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Think of a Ferrari test drive through the virtual streets of Paris, Los Angeles, Bangkok or any other destination in the world. Or do you want to travel to ancient Pompeii or to a luxury resort that you wouldn’t be able to afford in real life?
In the metaverse, you wouldn’t have to be Jeff Bezos or Elon Musk to get involved in space travel. Many restrictions will be removed: for example, geolocation, finances and time. Anyone, anywhere, can enter the metaverse at any time. It will always be on.
The metaverse offers the opportunity to build a more accessible and inclusive social environment that can serve the needs of different segments of society – from average users to luxury customers seeking exclusivity and rarity.
No one knows when the metaverse will gain mass adoption, but we’re definitely on our way there (much like the internet was 25 years ago). It’s not just talking. Private capital is pouring in quickly. In 2021, metaverse-related companies attracted more than $10 billion. Major investments in metaverse infrastructure will lead to more brands entering a new virtual world and more technology companies working to expand it.
Predict demand
Why are top brands going to the metaverse? They predict demand. While meeting customer demand is the No. 1 rule of business success, predicting demand is what drives brands to market leadership. The sooner you get in, the lower the competition.
You take advantage of the time to improve the product, while others are just starting to enter a niche. This example applies to any industry. Take Kellogg as an example: as the first company to start producing cornflakes, this company is still at the forefront of its industry. What might the metaverse and grains have in common? Well, in 2022, Kellogg entered the metaverse.
Forecasting demand also means predicting the needs of a large consumer buying power presented by tech-curious millennials and adult Gen Zers. They are the future of consumer power.
Sell the experience
Most companies understand a simple truth: customers don’t buy products; they buy experiences. When I was a kid, I never would have wanted to buy a bottle of Coca-Cola if I hadn’t seen their Christmas ad featuring Santa Claus and reindeer. Not a big fan of sparkling drinks, I still wanted to buy Coca-Cola to be part of that fairytale.
While children are more receptive, the same model works with adults as well. We all buy experiences. After meeting the essentials, we have a desire to experience experiences that give us a sense of exclusivity and belonging – be it a social class or a community of sports enthusiasts, music addicts or the well-to-do.
The metaverse offers a host of tools to build immersive customer experiences: virtual concerts, sporting events, and fashion shows that welcome millions of users to creative e-commerce product presentations. The virtual world will take online shopping to the next level. Merchants will be able to open chain stores in different districts of the metaverse and even in different metaverses.
The metaverse becomes a primary environment for next-generation marketing, customer engagement, and reaching new audiences.
Learn to take advantage of emerging opportunities
Top companies are quick to adopt this innovation and look for ways to monetize it. A nice example is Safe deposit box, the Gucci city on Roblox. The fashion brand has released an exclusive digital pair of sneakers, The Gucci Virtual 25which can be “worn” in augmented reality or used in apps like Roblox and VRChat.
They sold them for just $12.99 – an incredibly low price for a luxury brand – but it was a very smart business move. And they didn’t stop there. Just a few months later, Gucci presold a digital version of its Dionysus bag $4,115, higher than the price of the physical item. Starting with testing and experimentation by big brands, the metaverse will grow into a multi-billion dollar industry.
Very soon we may see a demand for clothing for our virtual avatars as they will become an important representation of our digital selves in the metaverse. Users will want to dress well and make a good impression, be it for virtual team meetings, business meetings or shows hosted by celebrities.
The needs of the next generations will be largely based on technological advancements, and we cannot ignore the metaverse as one of the biggest sensations right now. Marketing will follow consumer demand.
Dana Kachan is CMO at BullPerks, a decentralized VC and crypto launch pad; and GamesPada GameFi, NFT and metavers ecosystem.
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