Which Retailers Should Invest in the Metaverse?

Which Retailers Should Invest in the Metaverse?

So far, the Metaverse has raised more questions than answers for retailers and consumers alike.

Here’s a universal fact: the Metaverse is confusing.  

In some spheres, the Metaverse remains science fiction. Many consumers have yet to adopt the trend due to the cost - the Meta Quest Pro VR headset costs just under $1,500.

In other spaces (think - fashion, beauty and self-care), brands have established storefronts in the virtual world, hosting events like fashion shows and product releases.

All that being said, the key to deciding if you should play in the Metaverse depends fully on your customer and their level of interest.

Understanding Your Ideal Consumer 

The key to traversing the future is understanding your ideal customer at a granular level. Identify exactly what makes your customer tick, how long it takes them to make a purchase decision, what items they need to research before purchase and where they’re looking. The Buxton data platform can identify whether your customer is likely to invest in new concepts or if they prefer to wait until the trend gains significant traction before tapping into the existing market. 

Furthermore, the Metaverse relies on an advanced connectivity structure. Buxton can help retailers identify pockets with the bandwidth to support this type of technology. Our platform leverages demographic and broadband datasets, providing you a snapshot of your ideal trade area, organizing the population by age, the internet providers offering services in your area, the count and percentage of those covered within a given geography, and more. 

Making the Move 

Customer analytics plays a crucial role in the Metaverse as it helps companies understand the behavior and preferences of their customers. This information can be used to create personalized experiences for users within the metaverse, such as tailored content and customized virtual environments. If you decide to move into the Metaverse, customer analytics can be used to track user engagement and activity within the space, allowing companies to optimize and improve the overall user experience.  

Data can also help companies understand which virtual worlds and experiences are most popular among their customers, allowing them to invest more resources into these areas. Customer analytics is a vital tool for companies looking to successfully navigate and capitalize on the rise of the metaverse. 

Let’s Talk 

If you are interested in tapping into the Metaverse, talk to your Buxton account representative to request pricing and information about the Buxton Platform and our new broadband coverage data capabilities.