Metaverse Marketing

What Is The Metaverse?

The metaverse might sound incomprehensible, but it’s now predicted that by 2026, 25% of us will spend around one hour each day within the metaverse – with predictions of this number to grow in the coming years.

But, you might be wondering what exactly is the metaverse? The term ‘metaverse’ represents an online space where humans can play, work, shop, and interact with one another. It is a 3D world that can be accessed by anyone with an internet connection and is made up of many different virtual worlds, each with its own unique atmosphere, games, and activities. It’s where reality and the virtual world meet to create a world with no end. The metaverse will begin to open doors for numerous sectors, including eCommerce marketing.

The Potential Of Marketing In The Metaverse

The metaverse presents a whole new world of possibilities for marketers, as it offers users the option to shop unique experiences and own both tangible and intangible products through the metaverse realm. It allows for user-generated content; users can own, sell, invest, and even create products where they are rewarded for their labour. Companies looking to market their products within the metaverse should keep a few things in mind, including their target audience.

Generation Z and Millennials make up most of the metaverse’s users, which can be an opportunity for companies to tap into the younger demographics. Instead of organisations using social media platforms owned by multi-billion dollar companies, the metaverse allows businesses to create their own worlds and environments to target potential customers.

Reaching Your Audience And Increasing Sales In The Metaverse

Sponsor Your Content

Consider researching where you can advertise your business’ products. As events are scheduled in the virtual world, this can lead to more marketing opportunities for your company to capitalise on. Companies interested in marketing in the metaverse can advertise through the likes of billboards above virtual streets or on products.

Make Collectibles

Creating digital collectibles such as assets or limited-edition items can interest metaverse users, as people’s digital identities can trade these collectibles with one another online.

Give Customers The Opportunity To Try Products

Allowing customers to try on products or view them within 3D mode can be very convenient. Give your customers the opportunity to see the product they’re considering purchasing to provide the ultimate customer experience. Other companies have utilised marketing in the metaverse by showcasing virtual viewing rooms for cars and allowing users to see furniture in their living spaces at home.

Invest In A Specific Metaverse Platform

Although it’s expensive, creating a specific metaverse platform can drive sales and reach more audiences for your business. You can either build a world or a game that relates to your company and its ethos or products you’re pushing to the public.

What To Expect From Marketing In The Metaverse

Increase In Profits

It’s said that customers are more likely to pay 40% more for a product if it’s tested in 3D first. Because the metaverse allows customers to interact with products in a virtual world, this can increase profits. 

Reduced Product Return Rates

In the metaverse, shoppers can try on products virtually in the 3D world, experience what certain products will look like in their home, and view car showings. This means that they are less likely to return what they’ve purchased. Customers in the metaverse generally make more informed decisions on products they’re considering. 

Stronger Engagement 

The metaverse provides an immersive experience for customers that can create a strong sense of community. Through the metaverse, shoppers also experience a better customer experience – increasing a brand’s loyalty and fanbase. If your business plans on marketing exclusive products to the metaverse community, this can also build a close bond between both buyer and seller.