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KLIMAX uses Metaverse for Product Innovation

The metaverse is slated to change the way people shop—and what they shop for. Here’s how retailers can use this force for change as a source of innovation.

1. Data strategy

A customer data platform (CDP) can be used to understand customer preferences better, bridge the virtual and physical experience, act as a building block for other use cases, determine marketing activations and more. This includes determining how and what data needs to be collected.

2. Customer experience

A sophisticated, data-led customer experience will allow customers to create their customized products in the metaverse. Consumers must be provided with the right tools to fully utilize the capabilities of the metaverse for designing products their avatars will don. A poor experience can do more harm than good with young, social media–savvy consumers.

3. Productivity viability

Products must have tangible business value. Prioritize offerings against a measurable set of brand marketing or revenue-generating objectives.

4. Supply chain

A highly responsive supply chain that can react and adjust to emerging trends as quickly as possible is vital.

5. Omnichannel

A seamless connection between physical, social and digital channels can amplify the return on marketing spend, build loyalty and enhance the brand image.

There are still unknowns in this space: which metaverse platforms users converge on, the role NFTs will play and how retailers can protect their intellectual property. Even so, the benefits the metaverse offers in terms of product exploration, discovery and innovation for retailers are significant and can be a game changer as a new generation of customers emerges and expectations evolve.

Metaverse is all that everyone in the tech industry has been talking about.