Retailers are launching more events this year in the metaverse compared to previous years, new research has revealed.
According to the RetailX 2023 Metaverse Almanac report, for the majority of retailers, 2022 was ‘year zero’ for metaverse activities, with 14% of retailers launching events last year, compared to 62% this year.
Of these retailers and brands, which have been operating in the metaverse, 34% launched one event in the space, with 38% launching two events and 28% offering three or more in the metaverse respectively.
However, the report also revealed most offerings were temporary, with a quarter (24%) lasting less than a week. However, just 6% of events were permanent, lasting more than a year.
Click here to view the RetailX 2023 Metaverse Almanac report
This follows on from brands including Boots and Hugo Boss stepping into the digital world for Metaverse Fashion Week (MVFM) in March.
Over the four day period, the platform hosted a series of digital runway shows, panel discussions and after-parties, with over 60 brands participating in the “milestone” event.
The RetailX report also branded the fashion industry as the pioneer of metaverse events, with 34% having some sort of participation in the metaverse already, compared with cosmetics retailers (3%).
The report stated: “Retailers are using the metaverse in a variety of ways, most categorised as ‘events’. This term cover a range of activities from pop-up shops, the rollout of NFTs in games and other’s pop-up shops, virtual events where consumer avatars within the platform where it is taking place can attend, through to simply putting a retailer’s name up on a virtual billboard within an existing game.
“The variety of campaigns and events makes it hard to view any of it as a trend per se, rather it is indicative of retailers and brands trying a wide range of tactics to sound out what they may – or may not – get out of being seen in the metaverse.”
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