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Shopping Metaverse News

The increasing interest of businesses and consumers in the metaverse as an economic tool is predicted to pump $1 trillion as revenues in the commerce sector by the end of 2025, <a href="https://newsroom.accenture.com/news/growing-consumer-and-business-interest-in-the-metaverse-expected-to-fuel-trillion-dollar-opportunity-for-commerce-accenture-finds.htm#:~:text=The%20findings%20estimate%204.2%25%20of,so%20in%20the%20next%20year." target="_blank" rel="noreferrer noopener">a recent report research </a>said.



These findings were announced by Accenture during the Consumer Electronics Show (CES) in Las Vegas while speaking about the commercial impacts of the metaverse on consumers and businesses.



According to the research&#8217;s results, 89% of 3,200 executive-level managers surveyed believe that the metaverse would play a key role in the future of their organizations. The findings revealed that about 4.2% of the company&#8217;s revenues, or a total of $1 trillion, will be earned from the metaverse experiences by the end of 2025.



In addition, over 55% of 9,000 consumers surveyed see the metaverse could be a business opportunity by creating and monetizing content on it. Also, 90% of the consumers showed their keenness to use the metaverse in the next year, while 55% of the consumers wanted to be active in the virtual space.



Although gaming attracts 59% of the metaverse users, only 4% of the consumers see the metaverse as a gaming platform. Actually, 70% say that they would use the metaverse to access products and services in different categories, such as fitness, travel, retail, media and entertainment, and healthcare.



The younger consumers showed a growing interest in using the metaverse in fitness and media while the older ones intend to enter the metaverse for healthcare purposes. About 70% of the consumers surveyed said they would purchase goods and services on the metaverse, while 60% will use the metaverse for working out at home and 57% for travel purposes.



Commenting on the findings, David Treat, senior managing director and co-lead of Accenture’s Metaverse Continuum business group, said the metaverse will transform all aspects of businesses in the next era as a continuum of technologies.



Meanwhile, Accenture’s Software &amp; Platforms Industry Practice Lead Kevan Yalowitz noted: &#8220;Consumers are starting to see the metaverse as an essential tool which, when integrated into their lives, can streamline how they complete tasks and increase productivity. Businesses able to deliver tangible experiences that address consumer needs in key areas of interest will gain an early-mover advantage in a rapidly forming metaverse industry.&#8221;

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Metaverse

Metaverse Expected to Pump $1 Trillion in Commerce by End of 2025, Research Says

6th Street.com, an omnichannel fashion and lifestyle destination, became the first online fashion store to enter the metaverse in the GCC region, Apparel Group, the owner of 6th Street, said in <a rel="noreferrer noopener" href="https://apparelgroupglobal.com/en/news/look-out-metaverse-apparel-groups-6thstreet-com-has-entered-the-arena/" target="_blank">a press release</a>.



Named Space6, the virtual project comes in line with the 6th Street.com&#8217;s &#8216;Super Friday campaign&#8217;. In Space6, visitors will enjoy a captivating shopping experience, explore marketplaces, go to a cinema, and go for a treasure adventure and get rewarded.



Space6 is being operated using Spatial.io, which is accessible via a web link or by downloading the Spatial.io app on smartphones by anyone anywhere.



In a statement, Apparel said: &#8220;Today, the Metaverse is predicted to change shopping experiences in the retail sector for both customers and brands. 6thStreet.com has always been at the forefront of digital e-commerce transformation in the GCC region.&#8221;



It pointed out that the launch of its first virtual store is just the beginning of many futuristic initiatives, which 6thStreet.com plans to debut.



Running till November 30, Space6 showcases the latest trends in fashion and collectibles from more than 1,200 international brands in five shoppable rooms, in addition to letting the users enjoy their time at a cinema and a lounge area, along with a designated section for Super Friday offers and discounts and 25 distinguished NFTs for blogger Zainab Al Alwan.



6th Street.com offers fashion and beauty products from over 1,200 well-known brands in the UAE, KSA, Kuwait, Oman, Bahrain, and Qatar.

6Space

6th Street.com Launches 1st Metaverse-Based Store in GCC

The global metaverse in the e-commerce market share is predicted to jump to $60.47 billion by 2026 at an accelerating compound annual growth rate of 36.47%.



A<a href="https://www.prnewswire.com/news-releases/metaverse-in-e-commerce-market-to-grow-by-usd-60-47-bn-driven-by-the-growing-popularity-of-ar-technology---technavio-301675503.html" target="_blank" rel="noreferrer noopener"> report published by TechNavio</a>, a pioneering market research company, said the market share is fragmented by several players occupying the market share.



The e-commerce market&#8217;s key players are Adobe Inc., Alibaba Group Holding Ltd., Amazon.com Inc., Autodesk Inc., Block Inc., Dealskart Online Services Pvt. Ltd., Epic Games Inc., Matterport Inc., Meta Platforms Inc., Microsoft Corp., NVIDIA Corp., Roblox Corp, and others.



Computers will be the most significant contributor to the e-commerce market in the metaverse by 2026 because of their functionality, which is better than mobile phones and headsets, being multi-purpose, and having better internet connection.



According to the report, North America will make up 38% of the market’s growth in the mentioned period.



The report attributed the growth in the e-commerce market to the increasing popularity of the AR technology that allows consumers to check the quality of products they want to purchase, in addition to benefitting the traders by reducing returns and expanding their consumer base. It pointed to the rising virtual purchasing experiences, which can boost consumers&#8217; confidence by using near-reality tryouts.



However, TechNavio referred to challenges that the metaverse growth faces, topped by privacy and security concerns. The massive volume of information the metaverse requires about the users and their environment threatens their privacy. The report also mentioned privacy-related concerns linked with the users&#8217; social networking accounts, a matter which curbs the market growth.



In another report, TechNavio also expected that the global metaverse in the fashion market share will record $6.61 billion by 2026 at an accelerating compound annual growth rate of 36.47%.



The fashion market will be driven by the increasing number of fashion brands entering the metaverse, the popularity of NFTs, and the rising importance of VR and AR technologies.



North America will make up 38% of the market’s growth in the mentioned period. However, the report also shared the same concerns about privacy and security.

Metaverse in Fashion Market

Global Metaverse in E-commerce Market share predicted to Hit $60.47 Bln by 2026, $6.61 Bln in Fashion Market

The Etisalat store at Dubai Mall intends to create a replication for itself in the metaverse for its consumers.



The virtual store was showcased to the public during Gitex Global, held at the Dubai World Trade Center. Etisalat aims to make all its stores across the UAE accessible to everyone.



In this regard, Director of Infosys Technologies UAE, a consulting and IT services company, Abdul Mateen Mavad said the debut of the store in the metaverse and offering products in the virtual world is a massive advancement because the move will offer distinguished features.



Mavad clarified that any customer can access, navigate, purchase and benefit from the integrated services offered at the virtual store around the clock, regardless of his location, noting that what the customer does at the store will be done from his home.



“Once you tour the store you will see the products and services showcased and people can see the details of each product,” he pointed out.



The products will be viewed using virtual and augmented reality technologies, he said. Wearing VR glasses, people will have a captivating experience at the store.



Moreover, they can access it through their iPads or similar devices instead of VR glasses using touchscreen technology. The store also offers an interactive experience as customers can interact with each other in the virtual world regardless of their location.



Once a customer places an order on the metaverse, he will receive a QR code in an SMS message, through which the customer can get his purchases from any store across the UAE.



Earlier this month, Etisalat, e&amp;, launched its virtual world, e&amp; universe hosted virtually in Arcadia Planitia on Mars to provide an enriching experience for users through multiple virtual spaces and avatars based on the 5G technology.



Over the past few years, the UAE, especially Dubai, has positioned itself as one of the world’s prominent hubs for metaverse and blockchain technologies.



The Emirati government, in July, launched the Dubai Metaverse Strategy, which aims to contribute $4 billion to the emirate’s economy. The strategy targets increasing the number of blockchain and metaverse companies fivefold within five years as well as offering 40,000 virtual jobs.

Etisalat

Etisalat Opens Virtual Store in Metaverse

Hugo Boss, the global fashion brand, decided to collaborate with Singaporean-based Imaginary Ones, a famous Web 3.0 company, to launch the first-ever collection of NFTs.



Named ‘Embrace Your Emotions’ (EYE), the NFT collection, which consists of 1,001 3D animations, is set to be launched in early November. The drop comes as a part of Hugo&#8217;s strategy to move toward Web 3.0 applications.



The renowned German fashion house described its partnership with Imaginary Ones as a milestone in rebranding itself globally in 2022 as the company comes closer to its 100th anniversary in 2024



EYE targets motivating everyone to feel connected with their emotions and believe that all feelings, whether they are positive or negative, are valid and should be embraced, <a href="https://group.hugoboss.com/en/newsroom/news/news-detail/hugo-partners-with-imaginary-ones-to-launch-exclusive-nft-collection" target="_blank" rel="noreferrer noopener">Hugo said in a statement</a>, believing that mental health and overall well-being could be remarkably improved by feeling and expressing emotions freely.



Therefore, Hugo will allocate six characters out of the 1,001 NFTs for one of the humans&#8217; everyday emotions (joy, love, sadness, anger, and fear). While the sixth character will bring all five together.



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Hugo also announced that the NFT collection would have charitable purposes as it will mark World Mental Health Day on October 10. In addition, 100% of the proceeds of auctions of the sixth character will be donated to the Youth Aware of Mental Health (YAM).



YAM is a school-based program for young people whose age ranges between 13 to 17, where they go deep into the mental health topic, and has been conducted with more than 85,000 teenagers in 16 countries worldwide.



NFT holders will enjoy a 10% discount from Hugo over certain purchases over 10 months.



Hugo pointed out that there are two possible avenues to access an EYE NFT. There are 500 allowlist spots for those who buy a phygital Hugo limited edition T-shirt, which has a QR code that links to an AR Snapchat effect. The remaining 500 are allocated for those who take part in mental-health-related activities announced by Imaginary Ones on Twitter and Discord and existing holders of Imaginary Ones’ genesis NFT collection.



Hugo&#8217;s Senior Vice President of Global Marketing &amp; Brand Communications Miah Sullivan said: “The metaverse is an exciting new space for fashion brands, one that is rich with potential for HUGO.&#8221;



Sullivan expressed her excitement about the partnership with Imaginary Ones to launch a set of beautiful NFTs that promotes self-acceptance.



Meanwhile, Co-Founder of Imaginary Ones Clement Chia noted: &#8220;Imaginary Ones is humbled and honored to partner with Hygo and to be the first Asia-born NFT project to collaborate with an international fashion brand,&#8221; looking forward to strengthening his company&#8217;s presence in the Web 3.0 space.

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