BY BERTRAND BLANCHETON FOR ADELLO MAGAZINE
The metaverse is on its way to becoming an essential aspect of online shopping. Have you ever considered having an outstanding shopping experience through Metaverse? If not, then now you can for sure have an unmatched online shopping experience thanks to a variety of technological breakthroughs that work together in the metaverse. Online gaming, virtual and augmented reality, and other cutting-edge technologies can all help you expand your consumer base by introducing your product or service to a whole new demographic.
Consumer behavior has changed as a result of the rise of digital technology. Did you experience the problem of being unable to try on clothes before purchasing them?
I will guide you through the process of making things a bit easier by using modern technological advancements. More individuals are doing their shopping, working, playing, and learning online in part because of the coronavirus outbreak.
There is a “phygital” solution promised by the metaverse. Its goal is to revolutionize the way we perceive the world by fusing the physical and virtual worlds. Not everything must be done differently when making the transition to the metaverse. It’s a smart idea to start by offering a virtual version of what you do in the real world. A natural way to enter the metaverse but also an authentic way for your business to be recognized by customers.
For businesses, this gives an opportunity to expand their customer base, boost consumer confidence, and explore a new revenue source. For example, in the second quarter of 2020, Roblox’s 200 million active players spent $319 million on in-game cash. Astonishingly, 67% of the online gaming platform’s audience is under the age of 16.
I have experienced the use of the metaverse, and to be honest, I am pretty much sure that we can’t emphasize enough how important GenZs are to the metaverse as customers. Experts expect that by 2030, their spending power will surpass that of millennials and boomers.
I remember how hard it was previously to make a purchase online of some personal products that require exact size and customization, but now AR and VR have helped to popularise products that were previously considered too personal to acquire online. Shoppers can now virtually browse merchandise and even try on shoes by setting up virtual stores on Snapchat and other social media platforms. Companies can leverage current technology, like AR and VR while keeping a close watch on emerging breakthroughs to create an enhanced customer experience in the metaverse. When it comes to designing smart eyewear for engagement in the metaverse, Ray-Ban is an example of a brand that is taking this step, building on present AR capabilities that allow customers to virtually try on spectacles.
As per my secondary data and document research on the blockchain, NFTs have quickly risen to the top of the most-wanted tech advances list. Digital assets, such as real estate or works of digital art, can be documented with NFTs because each one is one-of-a-kind. VIP access is one of the most popular ways that brands are using NFTs to improve their business. Special NFTs can be sold to give your brand’s customers access to new products and events when they are produced or held. Consumers can also use NFTs to attend events where they can give feedback on new product designs.
To succeed in today’s crowded and competitive digital market, it is imperative to constantly innovate. Customers who are accustomed to Amazon’s speed and service want businesses of all sizes to deliver digital experiences that are at least as good as, if not better than, Amazon’s. All industries share this characteristic. When it comes to starting a new streaming service, for example, a generation of Netflix fans wants the speed, usefulness, and offers that Netflix has provided for years. The high standards imposed by large platforms apply to everyone.
In spite of environmental connection, the major platforms operating in the metaverse will continue to produce their own separate engagement channels within the metaverse itself. As we all know that time is always running fast and now most of us don’t even have enough time to make purchases using traditional means of shopping and hence most things have switched online which has not only helped business persons but customers as well.
To compete with Facebook’s in-app digital stores and product tags on Instagram, Amazon might create a virtual mall where customers could go, browse, choose, and order products that would be delivered to their door. With the help of DoorDash or Uber Eats, customers could order food from Five Guys’ virtual restaurant. There is no end to the possibilities.
Estimates put the total amount spent on virtual goods on gaming platforms at more than $100 billion in 2019. It’s a fact that consumers are spending real money on virtual items, and estimates indicate that this trend will continue. Every brand has a big opportunity to eliminate the manufacturing and distribution costs of tangible items. There are a plethora of ways your brand can profit from selling virtual goods, including updates, online avatars, and virtual replicas of physical products.
Consumers in the metaverse will be more dispersed than ever before, yet they’ll still be looking for rapid fulfillment. The days of driving visitors to an E-Commerce website through interaction channels are long gone. A customer today expects to learn about a product, make a purchase, and have the item delivered within 24 hours, regardless of the channel. Brands must change in order to capitalize on these new prospects.
It is not possible for you being a client, to reach out to every brand in the world without using the updated forms of technology. So now, brands can make use of the lack of geographical boundaries in the metaverse to their advantage. There is no limit to how many individuals can be reached in the metaverse compared to a physical business. The video gaming business, for example, has a built-in audience to which you may market your products (which is bigger than that of the sports and film industries combined). Skins and other in-game items are a terrific approach to reaching a younger demographic. They are the most likely to rise to prominence in the virtual world.
In advertising, attention is sold for money. Consumer attention is more fragmented than ever before, thanks to touchpoints on every conceivable channel and device. Brands must not only know every platform inside and out, but they must also develop what feels like a limitless amount of assets to feed each one successfully. Add to this the fact that customers expect top-notch experiences regardless of the medium or network, and it becomes considerably more difficult to achieve effective digital engagement. It’s also essential if a brand wants to stay relevant; if Blockbuster or Toys R Us hadn’t adapted quickly enough, they would have gone out of business.
Take a peek at a typical household from the perspective of a user. A family member can be looking at several devices, engaged in many places, and consuming material tailored to their preferences and behavior patterns at the same time, all at once. In order to be top of mind for even five minutes, brands must work harder than ever to be in the right place, produce the right content, and engage with their audience. Everything is equally important. What’s in it for you? Those who put in the time and effort will be rewarded with more loyal customers and a more rewarding brand experience.
According to the latest trends in technology and my personal view, as the metaverse grows, brands must invest time and money in developing strategies and creating content in order to be relevant and relevant in the game. In order to keep that endeavor going, CEOs must have a complete awareness of what is achievable in the new arena. They need to know they’ll want to be in the car when digital innovation moves at 100 mph, not blown back as they stand by.
They claim that the metaverse, which they refer to as the internet’s next paradigm change, has already arrived. It’s reasonable to take a breath and evaluate if reality can live up to the hype when firms invest in space and the media declares a moment. It is safe to suppose that a lot of companies are asking what the metaverse is and whether they should be a part of it if this is the “meta” moment. Even knowing where to begin can be overwhelming for brands trying to figure out how to traverse this new terrain.
The metaverse’s core concept is straightforward. For the sake of simplicity, we can define the metaverse as an internet-based digital experience that is persistent, immersive, three-dimensional (3D), and virtual in the sense that it does not take place in the real world. It is possible to play, work, interact, and purchase in the metaverse (and just to make things extra fun, the things we buy can be real or virtual). Because it isn’t, the term “the metaverse” may be taken as a misnomer because it implies that it’s all one big, interconnected system. Creating a virtual environment is a complex process that requires a variety of business and technical considerations. When we talk about the metaverse, we’re referring to the idea that we’re about to step into a world that’s more substantial and immersive than anything, we’ve seen before.
We all know how much our kids love VR games and now this experience can be enhanced for them as the entertainment and gaming industries, in particular, are already having a significant impact on the landscape. Epic Games’ Fortnite, a popular console and PC game, has helped normalize playing and interacting with others in virtual environments. Players on Roblox and other newer gaming platforms can create and play in immersive environments that are often monetized by other players. Powered by the Ethereum blockchain, Decentraland is a 3D virtual environment in which users own the whole infrastructure, allowing them to build virtual structures like theme parks and galleries and charging visitors to visit them. AR and VR content development are being accelerated by businesses like MetaVRse and Unity, which are developing engines for brand and gaming studios. I hope we all get the most positivity out of it, let it be business people or customers.