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The metaverse is here, and it’s bringing a lot of buzz. Big retailers have already started experimenting with the technology: a simulated digital environment that incorporates aspects of social media, blockchain and augmented and virtual reality to create spaces that mimic the real world. 

Fast-fashion brand Forever 21, for example, has partnered with gaming platform Roblox on an experience in which users can own and manage personal stores, as well as buy and sell Forever 21 merchandise. Meanwhile, Ikea and Wayfair have developed AR apps that allow customers to visualize how furniture and decor would look in their homes, and Mac and Maybelline have released technology that enables users to virtually try on products. 

Small businesses stand to benefit, too. Online platforms have started unveiling tools to help small businesses offer virtual experiences, writes Forbes Contributor Catherine Erdly. Though the prospect of diving headfirst into the metaverse may seem overwhelming to small business owners, Lindsey Mazza, global retail supply chain domain leader at Capgemini, says not to rush in. “Don’t jump in with creating digital products straight away—test this market by creating environments to hang out,” she says. “Let’s make it a location where your customers feel comfortable, can ask questions, where they’re able to purchase physical products. Stick with the thing that you’re really good at, the thing that you know—the products that you sell.”

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