FEATURE ARTICLE: Is Retail Ready for the Phygital Future?
In the latest episode of the Spieckerman Speaks Retail podcast I conducted a far-ranging and fascinating interview with Noam Levavi, CEO of ByondXR. The following article recaps highlights from the interview.
Brands have focused their brand stories and customer relationships with determination to reach their digital destiny, yet traditional two-dimensional experiences haven’t evolved to meet the opportunity. Luckily, the landscape is set to change with a wave of innovation that will be unleashed in 2022 and beyond. The CEO of ByondXR, Noam Levavi, is getting the ball rolling by creating immersive interactive 3D journeys in shoppable virtual environments.
Extended Reality and the Metaverse
Levavi defines XR, or extended reality, as an umbrella term for all immersive technology that merges both the physical and virtual worlds. He sees the metaverse as the next evolution of the Internet that will be based on a 3D environment in contrast to the 2D feeds that still dominate eCommerce. Levavi claims that the current 2D feeds and layouts bring “no real experience” for consumers shopping online and that brick-and-mortar experiences are far more customized and engaging. The company’s mission is to fuse the best properties of the physical world with the latest commerce and display technology to create compelling “phygital” experiences. ByondXR’s data confirms that its shoppable 3D virtual environments and gamification elements exponentially increase engagement. In Japan, for example, users play branded games hundreds of times over even though rewards kick in after only one session.
Data Enables Personalization
Levavi explains that the company’s collection of more data helps continually optimize customer experiences. “Eventually you will be able to personalize the store for each user, so the customer will see exactly the product they want in the colors they like.” To further enhance virtual experiences, influencers will be brought into virtual stores to introduce potentially millions of followers to brands.
Immersive Extended Reality Devices on the Way
Levavi predicts that, even though now “closed gardens of mini-metaverses” operate primarily in gaming, “eventually, everything will be connected.” He anticipates a flood of new devices to hit the market starting next year, including headsets, bio-wearables, XR contact lenses, and brain machine interfaces. After five years, usage will expand beyond gamers and early adopters, and then the market will reach a “tipping point,” and massive adoption will follow, at which time he expects familiar screen devices like mobile phones and desktops to disappear entirely.
