CapitaVerse: Revolutionising the retail experience in the metaverse

The initiative, which earned recognition at the Retail Asia Awards 2023, pioneers the metaverse, creating immersive retail experiences beyond the physical realm.

In the dynamic landscape of retail, the experience economy has emerged as a driving force, reshaping the way businesses engage with consumers. Gone are the days when shopping was solely transactional. Today, shoppers seek immersive, memorable experiences that go beyond the mere acquisition of goods and services.

CapitaLand Investment is taking a bold step into the future with CapitaVerse, a pioneering digital initiative. In a world where physical and digital realms are becoming increasingly intertwined, CapitaVerse aims to create immersive and trend-setting retail experiences within the metaverse, a virtual universe where people can interact with each other and digital content in real-time.

When asked about the decision to explore opportunities in the metaverse, Chris Chong, CEO of Retail & Workspace (Singapore & Malaysia) at CapitaLand Investment, explained the company's vision. "In this experience economy, shoppers are constantly looking out for new, physical, and tactile experiences," he said. "Therein lies the opportunity for us to create trend-setting retail experiences beyond the physical realm, such as in the metaverse.”

By entering the metaverse, CapitaLand Investment aims to offer its community more reasons to explore and interact with the digital and physical ecosystems for all their shopping, dining, and entertainment needs. This bold move not only embraces shifting consumer preferences but also signifies CapitaLand's commitment to staying at the forefront of innovation in the retail industry.

CapitaVerse has already seen remarkable success, with growing interest from partners and retailers eager to join future editions of their metaverse events. This positive response reflects the increasing receptivity of shoppers towards metaverse experiences. The metaverse offers brands the unique opportunity to create meaningful connections with customers that go beyond mere transactions, allowing for the development of deeper relationships and engagement.

In recognition of their groundbreaking efforts, CapitaLand Investment was honoured with the Digital Initiative of the Year - Singapore award at the Retail Asia Awards 2023.

This accolade serves as a testament to the hard work and innovation demonstrated by the CapitaVerse team. Chong expressed his excitement over the company’s win in the awards programme, saying, "We are encouraged by this recognition and look forward to continuing our pursuit of creating new and memorable retail experiences for our shoppers.”

By embracing the metaverse, CapitaLand Investment is not only pushing boundaries but also providing shoppers with unparalleled opportunities to explore, engage, and connect in a whole new digital dimension. The success of CapitaVerse signals a promising future for the Singapore retail industry and reinforces the importance of adapting to the ever-evolving demands and expectations of today's consumers.