Retail Walmart Enters Metaverse With Roblox Experiences Walter Loeb Senior Contributor Opinions expressed by Forbes Contributors are their own. I cover major developments in the retail industry. Following New! Follow this author to stay notified about their latest stories.
Got it! Oct 4, 2022, 07:00am EDT | Share to Facebook Share to Twitter Share to Linkedin Walmart store getty Walmart WMT is entering the metaverse with two separate experiences starting this week. One is Walmart Land and the other is Walmart’s Universe of Play, which is a gaming platform using Roblox. According to CNBC the retailer is experimenting with new ways to reach shoppers to shake up their shopping habits after the pandemic.
It is trying to fuel consumer’s engagement with social media, apps and gaming websites. Walmart’s marketing chief William White, said the company will use Roblox as a testing ground, as it considers other moves in the metaverse and beyond. He said that the experiences are designed with the next generation of shoppers in mind.
The company is targeting Gen Z shoppers which are young, around 25 years of age or younger. White said that he expects the company to learn from the partnership. White’s approach is novel for Walmart.
As he describes it, when he asked “How are we driving relevance in cultural conversation? How are we developing community and engagement. How are we moving the needle to increase from a brand favorability with younger audiences. That is what we are trying to accomplish here.
” It has now been stated that Walmart filed for metaverse related trademarks earlier this year. Some of the trademarks relate to asking or selling virtual goods and offering users virtual currency, as well as non-fungible tokens ore NFTs. MORE FOR YOU They Inherited Billions Upon Billions: Meet America’s Richest Heirs Is ArcelorMittal Stock Likely To Recover From The Recent Selloff? Nascar’s Matt Kaulig Leads By Example With A Different Philosophy Walmart has already hosted shoppable livestreaming events on TikTok and You Tube.
It has developed meal recipes through a partnership with Meredith. Meredith is the media company that owns Allrecipes as well as Parents, and Better Home & Gardens. It is trying to fuel consumer’s engagement with social media, apps and gaming websites.
Walmart has also rolled out an augmented reality-powered tool on Pinterest that allows shoppers to see how furniture or décor would look in their own home before they buy it. White said Walmart will not make any money from the current immersive experiences. Gamers can earn tokens and other rewards to put toward virtual merchandise on Roblox.
National brands such as L. O. L.
, Surprise! and Skullcandy headphones, were included in the tests bases on the popularity with Roblox’s younger audience of gamers – not based on paying. Walmart could make money from the experiences, by charging a brand for inclusion. POSTSCRIPT: Walmart efforts to enter the metaverse is to attract more younger shoppers – aged around 25 – the so-called Gen Z.
While they spend a lot of time on the internet, Walmart wants more of their attention. Nike NKE has done a great job to be part of Gen Z’s life. While Cryptocurrency may be dangerous investments for young people with limited assets, other aspects of the metaverse are very appealing to them Walter Loeb Editorial Standards Print Reprints & Permissions.
From: forbes
URL: https://www.forbes.com/sites/walterloeb/2022/10/04/walmart-enters-metaverse-with-roblox-experiences/
