Remember games like Second Life or Ready Player One? Well, now we have the chance to experience them not just in games or onscreen but with reality. It may sound surreal, but it’s time for us to say hello to the Metaverse! Artificial intelligence is being hailed as the next innovation on the lines of what happened when the internet was developed in the 1990’s. AI should have a big impact on how we interact with technology and lead our lives. Using AR and AI, Metaverse is an online experience created to be immersive for everyone. It replicates your offline reality inside a virtual universe
As of right now, the youngest generations have risen to rule the world: Millennials and Gen Z are some of the most technologically savvy and forward-thinking people that we’ve seen. Recent studies predict they will lead us into a new world that we might call “The Metaverse.” They are also the main target for a lot of brands across different industries and it seems like they have an inclination towards Metaverse, which will be interesting for marketers to keep an eye on.
One of the greatest challenges marketers face today is their increasingly shorter attention timespan in which they can capture your interest. As a result of this there is more competition within the media landscape. This has lead to brands engaging with consumers across all platforms effectively, which is where our program comes into its own with its ability to engage consumers on multiple platforms, like VR and AR.
Given that marketing is about the creative experience resonating with various brands, the response to your campaign can be tweaked in real-time by incorporating popular virtual worlds. Marketing is all about getting your target market excited about your product, and Metaverse does just that by making brands in India a lot more accessible. From Holi-themed weddings to marketing for local businesses, Metaverse has been able to connect customers with their favorite brands. The idea is a lot of fun and also very connected. You can get really immersed into this type of experience as 5G will be rolled out worldwide soon and India will follow suit later this year. Expect to see more immersive experiences in the future due to this connection.
Considering how the gaming industry is already employing Metaverse marketing, it’s no surprise that its use in other industries is becoming more widespread. It’s predicted to grow to a customer base worth $800 billion in India by 2024. This topic has led me to understand how marketers can prepare for the next big thing. Marketers need to understand Metaverse and its key benefits, which are listed below:
Metaverse provides a more transparent and simple way of introduction.
We are an online platform that helps expand your career opportunities by creating completely new and valuable initiatives. We combine gamification with networking to provide unique forms of value. Metaverse provides a space to socialize, interact and be entertained in AR or VR. It also facilitates business visits as the barriers between online and offline environments dissolve. People are becoming more and more drawn to VR. For example, as a customer you can try products, give feedback and so on – all with an innovative use of the Metaverse.
Metaverse allows for better engagement
Generation Z is keen to enter the digital space, meaning they’re already integrating AR and VR aspects into their offline world. This has been seen with Gen Z spending more time on AR spaces for socializing as well as following new trends and news. Gen Z is not interested in just content, or just brands. They look for experiences – virtual reality has provided a giant leap forward in relation to this, through making use of augmented reality technology. This means that it’s the strongest group across a number of segments, like FMCG and lifestyle as well as ed-tech. The new generation of consumers – Gen Z – is very savvy, but has shorter attention spans due to different technology. Brands need a platform that offers both in-depth gathering and the convenience of constant instant feedback to reach them. Metavserse is an ideal fit for these brands. Many big brands, including Disney, Nike and Hyundai have looked into the industry of virtual reality marketing. These 3D immersive experiences can make your product much more individualized and consumers more interested in what you have to offer. Brands like Coca Cola in India have started showing interest in chatbots and are using them to engage with their audience. ITC, Mondelex and Chingari are other example of brands that use the technology.
Metaverse is dedicated to elevating your buying experience.
Any brand that provides a differentiated buying experience that is accessible through the Internet only increases its market share. And this grows exponentially and it can provide experiences to shoppers through plugins on the Metaverse platform. Unlike before, people can now browse through a brand’s foreign store and get items delivered in the real world. You also have the option to see your avatar shopping for clothes or dining at a restaurant. Robloxia’s Gucci is an example of how fashion brands can reach customers globally without the hassle of moving away from their device, let alone their home! Recently a Gucci bag was sold for 350k Robux or roughly $4,115. That says a lot about how they knew they were succeeding in exploring this format.
Metaverse can help accelerate the adoption of digital currencies.
Ten years ago it would have been unthinkable not to offer digital payments on mobile platforms. However, demonetization has led to a boom in data penetration today which means people are willing to buy pretty much anything with their phones. Cryptocurrency and other related markets are constantly evolving and some are still in their infancy. Metaverse makes it so that you can focus on what’s important to your business while taking advantage of the fast-paced marketplace. We have crypto, digital tokens, or NFTs that can help you adapt to the digital industry. The next time you go travelling, consider carrying some cryptocurrency with you. Overseas shopping, dining and experiences are a lot more affordable with crypto because they can be easily converted into the local currency. It also saves you from carrying a bunch of forex. Companies that integrate cryptocurrencies into their business models stand to make a long-term investment in Gen Z’s cryptocurrency affinity and the rapidly changing landscape of Bitcoin and other currencies. Currently in India, given the low smartphone penetration, lack of understanding about cryptocurrencies and their use cases. This is a decision that could be wise to put off for a while.
It’s not without good reason that when a technology takes off, it has the ability to revolutionize the lives and companies of everyone around it. They’re always evolving through new, creative marketing tactics––that’s just the way things work. Metaverse, though still in its early stages, is about to become the next big thing. With more and more people spending their time with online avatars than offline environments, Metaverse creates a parallel universe for users where there’s less noise and a higher level of customer engagement & value. Which is why many brands have started using Metaverse to offer customized and personalized customer experiences, it’s important for companies to gauge their level of preparedness and see if adopting Metaverse Marketing is right for them. It’s better to do it as a first-mover rather than a last-minute decision before the trend becomes popular. At first, Metaverse will cater to a smaller niche and premium audience as it comes into popularity. Only once the general masses have understood the idea and concept of the technology, will a large number of transactions occur. So, what does this mean for you? As of now, GENZ and Millenials are the best targets for brands to pitch the metaverse. This could be what transforms marketing.