Fashion is leading the way for Metaverse participation among retailers, a new report has revealed. The RetailX Metaverse Almanac 2023 report has found that fashion-based retailers are entering the Metaverse at double the rate of other segments. About 34% of retailers have some sort of participation in the Metaverse already, twice as much as the next segment, consumer electronics, where the figure is 17%. The report also highlights that retail is one of the first non-gaming sectors to experience the potential of the metaverse. Over half of games developers see the metaverse as the next iteration of the internet, blending physical and virtual worlds and experiences compared to 32% of gamers and 38% of businesses. There is a clear reason why the Metaverse matters to retailers. The report forecasts that if just 10% of today’s internet users use the Metaverse, that puts 480mn users into the virtual world; if that number increases to 25% that is 1.2bn users, with many looking to interact and buy things.
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