Reach more customers, sell experiences and boost offline sales with the metaverse.
Metaverse is the older–and much more advanced–sibling of the internet, and it is on its way to becoming the favorite child of many brands. It is a new iteration of the web that is shaped by its users. The co-Founder of Alien Worlds, an NFT metaverse, Saro McKenna defines the metaverse as an environment that enables peer-to-peer interaction. According to her, “The breadth of opportunity in online metaverses now is more than the breadth of opportunity in [our] physical reality.”
Given that the metaverse boom is relatively new, brands are trying to get in on the advantages early to exert greater influence and shape customers’ perceptions of their businesses. Games, from Alien Worlds to Fortnite, have already been shaping the metaverse. So, there’s no reason for your brand to wait. Here’s why your brand needs to move into the metaverse today:
You can make a bigger impact.
“Today’s metaverse startups will be some of tomorrow’s Fortune 500 companies,” declares the Managing Director of Republic Realm, Janine Yorio. She feels that the metaverse offers “tremendous opportunities”, as you can achieve things that aren’t possible in the physical world. Through real-time interactions online, you can build a loyal community, like a decentralized autonomous organization, and add value to their experiences.
You can enhance your team’s capabilities.
The metaverse gives you access to a global community of not just customers but also potential employees. Owing to that, you can use the platform to train your employees and provide product demonstrations. From healthcare and hospitality to fashion and technology—with the right conceptualizations, every company can enhance their capabilities and standardize their performance quality across the world.
You can create one-of-a-kind experiences.
The best part of the metaverse is the possibilities it represents. Be it a food startup or a shoe store—there’s a way for your company to stand out in the metaverse. For instance, Nike decided to make and sell branded sneakers and apparel virtually, while also launching brand NFTs and games. In October 2021, auction house Sotheby’s launched an NFT marketplace in the metaverse Decentraland to feature the works of renowned artists. Automobile company Hyundai, too, has been making the most of the metaverse by offering customers virtual test drives—dubbed “Hyundai Mobility Adventure”—through Roblox, an online gaming platform.
You can connect with younger audiences.
Younger audiences have all but shifted to the metaverse. They are using it to celebrate their birthdays, shop and engage with communities. By taking your business to the metaverse, you get the opportunity to engage with younger audiences and gain their trust. You can have one-on-one interactions with them and even offer immersive sponsorships to get them to promote your brand in their communities. The Chief Metaverse Officer of Futures Intelligence Group, Cathy Hackl, rhetorically asks, “Is direct-to-avatar the next direct-to-consumer?” Well, probably!
She points to the fact that this is an era of self-expression and exploration, and younger generations are doing so online with their avatars. She expounds, “And how do brands play into that? Well, I’m going to have to outfit my avatar. Maybe I want to make a statement and wear Supreme. Fashion and culture go together. How does your avatar show up, right? What does it look like, what does it wear? There are going to be a lot of opportunities for brands.”
You can boost offline sales.
The opportunities in the metaverse are not limited to that environment. Everything is interconnected. Your metaverse image can influence customers’ offline shopping habits. For instance, clothing brand H&M launched a clothes recycling island on the video game Animal Crossing and promoted it with the help of actress Maisie Williams. This created a positive perception of the brand among shoppers, urging them to buy from the physical H&M stores. Chipotle, a well-known Mexican restaurant chain, too, made a case for food outlets in the metaverse. The company opened a virtual restaurant on Roblox. There, it offered customers coupons for a free burrito in real life. Safe to say, the metaverse is becoming another, rather reliable, marketing channel to boost sales.
There is no getting around the fact that the metaverse is here to stay. And if you want to make sure your brand stays relevant and reaches its target audience, you’ve got to be a part of the internet’s third generation.
Header Image by Freepik