How do brands use the Metaverse to sell products and How they can enter the metaverse? Metaverse is a novel concept however, brands globally have started utilizing its potential. Metaverse platform is used to increase customer engagement through product showcase. You can now buy products (virtual and physical) in an immersive 3D environment.
Did you ever imagine the physical world that we see and interact with can be manifested virtually? At first thought, we will say no! But, if this is a revolutionary moment, we can say yes. Media and the internet recently covered this historic moment extensively. The launch of Meta gained much hype recently and since then, there is a mad rush of being a part of the revolution.
Let’s find out what is metaverse and how do brands use the Metaverse to sell products and services?
Metaverse- a world of endless possibilities
Think of metaverse as a 3D virtual representation of the real physical world and objects. Just that the possibilities are immense with uniform accessibility for all the users. In technical terms, the metaverse is a seamless integration of VR, AR, and AI to enhance user experience in a 3D environment.
The launch of Meta was a disruptive moment that looked like a scene from a sci-fi movie. Though metaverse is a concept that came from Neal Stephenson’s novel Snow Crash, it was after decades the concept became a reality.
When everyone was talking about space travels and explorations, there came a moment when the vision of the future got altered. Tech giants started investing in the metaverse to explore the possibilities and advantages. To shape the technological and economical landscape a handful of brands became the torchbearers. Gaming company Epic Games normalized playing and socializing in the virtual setting. Another company by the name of Roblox offered users to play and create in immersive worlds. A unique company Decentraland which is an entire 3D world enables users to create structures (virtual) inside the platform.
The immersive and 3D features of metaverse unlock opportunities for consumer-facing brands. A brand can now interact with its users, showcase products, and advertise in the metaverse. Recently Nike, the world’s leading sportswear giant was in the news when it decided to team up with Roblox to create ‘Nikeland’. Another news doing rounds on the internet was that of Samsung launching the metaverse version of its flagship NYC store. There are other instances where fashion brands and food outlets such as McDonald’s have been filing patents for their virtual identities. The rise of hybrid and remote work culture post-covid made people interactions in virtual settings a possibility.
Emphasizing the versatility of the metaverse Meta CEO, Mark Zuckerberg said, “You’ll probably have a photorealistic avatar for work, a stylized one for hanging out, and maybe even a fantasy one for gaming. You’re going to have a wardrobe of virtual clothes for different occasions designed by different creators and from different apps and experiences.”
Market analysts predict that the future of virtual fashion goods will be close to $50 billion by 2030.
So How do brands use the Metaverse to sell products and where they should start?
Identify the target audience
Brands should first start analyzing how much time their customer community is spending in the metaverse. What are the demographics? Age, psychology, and trends they relate with. Accordingly, the brand can gauge its strategy and impact.
Mind your competitors
Keep track of your competitors entering this space. Watch closely and create a better experience for your consumers by learning from your competition. Achieve high standards by bringing creativity and uniqueness.
Pick what suits you best
Find a metaverse platform that matches your idea of marketing and advertising at the customer level. When choosing a platform make sure it offers flexibility and ease of accessibility. It is not about the technology but how the interface makes the user comfortable at first interaction. It should also solve your purpose of making a mark. Pick for the platform that offers a mix of ace technology and user experience.
Plan your grand entry
With so many media agencies watching the space closely it is advisable to formulate your strategy well in advance and focus on how your brand or product should appear or look in the metaverse. What alternate strategies you could have in place and early rounds of news to build the hype of your grand entry in the virtual space.
Someday, we would want to move from the real to the virtual world making it our future frontier. But what advantages does it hold for brands and why they should consider it as their next preference for launch and interactions.
The advantages
- No need for physical stores.
- By launching 3D renderings of products, brands can eliminate overstocking.
- Selling virtual products is a profit as they require almost zero labor and manufacturing charges.
- Create a rich and immersive experience for your customers.
- A possibility to create limitless designs of your products
The possibilities are numerous with metaverse, But most importantly it is up to marketing and advertising agencies to bring in creativity and ideas. If coupled with marketing acumen it can create enriching experiences at different points in the customer journey from attraction, engagement to consideration and acquisition. Nevertheless, the metaverse experience will become more interesting and engaging in the years to come. Be ready for it!
