Last year, only in the United States e-commerce growth more than doubled and e-commerce revenues are expected to reach 8.148 billion $ by 2026. By 2024, the fashion e-commerce market revenue is forecast to reach 1 trillion U.S. $ worldwide.
The technology developed in the last few years drove innovation and reshaped how retail companies do business, especially after the pandemic.
Lauren Mathews, a writer covering retail, stated that “while physical retail has exceeded expectations, the pandemic has forever altered how we shop in person. Consumers expect stores to be digital-first, focused on speed, convenience, and community. As retailers navigate the future of physical retail, they will need to transform their store strategies to meet evolving customer needs.”
The increased use of social commerce and transformative technology led to a required change in doing business and more importance is given to virtual and augmented reality, as well as new ways of doing e-commerce.
Major e-commerce and short-video platforms are combining entertainment, commerce and instant communication to create highly interactive shopping experiences.
The old retail model is becoming a thing of the past.
Following this e-Commerce growth, digital is moving fast towards the Metaverse. More than 351 million items need a 3D model, so there is really a huge potential impact for the Retail industry.
“More and more companies are starting to simulate physical operations on the metaverse. Retailers, for example, can digitally recreate physical stores, and then let customers and employees virtually try out different configurations to see what increases satisfaction and sales. Restaurant operators can do the same with kitchens and seating arrangements. Manufacturers will use the metaverse’s new data to enhance digital twins in order to improve supply chains, manufacturing, and logistics.” (PWC, 2023 Metaverse predictions – 2022)
3D Digital Twins are the perfect way to elevate the customer experience, increasing conversions by more than 40% and decreasing product returns by 35%. By twisting, turning and flipping products upside day the customer experience changes drastically and opens new opportunities for growth.
See our 3D Model made for Velasca
INVRSION has been a pioneer in this kind of technology and helped many clients innovating their businesses in the past years.
INVRSION’s patented methodology activated through a Content Management System lowers the production costs of 3D models up to 80%, making 3D models more accessible to brands and retailers.
We will talk about the power of 3D Digital Twins during the Innovation Village event next week, from January 14th to 17th.
Do you want to know more? Contact us!