What is the potential of the metaverse for brands?

Experts from Tiendeo.fr, the platform specialized in digitizing the retail sector, evaluated the potential of the metaverse. But then, is it a fad or a feature for brands?

2022 under the sign of Metaverse

Metaverse is a set of virtual experiences created by augmented reality (AR) and virtual reality (VR) technologies, where an individual can interact with other people and/or objects, or even acquire virtual goods through an avatar.

the study “in metaverseDeveloped by Wunderman Thompson Intelligence, it explores what the metaverse is, how it can change consumers’ lives, the new opportunities it creates, and why brands and retailers should pay special attention to this new way of interacting with consumers.

According to the study, brands and retailers will have to keep asking themselves the right questions. Listening, observing and understanding their audience will play a key role, as well as following a strategic plan that will be subject to an in-depth analysis of the data.

Image credits: Wunderman Thompson

Metaverse: a marketing origin?

As an extension of the existing media strategy, the metaverse emerges as an additional channel to be incorporated into the marketing teams’ media plan.

Thus, relying on the metaverse largely means adapting to the consumption trends of the population. This new medium of communication sets new frontiers for the retail sector and announces “advertising games”: Virtual worlds destined to become real advertising battlegrounds. Thus, brands will be able to exploit the advertising space available in the metaverse.

A breath of fresh air for advertising

Some advertisers claim that to succeed in this new environment, the metaverse must be viewed as a virtual world one enters to escape from the reality of the world. This means that brands must at all costs move away from the advertising model as we know it today.

In addition, it would be necessary to understand a necessarily complex universe, consisting not of a single universe, but of dozens of metapheres. In the United States, for example, four major companies are vying for first place in the race for metaverse dominance: Meta (Facebook), Roblox, Fortnite, and Microsoft.

conquer retail

In recent years, retail in the broad sense has undergone a profound digital transformation. However, this person can experience his great revolution through the Metaverse.

The ambition to master these new virtual spaces is not in vain, because mastering them means controlling to some extent the way people interact. This new technology announces a new mode of consumer communication that retailers and brands have to do “to be present” In order to better communicate with the younger generations, whether they are Generation Z or Alpha.

Image source: André François McKenzie

Some companies are already promising to launch a product by 2023 and others are already exploring the possibility of creating virtual malls, convenience stores and convenience stores where digital avatars can buy NFT products and pay with cryptocurrency. Bloomberg Intelligence estimates that metaverses are already worth €500 billion and estimates it will reach €2000 billion by the end of the decade.

Brands Browsing Metaverse

The retail sector is one of the sectors with the most interest in Metaverse due to the huge potential it offers to generate expertise during the decision-making process and create a deeper connection with customers.

For example, Gucci has already started selling its virtual clothes with the Gucci Virtual 25 sneakers. H&M recently launched its first virtual collection with a social simulation game animal crossing from Nintendo. Nike has also created its own virtual world, Nikeland.

two men soccer ball
Image credit: Nike

In short, the metaverse revolution promises a unique digital experience in which the virtual world and the real world are intertwined and merged into one reality. So the brands have everything to gain.

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