Retail giant, Walmart Inc, plans to enter the metaverse world. It is set to introduce two interactive experiences called Walmart Land and Walmart’s Universe of Play on Roblox Corp.’s virtual platform. The company’s first step into the virtual world will include a blimp that drops toys, a tonne of different games, a music festival featuring popular singers, and a store of virtual merchandise, which mirrors what customers would find in Walmart's physical stores and on its website.
Walmart Land will provide a virtual store where Roblox users can shop for items for their digital avatars using badges and coins they earn on the platform. Along with a Ferris wheel that provides visitors with a bird's eye view of the virtual world, it also has unlocked tokens and badges that one could earn by participating in games and competitions. Walmart's Universe of Play will allow Roblox players to explore the toy worlds and earn the coins needed to buy virtual products. It will offer games that feature products and characters from Jurassic World, Paw Patrol, etc.
Roblox is an online gaming platform that offers all kinds of games including racing, thriller, action, and virtual games, and also helps users create, learn, socialize, and play games. Walmart will use Roblox as a testing ground as it explores options in the metaverse and beyond. Roblox has a community of more than 52 million daily users and a large portion of them are young people, who are valuable consumers for major corporations. More stores and businesses joined Roblox as its user base expanded. These include luxury fashion houses such as Ralph Lauren and brands that target teenagers such as PacSun.
With the entry into the metaverse, Walmart joined companies such as Nike and VF Corp in an effort to attract customers through virtual worlds. Metaverse stands on principal technological pillars of augmented reality (AR) and virtual reality (VR). According to GlobalData, the global AR market was valued at $8.6 billion in 2021 and is expected to reach $11.5 billion by 2022. The global VR market is estimated to be worth $6.9 billion in 2021 and is expected to reach $9.4 billion by 2022. Walmart is exploring new methods of customer engagement, especially in light of the COVID-19 pandemic's impact on consumer involvement with social media, mobile applications, and gaming websites.
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