Panelists Beck Besecker of Marxent, left; Michal Stachowski of Intiaro; and Preet Singh of Live Furnish shared their thoughts on how businesses can prepare for the rise of the Metaverse with Furniture Today’s Bill McLoughlin.
WINSTON-SALEM, N.C. — Fifteen years ago, few foresaw the way social media would impact day-to-day life and the way business is done now. As the Metaverse becomes more prevalent, many see signs that it will be in the future what social media is today.
So how can retailers make sure they don’t get left behind as the lines between the real world and the virtual, 3D world continue to blur? And what would be the first steps they can take to position themselves to capitalize?
Panelists at Furniture Today’s Innovation Event at the Innovation Quarter here offered three first steps that can be summed up as start small, get your internal house in order, and test and measure.
Beck Besecker, CEO of Marxent, said retailers interested in dipping their toes into the metaverse should start with augmented reality or a product configurator application. He suggested retailers populate those programs with bestsellers and large items because many consumers use AR as a way to test whether or not desired product will fit in their spaces.
“We’ve learned AR is proxy to a measuring tape. The quickest, fastest way (to get started) is best sellers and largest products,” Besecker said. “It’s a first step in, but you’ll learn so much about file formats and how to do QA and how to publish to the website. It’s a good first step.”
Michal Stachowski, chief visual officer of Intiaro, suggested that retailers make sure that they’re prepared internally before taking the leap and to engage with multiple tech providers to find the right fit.
“Look inside your organization. That’s the most important thing you can do to prep,” he said. “There are companies who can help and consult but the trick is someone has to be there to help lift the load. I see that a lot with smaller companies.”
Preet Singh, founder of Live Furnish, cited an example of using product that wasn’t selling well for a particular retailer. He said Live Furnish worked with the store to convert the imagery to 3D and revamped the way it was marketed and then watched over the next couple of months to see the difference.
“We picked products that weren’t doing well instead of bestsellers. We took low performing products, got them on 3D and helped with images and initial content,” Singh said. “For the next month and a half to two months, measure your stats and see how conversion changes. If conversion changes, we don’t have to teach you ROI. Start with the low-performing assets, build them up and test. You will see a difference.”
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Thomas Lester is Retail Editor for Furniture Today and Digital/Managing Editor for Home Accents Today. A graduate of Emory & Henry College’s Mass Communications program, Lester spent a dozen years working for newspapers in Virginia and North Carolina covering an array of subjects, ranging from community news, government, education, ACC sports, professional baseball and more before joining Furniture Today in 2013. Reach out to me with your story ideas, tips and more at tlester@furnituretoday.com.
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