How Brands Should Approach the Metaverse

The wave of the metaverse swept over 2022. This futuristic universe is the latest trend in the business world, but does it live up to the expectations of the public and brands?

Why is the Metaverse still in the headlines? During the pandemic, everyone relied on video calls and online platforms. Brands have turned to these online platforms to connect with consumers. Poll The voice of the consumer fromEuromonitorthis period led to an increase in the use augmented reality (RA) and a virtual reality (RV) for product testing.

In a sense, the metaverse is an extension of the virtual, augmented and mixed reality technologies used today. However, the metaverse is more complex. It combines these technologies with social media, live streaming, cryptocurrencies and gaming platforms to create a more advanced virtual world where consumers dress up their avatars and explore the many possibilities that the world offers.

The promise of this better connected, shared and coherent 3D space could further transform the brand experience and take online shopping to the next level. Indeed, the advanced technologies of the metaverse can add a new dimension to the online experience, including a more accurate recreation of the interactions and emotions associated with the physical experience.

In fact, it is for this reason that digital consumers are most interested in using virtual technologies. However, more recent applications of these technologies, such as the purchase of NFTs, are still in their infancy.

43% of respondents try a new product or service in the virtual world before buying.

31% of respondents try a new product or service in the virtual world before buying.

Source: Euromonitor International. Voice of the Consumer: Digital Survey 2022

Companies are starting to take a closer look at the metaverse. This technology entered everyday discourse when facebook announced a major investment in the creation of its own metaverse. Shortly thereafter, the social network changed its name to Meta.

Almost simultaneously, other tech giants such as Microsoft and epic gamesannounced a multi-million dollar investment in this virtual world. consumer goods companies Nike to Coca Cola walked past Gucci and Procter & Gambleare also entering the race to impose themselves in this emerging market.

Take Advantage of the Metaverse

Many brands strive to establish themselves among the pioneers of the metaverse. The peak of interest in digital assets and cryptocurrencies came in 2021. Brand Burberry cooperates with mythical games create a collection of NFTs in the flagship game of a video game company. As for the Coca-Cola brand, it auctioned off its first NFT collectibles last year.

So far, beauty and fashion brands have been the biggest players in the metaverse. The products of these brands (cosmetics, clothing, accessories and others) are naturally adapting to this digital environment as cutting-edge technologies enhance virtual fitting.

In the future, many brands plan to intensify their e-commerce efforts, but the approaches to this are very different. If 2022 is the year of pioneers, then in a few years every brand will probably need a metaverse strategy.

Impose yourself in the metaverse

Brands will need to span the metaverse to reach Gen Z shoppers who are ditching traditional media in favor of gaming or social media. In fact, these consumers using online gaming and social media are paving the way for the transition to Metaverse platforms.

Retailers and brands will have the opportunity to interact with consumers in these immersive universes. However, brands don’t have to completely transform overnight.

Innovative companies should continue to integrate AR and VR technology into their business strategies. First, focus on building brand awareness, and then continue to invest in more sophisticated technology like replicating a physical experience online or creating a virtual showroom. This will serve as a natural precursor to more dynamic touchpoints.

As these technologies become more widespread, consumers are likely to demand such experiences. However, to achieve results, retailers and brands must engage consumers on these platforms in a meaningful and authentic way.

Article translated from Forbes US – Author: Michelle Evans

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