Take a look at some of the critical implications shaping the future of connectivity and ways to maximize new opportunities in these virtual spaces.

The beauty tech world is always full of buzzwords, and one that has been making waves in the news is “Metaverse.” The word itself has captured the imagination of practically everyone in the world, from tech giants and gamers to everyday people like us.

Years of innovation have brought the onset of increasingly virtual worlds, accessed through games that leverage cryptocurrencies or non-fungible tokens (NFTs), social networks, and augmented reality applications. These, along with other tech and digital innovations, have spurred the growth and expansion of a virtual world.

But how can you get there and realize your full potential? Here are three ways to maximize new opportunities in these virtual spaces:

1) Deepen Customer Relationships in the Virtual World

Millennials and Gen Z are driving brands and retailers to the metaverse. Younger generations care about connection, engagement, and building community through digital avenues and continue to influence the migration towards gaming platforms, social media, and new technologies such as VR, blockchain, and cryptocurrencies.

In the beauty industry, nearly half of all beauty shoppers (including 42% of Gen X shoppers and even 23% of Baby Boomers) are now interested in buying virtual makeup or hairstyle “looks” that can be applied to their avatar or themselves virtually through a digital filter. And there’s a potentially significant market for “virtual beauty” products to meet that need.

2) Bridge Physical and Virtual Worlds 

The metaverse will be about how the physical and virtual worlds merge to create truly integrated experiences.

According to Accenture’s Technology Vision 2022, “a majority of retail executives (90%) think that leading organizations will push the boundaries of the virtual world, increasing the need for persistence and seamless navigation between the digital and physical worlds. And a further 72% think that the metaverse will positively impact their organizations, with 45% believing it will be a breakthrough or transformational.” However, retailers and brands must also think creatively about experiences beyond the purchase.

In beauty, this could mean holding live streaming events, providing bitcoin loyalty programs, or enabling personalized consultations and augmented reality try-on—while ensuring they’re all seamlessly connected to existing analytics, e-commerce, and digital payment platforms.

3) Build a Trusted Partner Ecosystem for the "Now" and Metaverse

We are just at the beginning of this exciting NFT and Metaverse journey that will disrupt how we consume products as customers and deliver experiences as brands. With its unlimited possibilities and highly versatile ecosystem, the metaverse seems the perfect fit for the beauty industry.

What this means for a beauty brand or retailer is that they have to be prepared to respond to consumer needs by establishing trusted relationships with leading technology, design, and research partners to deliver upon consumer expectations.

One day, brands and retailers will have the possibility to explore a whole new world of a seamless metaverse experience. But as of now, beauty brands and retailers have to take advantage of the momentum and prioritize what’s possible today. This is why at Revieve, we are exploring the possibilities of collaborating with some of the biggest tech companies and developers to help brands and retailers stay ahead of the game, said Dean DeBiase, Executive Chairman of Revieve.

Enter the Metaverse with us, and let’s build the future of the beauty experience together!

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