The metaverse can’t be compared to the introduction of a single technology. It entails a combination of technologies such as G, 3D, AR, VR, blockchain, cryptocurrency, cloud computing and social commerce. They allow us to create a network of virtual 3d worlds. The main idea is that the metaverse is a parallel virtual reality. It allows you to work, play and socialize in 3d. You’re not looking at your screen, but you enter it.
Companies like Amazon and Microsoft are largely investing in the metaverse, which makes us believe we are at the verge of some radical changes. Not to mention the rebranding of Facebook to Meta.
What does this mean for retailers and e-commerce businesses?
Early adopters like Nike, Balenciaga,H&M, Walmart and Samsung are early adopters. They are already active in these new visual surroundings to reach new audiences, to discover the market and to build a dominant presence.
In less than three to five years, consumers expect brands to fully fit their digital needs. If you don’t dive into the metaverse as a brand now, you might stay behind on your competitors later. The pandemic has accelerated the metaverse and AR and VR are now used to sell products online that we used to buy mainly in store, such as furniture. It allows you to visualize products in your own home and to experiment before making a purchase. The use of AR and VR is also rising in other branches. Customers expect this to provide an even easier customer journey. When something malfunctions, your customer heads right over to your competitor.
Currently there are various separate metaverses where millions of people log in on a daily basis. The expectation is that these metaverses will all be connected within the next decennium. But don’t wait until then! Get informed now, as it will open doors to new markets and revenue.
Nike is one of the first brands to invest in the metaverse. NIKELAND was launched as a part of online gaming platform Roblox which reaches millions of users across the globe on a daily basis. Users can play free games at NIKELAND, but can also dress their avatars. What will your avatar wear today? A new pair of Nikes? A D&G dress and a Gucci bag? The trade of these digital products is done via NFT’s: non-fungible tokens, a non-replaceable certificate of ownership.
The metaverse is a world full of promises to those who want to have experiences they can’t attain in real live. For businesses the metaverse will become a new channel in their marketing mix.
Before investing as a brand, we advise you to stay alert and to acquire expertise. Because problems such as privacy and safety risks, cyberbullying, spreading misleading information and propaganda and other forms of cybercrime are still present in the metaverse.