As technology evolves, brands will be able to provide even more immersive experiences, which is what the consumer is craving.
We come across a few investment-related news around the metaverse almost every day. Despite the hype, the concept of the metaverse is still relatively abstract. In a sense, it is similar to when the Internet first started being used by the general public. It took decades for its potential to be realized and, currently, we can’t even say that has been achieved. What we’re seeing right now is the tip of the iceberg.
Today, we’re sharing key insights to help ground you in the opportunity today while you prepare for the exciting journey ahead.
Understanding Foundations Before Jumping on the Metaverse Wagon
At Revieve, we believe brands and retailers first have to understand the foundations they should establish before jumping on the metaverse wagon and developing a robust digital strategy for the metaverse. For instance, develop longtail/situational plans for any upcoming next-gen platforms and partnerships, plan the budget and understand the array of different business models.
Moreover, brands should consider protecting their assets, data, and information as soon as possible. The metaverse brings a whole new twist, so get your legal department on board or hire a legal consultant to help you eliminate all risks associated with data breaches and secure your patents, trademarks, IPs, services, products, and ventures.
Providing Unique and Personalized Brand Experiences
The metaverse is flexible enough to accommodate all types of technologies and some of which might not even exist right now. Some brands cultivate three-dimensional, animated versions of themselves to communicate with other users. Another example is Nars Cosmetics, which created makeup looks that users can choose when customizing their avatars. Other beauty brands, like Clinique, give their members the chance to receive digital collectibles by asking them to share their unique stories across some social media platforms.
Virtual shopping 3.0 comes with its collections and rules. Immersive commerce platform ByondXR has launched virtual stores for some brands, including L’Oreal Luxe for Armani Beauty and YSL Beauty Thailand. The company aims to become the “Shopify of the Metaverse,” specializing in XR technology for e-commerce.
Advancements and innovations presented above create an incentive for consumers to interact with brands and cement the metaverse’s great opportunity to expand fashion and beauty brands.
Leveraging the Benefits of the Metaverse Today
Brands are currently experimenting with NFTs, digital storefronts, and virtual products for avatars in worlds like Decentraland and Roblox but, again, that is just the beginning. What it’s important to bear in mind is that doing business in the metaverse goes beyond just doing digital copies. Brands and marketing experts have to rethink how products appear. This is a great moment for brands to experiment and explore so they can learn and develop the right strategies for an environment that is being developed and will continue to change very quickly.
The metaverse provides consumers with the ability to appear as they see themselves, and to express their individuality and brands have to follow suit. As technology evolves, brands will be able to provide even more immersive experiences, which is what the consumer is craving.
Building Loyalty In the Metaverse
Loyalty in the metaverse will be created by brands that deliver a 360-brand experience. Whilst a transaction signals the beginning of a customer’s experience with you, it’s the whole journey that you offer that leads to lifelong loyalty: