Commentary: The metaverse offers challenges and possibilities for the future of the retail industry

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Since the term was coined, the idea of the metaverse has remained more of a fictional concept than a scientific one. However, with technological advancements in recent years, the metaverse has become more tangible.

Much of the recent hype happened after Mark Zuckerberg made the announcement to rename the Facebook brand to Meta. Many retailers have since jumped aboard the metaverse train.

While examining the top keyword associations related to the metaverse on Google Trends, I found “what is metaverse” and “metaverse meaning” to be the top phrases customers searched for. Smartphones enhance communication by allowing people to interact with their social networks, but have not entirely replaced face-to-face interactions. The metaverse will be the same.While gaming remains the dominant driver of user involvement with the metaverse , it’s not the only activity people can take part in.

Similarly, there appears to be tremendous hype and expectations around what the technology can deliver in its current form. Data security and privacy: With the novelty of metaverse technology and the wealth of personal data collected, the metaverse will be an attractive target for cyber-hackers. New approaches and methods need to be considered for a safe metaverse that customers can trust.

 

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