the social internet, internet 2.0.
Since the metaverse is still evolving, McPhaul considers the terms metaverse and Web 3.0 are currently used interchangeably, so could be having the same meaning.
“I’ve noticed, however, the way people are using the term metaverse refers more to that immersive 3D virtual experience… and that is another thing. A lot of people hear the word metaverse and they think of some kind of product that Facebook came up with. That is not correct,” she said.
All arguments about the nature of the metaverse, both Cruz and McPhaul coincide it is still a work in progress.
“The current immersive experience is not that good because the VR headsets are too heavy, they cause eye strain, dizziness and nausea,” Cruz said.
McPhaul coincides about the technology to the metaverse requires “is not at a place where the experience is going to be good for everyone.
“People always opt for the path of least resistance. If the virtual experience doesn’t satisfy them they won’t go back to it. But as technology improves people will start to jump into it,” she anticipated.
As it is, technology is improving constantly. Augmented reality (AR) mirrors are currently being marketed by several fitness companies (Tonal, Nordic Track Vault, Tempo, etc.) that allows you to exercise in a virtual gym, or any other environment, accompanied by a virtual personal trainer and other users/participants.
Select, try, buy
While said immersive experience could be felt in first person through just about any digital device, be it a smartphone, a tablet or a laptop, Cruz anticipates that people are going to prefer the AR mirror for their retail experience.
“They would be at home and the AR mirror will be their portal into the metaverse. They would be able to walk through a virtual store, chose the clothes they like and even see how they look on them,” the software engineer said.
As a matter of fact, such a device is already being use in stores in South Korea for customers to try make-up products. The person stands in front of the mirror at the store counter, his or her face is scanned and after he/she chooses a make-up product from the menu, the mirror shows how the person would look with the chosen make-up.
The interconnectivity of the metaverse would even provide for the possibility for two friends (on different parts of the world) to virtually go “grab a bite” or “have some coffee” after an afternoon of virtual shopping (with merchandise actually having been bought).
“Retailers will need to adapt to this new way of doing business if they want to compete,” said McPhaul, who also recognized changes are not going to take place from one week to the next.
While not many businesses in Puerto Rico are “rushing” into the metaverse, both Cruz and McPhaul anticipate that, as technology improves more and more businesses will “jump in.” In the past, several companies and brands had opted to wait on the sidelines as social media platforms started to become a feature of daily life and they arguably lost momentum. Such is the case of McDonald’s, who didn’t join Twitter until 2009, three years after the platform was launched, and Apple who did not joining until 2011.
“The metaverse is not going to completely replace anything. There will always be space for traditional retail. There is still some way to go. But there is a huge opportunity for retail businesses in the metaverse,” McPhaul said.
