How often do we hear that Metaverse is here or that we have been living in it for a while having played first-person view games on phones or PCs?
A hot tech topic these days, Metaverse has piqued everyone’s interest. According to a McKinsey report titled “Marketing in the Metaverse: An opportunity for innovation and experimentation,” internet searches for the term Metaverse increased by 7,200% in 2021.
You might have heard of how music artists have invested in the concept. It doesn’t stop at that. Many global enterprises are looking at the canvas as lucrative from a business standpoint. Investment banking giant JP Morgan Chase has already unveiled its virtual workplace and immersive experience on Decentraland–a Metaverse platform.
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What’s in for marketers on the Metaverse?
From the entertainment industry to healthcare giants, every business is looking for ways to make its presence in the Metaverse sphere. This means that the space is perfect to push marketing ideas.
The pandemic showed the way for Metaverse marketing. What better than an indulging, online environment wherein you can see each other and interact in the form of digital avatars?
As the target audience, i.e. the millennials and Gen Z are here for real-time content and experience. Marketers are here too, in a bid to attract a large lot of leads to their products through immersive experiences. Given that there’s no limit to innovation and the addition of a virtual environment in the Metaverse, marketers are going the last mile to influence the leads to convert into customers.
Interestingly, the online in-game merchandise market is booming among digital communities and is estimated to reach $74.4 billion by 2025. That translates to how much the modern-day consumer, the young generation is investing their capital in online experiences over tangible ones.
Luxury fashion house Balenciaga recently joined hands with Fortnite in which the avatars playing the game can shop and buy virtual merchandise from the luxury clothing brand.
Other luxury apparel brands, too, are already trying their hand at being better in this space, and in the process, are paving way for small and mid-size enterprises to be on the platform. The McKinsey report cites an example of how celebrated fashion brand Gucci attracted a whopping 19.9 million visitors in two weeks when it launched a Metaverse version of its real-world Gucci Garden on Roblox.
Not restricted to only digital assets, Metaverse has potential for online-to-offline transactions as well. Remarkably, a non-governmental organisation representing the voice of many processed food manufacturing players hosted a homegrown exhibition-cum-conference event in which exhibitors presented their products in online pop-up shops.
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