Metaverse is creating quite a buzz around the world. Pegged to become a USD 1,527.55 billion market by 2029 (Source: Metaverse Market Size), brands across the world are solidifying their digital presences for the approaching shift from real-life commerce to the metaverse marketplace.
As we know, the metaverse is much more than just gaming, it provides a platform for brands to showcase their products in a relatively more immersive experience.
Before getting on the main crux of the topic, let’s get the basics out of the way to just be clear and on the same page.
So, what is Metaverse?
The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually.
In short, “The metaverse is a space where the digital and physical world becomes one, a digital reality where people can work, play and socialize”
As the metaverse paves the way for new interactions between users and technology, it will also start to influence the interaction between brands and consumers. This platform could be path-breaking in the field of communication. It allows communicators to interact with their target audience more closely and effectively.
With metaverse being in the early phase of its development, brands will have the chance to radically change the ways of communication and experiment with new unexplored methods
Possible Trends to look out for:
1. Rise of Virtual Events: The Metaverse will allow companies to hold virtual events for their stakeholders with increased participation capacity at a comparatively lower cost. This trend may be one of the greatest advantages of the metaverse since it promotes efficiency, participation, and productivity at a relatively low cost.
Concerts have begun in the metaverse, Punjabi Pop-star Daler Mehndi was invited to perform at the first-ever Indian Metaverse Concert on the 73rd Republic Day, drawing in over 20 million viewers from across the world.
2. Experiential product launches: Product launches have already started in the metaverse, brands like Hyundai, Nike, etc. The collectively shared virtual reality allows consumers to experience the offering in a more effective manner and through their avatar
For example, Back in October 2021, Hyundai launched ‘Hyundai Mobility Adventure’ – a metaverse space on Roblox featuring Hyundai Motor’s advanced products and future mobility solutions. The user could meet and communicate with one another and experience Hyundai Motor’s mobility offerings in the form of avatars.
3. Opportunities for more Hyper-personalization: A recent report by BCG (Source:BCG Future of Marketing and Sales 2022) shows that 63% Of millennials are willing to share personal data to get personalized offers and discounts. This allows brands to hyper-personalise their communication and cater to the needs of their consumers.
4. Virtual Influencer Marketing: Metaverse has given birth to a whole new concept: ‘Virtual Influencer Marketing’. Virtual influencers are CGI-rendered characters, who may be either completely fictional or an avatar controlled by a real person in real-time. Brands have already started jumping on the trend to expand their reach and messaging:
a) The beauty of virtual influencers is that there is practically no limit to what they can do and who they can be. With such flexibility, Brands can thrive in the virtual space. It all boils down to finding the right influencer that deeply resonates with the brand value and the target audience.
b) For example, China’s virtual influencer Ayayi was hired by Alibaba Group as its digital manager for its ‘Tmall Super Brand Day’ sales event in 2021 and invited by Guerlain to attend its summer event.
Arshya Harjani is Senior Account Executive-Edelman India and PRmoment 3030 winner for 2022.