How Home Depot Has Expanded Into The Metaverse
Like it or not, it seems like virtual reality is the future, and companies are adapting accordingly. According to Tech Target, virtual reality is currently being utilized for a variety of daily tasks in the business world including employee training, presentations, and even commercial design. However, what has really propelled the popularity of this advanced technology is new conversations surrounding the metaverse. Last year, Facebook officially changed its name to Meta after the company revealed its plan to create a virtual world where people can interact with each other through avatars (via Vice). Following the Facebook announcement, other giant companies such as Apple, Google, and Microsoft have begun investing in order to make it happen.
It's not only large tech companies that are intrigued about the potential of virtual reality. Major retailers like Home Depot are ready to get in on it, too. Since experiencing a surge in demand for home renovation supplies even as the the housing market slumped, this home improvement store is wondering if it can acquire even more business in a completely different world. Wondering how? Here is what the company has planned.
What to expect
After submitting trademark documents to the U.S. Patent and Trademark office, it seems clear that Atlanta-based Home Depot is ready to join the metaverse, per The Business Journals. The company's plan is to use a virtual store to offer both virtual and real-life products. Home Depot also plans to use software to create virtual renovation projects and provide a space in augmented reality where users can have fun creating design projects. "We're always looking for new ways to create great shopping experiences for our customers. The metaverse could hold exciting opportunities," said Margaret Smith, senior manager of corporate communications.
Within the metaverse, Home Depot is also looking to offer virtual assistance, non-fungible tokens — known as NFTs — and different types of coupons and rewards cards that customers will be able to download. According to Crypto Flies, Home Depot isn't the only home improvement retailer following the metaverse trend. In June 2022, West Elm created West Elm Home Design on Roblox, and Lowe's revealed their latest project known as Lowe's Open Builder — a store where users can purchase virtual products from inside the metaverse.