Imagine a world, where a large number of people hang out together, online. Wait, don’t imagine. It’s already a reality now. Various online gaming platforms have evolved from simple tasks and challenges to a complete universe in itself. (Grand Theft Auto, we’re looking at you!)
At a time when companies like Microsoft are announcing that their number of subscribers are going over 10 million, it is quite visible that the pandemic has dashed any hope of weaning children (and adults!) from the online world.
That is the power of the metaverse.
Meta-what?
Imagine yourself walking into a showroom with a friend and going through different products while customizing them according to your choice. Two clicks and you are out of the showroom. As soon as you take your hands off the mouse and your eyes off the screen, you are at your place sitting in your room.
THIS IS METAVERSE
A parallel virtual world that combines multiple technologies like augmented and virtual reality, videos, and 3D avatars. It creates a space where people can shop and trade but also work, travel, socialize, and interact with one another. All of this on the internet, just like they do in real life.
For a term coined three decades ago by Neal Stephenson in his sci-fi novel, Snow Crash, ‘metaverse’ sure took a long time to become a part of the mainstream discourse. Though the actualization of the metaverse can still take a few years, the aspects of it can already be seen in online game universes, like Fortnite, Roblox, Animal Crossing, and Minecraft. These video games provide the closest metaverse experience because players don’t just play games anymore, they also use it for other activities in “cyberspace”.
Brands like Nike have entered the metaverse by creating a virtual world, Nikeland on video game platform Roblox Corp, effectively becoming the first big brand that created a digital space for players to customize their avatars with special Nike products. And like Nike, other big-names are also trying their best to engage young customers while being averse to traditional advertising tactics.
Flora Fountain, one of the best logo design companies & leading branding agency in Ahmedabad is here to share some key takeaways for brands that are still mulling over why and how to navigate through this new frontier.
How can brands map into the metaverse?
Brand placement in gaming platforms
87% of Generation Z, 83% of millennials, and 79% of Generation X spend their time on video games on smartphones, gaming consoles. They meet their friends, select avatars and play in that elaborate digital world of games like Roblox, Minecraft and Fortnite. There is no doubt that these habits of a customer base will have a significant impact on brands. Brand placement in games can help the brands reach a very very captive audience.
Some of the world’s most valuable brands like Gucci and Ferrari are actively testing how they can lead in the metaverse and engage with more customers to generate additional revenue. Last year, Gucci joined hands with Roblox, a gaming platform with approximately 202 Million active users, and created a virtual Gucci Garden exhibit on the platform to sell several rare Gucci items for two weeks.
Similarly, Ferrari teamed up with Epic Games and added it’s 296 GTB to Fortnite.
Create Virtual Showrooms
Digitally created 360° environments, virtual showrooms give similar look and feel and functions as a physical showroom. It lets a brand share its collections with a click of a button and schedule virtual appointments or set up virtual fitting rooms with retail buyers.
According to McKinsey, around 70%–80% of B2B decision-makers prefer remote human interactions or digital self-service. And with the pandemic, making work from home a reality, more than ever. Brands can use this to expand their reach as buying and selling is happening online. Depending on the software, brands can share 3D product images and product videos and accept purchase orders, all within the same platform. It also allows the customers to avoid spending an entire day running between showroom appointments.
Enable customizers & allow testing
When a person shops for a product. For example a car, he/she decides what model they want and choose their favorite colour, seat style, the style of wheel, along with other specifications. Why? Because 50% of consumers desire personalized products. And studies have shown that customization has proven to be a promising avenue in fields where companies want to attract customers in a competitive market.
Metaverse gives brands a way to create a 3D-exhibition booth space with infinite opportunities to customize. One such example is Mercedes. Which enables its customers to configure their ideal G-Wagon through a live demo and shows them how it will look on their custom vehicle.
Similarly, this customization can be taken to another level, by allowing the customers to test new designs according to their wish. Checkout how Sportswear giant Nike gives its customers a chance to design their ideal shoe.
Indian Tech giants are also mushrooming in this space.
Several mobile app development companies based in India have diversified into providing professional metaverse development services. Other companies like TCS, Tech Mahindra, Infosys, Accenture have also started to develop in the field.
If you are wondering how you can do this for your brand? You can hire one of the leading branding agencies in Ahmedabad, India and let them come up with the perfect branding strategy for you to enter the metaverse. It is very important for you to have pilot projects in place. Start building a core team that learns to integrate such dynamic technologies!
We are excited for the future! Are you?
Vasim Samadji is a partner at Flora Fountain, where he leads the Business and Marketing Strategy divisions. In a world where everyone is used to sugarcoating, his directness is often considered rude. But that shouldn't be a problem if you like the no-nonsense approach. Because he is a seasoned professional...