Concrete Analysis | Retailing in the metaverse: Metamall brings new thrills and challenges to physical stores in Hong Kong

By adopting technologies like augmented, virtual, and extended reality, metaverse creates 3D virtual spaces that allow users to interact with people around the world in different types of contents and environments. Users access the contents as virtual persons or “avatars”, which hope to enhance their experience and is, arguably, living a “second life” outside reality.

With metaverse, which has enabled Metamall, online retail shopping experiences for consumers are set to be elevated to a whole new level. Metamall allows users to buy, own, build, or lease virtual real estate in the metaverse to operate their retail business. Consumers can shop online for digital and even physical products by setting foot in Metamall in the form of avatars of their choice.

Unlike traditional online stores, shoppers can learn, work with, interact with, buy and play with other people (friends, family, sellers and even strangers) in Metamall. They can even try on the products in their avatars. They will not only see things but also feel them. They can also spend hours meeting friends at a cafe in real-time, without stepping out of their home.

Luxury fashion brands are among some of the first movers to enter the metaverse. Christian Dior, for example, teamed up with Meta Media to unveil a metaverse runway show in China in April. Meanwhile, selling non-fungible tokens (NFTs) that promote “exclusivity” is the typical route for fashion labels. Dolce & Gabbana sold a collection of NFTs for about US$6 million..