Projections show that the metaverse could have a market size of $800 billion by 2024.
The metaverse is a very new concept, so many businesses and individuals have not adapted to it yet – most people don’t even know what it is. With that being said, it presents a huge amount of potential for brands to grow. Understanding how the metaverse works is crucial to this.
For a rundown on what the metaverse means for you and your customers, keep reading.
What Is the Metaverse?
The metaverse is still more of a concept than a reality, although there are versions of it popping up. The idea is that various technological innovations are merged to create a digital world that’s essentially a 3D version of the internet.
The internet started with text-based communication, and with time moved on to media-based forms such as photos, videos, live streams, etc. The metaverse is the next big step, where people are fully immersed in a 3D world, allowing for much higher levels of interaction.
People will create avatars to explore this world and interact with each other. Individuals will be able to own and use digital assets that will most likely be recorded using blockchain technology. This also means businesses can establish themselves in the metaverse and will be able to sell products and services in a completely new way.
While the metaverse doesn’t fully exist yet several digital worlds such as The Sandbox and Decentraland have sprung up in recent years. They follow the same concept and are currently giving people a taste of what’s to come.
Customer Behavior in the Metaverse
With the metaverse on the horizon, it’s hard to say what limits there will be. It’s expected that a lot of people will begin using the metaverse for a range of things including:
- Social media
The last couple of years has seen a huge increase in the number of people working from home. With the metaverse, this will be taken to the next level. Some companies already have employees using VR (virtual reality) headsets to do a range of jobs.
Microsoft is one of the world’s largest companies and already has plans to launch in the metaverse in 2022. Apple is also expected to release its iGlasses at some point in 2023 with AR (augmented reality) technology that will likely have some sort of compatibility with the metaverse.
Within a few years, it may be completely natural for someone to spend the morning in a work meeting, catch up with a friend at lunch, and spend the afternoon shopping, all within the metaverse.
With the potential the metaverse has, it’s important for companies to embrace web 3.0 so that they can make the most of this new landscape.
With web 2.0, product webpages almost always feature pictures of products, some show videos, and a small amount even include interactive 3D views. While they take more work to implement, 95% of people say they prefer these 3D views to video playback.
AR and VR can allow brands to display products in a 3D interactive environment, giving customers a far superior experience to what they currently have.
E-Commerce in the Metaverse
E-commerce and physical retail each have advantages. Shopping online is incredibly convenient and can save customers a lot of time. Shopping in person allows for a more interactive and personalized experience.
With the metaverse, the advantages of each can be brought together. Walmart even released a promo of what virtual shopping may look like back in 2017. Walking around a 3D-rendered store and picking up virtual products rather than just looking at pages on a monitor is a huge step in terms of bridging physical shopping and online shopping.
Giving customers this experience, especially if they’re new to it, could significantly improve conversion rates.
Brand Benefits in the Metaverse
The metaverse will completely change the way companies sell their products, and as such the customer experience they provide will change too. There are several aspects that both brands and their customers will benefit from within the metaverse.
In its current state, online shopping offers very little personalization. Companies can sometimes send certain promotional emails with offers or discounts based on a customer’s previous purchases, but that’s about it.
In a metaverse store, customers will be able to interact with employees directly for that extra level of service and immersion.
The use of VR and AR can significantly help boost a company’s profits. Around 42% of shoppers say they would pay more for a product if they can first experience it in 3D or AR.
When someone visits a shop in person they might not have an item they want in stock, but can usually order it. The problem here is that the shopper then has to commit to buying the product before they have actually seen it, so they’ll sometimes decide against the purchase.
A store in the metaverse can stock any product they sell, making it much easier for customers to interact with it in 3D first.
It can be hard to gauge people’s reactions to normal product pages, especially if the reaction is a negative one. When people see something they don’t like they’ll usually just click off of the page.
With a metaverse store, your employees can interact with customers and get feedback in real-time about their experience. This provides better customer insights in terms of your brand and your products, making it easier for you to see where you need to make improvements.
Shoppers will also be happy with the fact that they know their feedback is being taken on board, which will help with customer retention.
The Future of Business in the Metaverse
Customers are going to be having a very different experience in the metaverse, so make sure you’re prepared to meet their needs as best you can. Remember that this is new for everyone, so be open to adapting and changing as everyone learns how to navigate this digital space.
At The Gri Marketing Group, we provide ourselves on showing businesses how to provide their customers with the best experience possible. We specialize in lead generation, customer acquisition, and customer retention. If you have any questions about our services click here to contact us today. We’re always happy to help.