It’s interesting to note that the global Metaverse market reportedly hit $47.69 billion in 2020 and is projected to grow at a revenue CAGR of 43.3 percent to $828.95 billion by 2028.
There are a few things you should keep in mind as you consider how you want to design and oversee the customer journey that exists between your brand and your customer. It’s simplest to consider these from the perspectives of the customer and the brand.
Every business type, small or big, has either entered or is preparing to enter its space in the metaverse.
New-age startups leveraging metaverse
We are going through this transformation as we see a fundamental shift in how our brands are sold in the digital age.
- Brands that want to conduct business in the Metaverse can use cryptocurrencies. Users can buy the digital assets that brands advertise. By turning their products into Non-Fungible Tokens (NFTs), brands can also benefit from the Metaverse. The Metaverse allows for the trading of these tokens, which have actual value.
- A significant amount of data can be streamlined, processed, and used by artificial intelligence (AI) and natural language processing (NLP) for a targeted, highly customized marketing campaign.
- Through the use of this platform, businesses can build a community that helps them draw in repeat customers and increase awareness.
- Billboards, host events, startup advertising, and other virtual world implementations are made possible by Metaverse in ways that would not be otherwise feasible.
Create Consumer-Ready Space in Metaverse
The entities are already aware that tech giants developing the Metaverse use a variety of technologies to replicate various real-world settings. Each of these technologies is important in its own unique way for fostering creativity that will draw in more customers.
Here’s a quick overview of some of these technologies and what roles they play in the metaverse.
The security of the blockchain has a significant impact on how it functions in the Metaverse.
If businesses want to make metaverse financial transactions. Below are a few points on how blockchain can help create a virtual space that is consumer ready;
- Blockchain technology can impart decentralization into the metaverse.
- Eliminates fraud or theft
- Allowing multiple users to participate, connect and contribute.
- Incorporating NFTs into the Metaverse to enable activities for the trading digital products
In addition to enhancing security, blockchain technology can help the Metaverse become more decentralized and avoid unforeseen fraud. Businesses can employ experts to build decentralized networks that enable users to virtually authenticate their identities.
When building ed-tech or healthcare platforms, developers could use blockchain to create real-time 3D environments where user authentication is hassle-free for everyone.
The biggest asset of this virtual world, according to the definition of the Metaverse that we currently understand, is Virtual Reality.
Users can experience the Metaverse in all of its fullness with the help of VR headsets.
The best thing about virtual reality is that it can be used for more than just playing games and watching movies in the Metaverse. The Metaverse allows employees of a company to conduct virtual meetings and even move between virtual workspaces.
Another important technological development that can improve users’ overall Metaverse experiences is artificial intelligence (AI). Al can create a unique user experience by observing customer behavior and preferences, from the creation of their digital avatars to interacting with digital humans (a type of bot in the Metaverse).
By performing 3D scans or analyzing 2D images, Al can be used in the Metaverse to create lifelike digital avatars of each person. This makes the entire experience as lifelike as possible.
Investments in Metaverse: Prepare for the Future
The next significant growth in the gaming sector appears to be the metaverse. Some Metaverse-related stocks are already profitable for many investors.
These stocks are a particular category of organizations that conduct research and development into creating, maintaining, or interacting with what is currently thought of as the virtual world.
Many stockholders are turning their attention to Metaverse stocks. It is, in our opinion, an excellent method of metaverse investment.
Web 3.0 will be used by industries to change experiences, alter e-commerce, and speed up innovation. Using data to enable insight-driven analysis, AI and machine learning will deliver curated and highly personalized interactions.
Not to mention, cryptocurrencies and blockchain offer a decentralized payment option that permits accurate logistics and safe revenue record-keeping that is theoretically immutable and secure from hacking.
The adoption of these major technological trends will alter how businesses engage with customers. However, determining the precise adoption point is difficult, if not impossible.
There is a legitimate concern that businesses that do not invest in this innovation risk falling behind sooner than anticipated, much like brands and retailers who lacked a strong digital presence in the early months of the pandemic-driven lockdowns, despite the fact that some critics have dubbed the metaverse as the next dotcom bubble waiting to burst.
How Modern Companies can Stay Focused
Whether on Facebook, Instagram, Messenger, or WhatsApp, it’s critical to keep developing your brand for today’s opportunities by experimenting, innovating, and expanding your audience because the connections you make there will still be relevant in the metaverse.
The most successful brands in business history have changed and remained relevant by recognizing the shifting needs of their target audiences.
You can take steps in the metaverse by building new commerce channels via Facebook Shop, Instagram Shop, or by using Spark AR to design a filter.
Build augmented reality advertisements that let customers experience your goods from the comfort of their own homes.
Value of Marketing in Metaverse
Brands that operate in the metaverse must choose between creating a true digital twin of their physical operations and coming up with creative ways to interact with customers in the real world.
A brand’s strength in the metaverse might be an avatar space suit that transports users to a branded meetup lounge on the moon or a shoppable virtual store in a virtual mall.
Brands that are able to take advantage of the conscious potential of virtual exploration have the opportunity to redefine the entire concept of experience as well as the end-to-end customer journey.
This is one of the areas where businesses need to decide how much they want to use virtual customer experiences to drive innovation rather than wait to follow any existing experience precedents.
The Metaverse is the upcoming phenomenon. The metaverse is still in its infant stage when it comes to customer experience. You can improve the customer experience by learning the right information and using the right technology.
The main goal is to improve customer experience by always keeping it in mind, from technology used to interpersonal interactions.
The growing influence of the metaverse requires brands to step up and ensure winning customer experiences. That is where Quytech comes into the picture.