The metaverse is well on its way to integrating itself into e-commerce. The metaverse enables marketers to provide consumers with an unmatched online purchasing experience by using a variety of technology breakthroughs that work in unison. NFTs, augmented and virtual reality, and online gaming all provide innovative avenues for your company to reach new customers.
Seven ways to ensure your brand’s survival in the metaverse:
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1. Sell virtual goods online
Over $100 billion was expected to be spent on virtual goods in gaming platforms in 2021. This is actual money spent on virtual items, and estimates indicate that this figure will continue to grow. Eliminating the manufacturing and delivery costs connected with tangible items is a huge opportunity for every brand. There are numerous methods for your company to profit from virtual items, ranging from updates to online avatars to selling virtual replicas of genuine objects.
2. VIP access through NFTs
NFTs have risen to prominence as one of the blockchain’s most exciting technological advancements. NFTs provide a unique digital asset that can be used to establish ownership of anything from real estate to digital art. One of the most significant ways that brands are currently utilizing NFTs to grow their business is by offering VIP access. When a new product is released or an exclusive event is conducted, your brand can offer limited-edition NFTs to provide customers unique access. Consumers can also utilize NFTs to participate in events that allow them to provide feedback on new product designs.
3. Community development
Social commerce is a significant component of the metaverse, and it represents a significant opportunity for all brands. Brands may create engaging communities that allow customers to interact with both the brand and other brand supporters. They can also employ NFTs to provide VIP access to specific events and conferences in addition to social media platforms. This is comparable to what Gary Vaynerchuck did with VeeFriends, in which he sold NFTs that included a three-year pass to VeeCon.
4. Virtual showrooms
Virtual showrooms are significant advantages for brands and customers alike. They enable clients to conduct a more in-depth examination of products prior to making a purchase. Rather than purchasing anything blind, consumers can engage with the things in a virtual environment to determine whether they enjoy the look and feel. From fashion to home furnishings, these virtual showrooms help minimize product returns and bridge the divide between online and in-person shopping.
5. Product customization
The metaverse can also assist your brand by way of product customizers and configurators. These live demonstrations enable customers to modify things such as autos or spectacles to their exact preferences. Additionally, users can try on the goods or view it in real time, allowing them to determine whether their desired product genuinely suits their needs.
6. Reach a massive new audience
One of the most significant chances for companies to prosper in the metaverse is to take advantage of the absence of regional boundaries. Unlike a physical business, which can only reach a finite number of individuals in the immediate vicinity of its location, the metaverse is limitless. Additionally, it offers you with a built-in audience to which you may sell, such as the video game industry’s audience (which is bigger than that of the sports and film industries combined). Selling virtual goods like skins and other in-game items is an excellent approach to reach younger consumers. They are the most likely candidates to become big metaverse participants.
7. Gamification flywheel for the metaverse
Gamification extends the characteristics of video games to other contexts. For instance, a video game’s reward system is a good approach to drive high levels of involvement. When used to e-commerce, this incentives system can include techniques that encourage buyers to engage with the brand or assist in disseminating critical brand news. By delivering virtual awards redeemable in various aspects of the brand’s metaverse ecosystem, brands can develop their own metaverse flywheel.
As the metaverse evolves, so will the opportunity for your brand to benefit. Consider incorporating these seven concepts into your e-commerce strategy to ensure that your company remains innovative.