Is the future of brands and retailers in the metaverse?
The metaverse (also written metaverse or metavers) has been in the news a lot lately. Constantly mentioned in the media, increasingly typed into the bars of search engines. The metaverse seems to have a great future, even though it is only just starting to make its mark on the Internet. From this point on, many questions are being raised, especially by the world's major brands. Should they embark on this virtual world with a view to maximising profits and staying competitive? Or is it just a fad that, despite creating a buzz, will never come to fruition? Should the big brands consider joining it?
We invite you to discover all the information and news about this virtual world.
What is the metaverse?
The term metaverse is a contraction of the two English words "meta" and "universe". It is a neologism that designates a virtual world ready to be set up on the Internet. Anyone can join this virtual universe. All you have to do is create your avatar and be equipped with a pair of virtual reality glasses and sometimes sensors.
The concept of the metaverse is an old one, dating back to the 1960s. It is found in a book by Daniel Galouye, under the title Simulacron 3. Subsequently, the concept was taken up again in other works, including "Le monde sur le fil", in 1973. It was in 1992 that Neal Stephenson, in his "Virtual Samurai", coined the term metaverse.
Originally conceived as a dystopia, a fictional story that describes a dark utopian world, such a universe is now actually being considered. As expected, the largest groups are waging an all-out battle to control this new world, creating and imposing their metaverse. Mark Zuckerberg renamed his company in 2018 with this in mind. From now on, Facebook, Instagram and WhatsApp are owned by Meta. Apple, Microsoft and many others are in the race.
Objective of the metaverse: a virtual world in its own right
The ambitions of the developers of the metaverse are very high, so to speak. The aim is to provide consumers with a world of their own. It will be possible to walk down the street, go on a trip, meet friends and chat with them. You can go to a club, go shopping, go to a music concert or a football match. In short, a universe identical to that of reality, a parallel world.
Should brands seize the opportunity and join it?
If the metaverse project becomes a reality, it is certainly in the interest of brands to invest (literally and figuratively) in order to be there. Indeed, such technology is revolutionary. If it were to become more popular, it would attract a huge number of people. This is a great opportunity for retailers to expand their popularity and run new, impactful and innovative marketing campaigns.
Of the various marketing sectors, the gaming world logically generates the most revenue. The game Roblox, for example, manages to gather over 42 million players every day! In view of the growing appeal of the metaverse, which promises to grow even more, some brands find it essential to become involved.
Joining the metaverse: a boon to B2B marketing practice
The advent of the metaverse is a huge opportunity for major brands to expand their communication and marketing campaigns more effectively. It is becoming easier to approach the consumer to ask questions and gather feedback.
Similarly, the possibility of more immersive marketing is emerging. Prospects and customers will be able to be immersed in 3D simulations and in an environment that is much more conducive to interaction. This will provide a better opportunity to explore the different features of a product in a deeper and more comprehensive way, as is currently the case with Live Shopping. More than just a way of extending the popularity of one's brand, the metaverse is a new definition of online marketing and commerce.
What are the constraints for the consumer?
Now let's talk about you. Entering the world of the metaverse can have many advantages and open many doors. However, it is also restrictive in some respects, starting with the fact that you have to invest in equipment. Indeed, to be able to enjoy the opportunities offered by the metaverse, it is necessary to equip yourself with virtual reality glasses (VR glasses), a suitable headset as well as the sensors intended to capture your movements. This requires an expensive investment for some wallets. It is therefore clear that not everyone will have the desire or the ability to afford it.
Similarly, access to the metaverse platforms requires the collection of private data in order to properly serve the user's needs. Thus, it is to be expected that there will be a trade-off between giving you access to the metaverse in exchange for as much information about yourself as possible. Again, many people will not want to give up their private lives to strangers on the web. Others will not enter this virtual world simply because they are not interested, do not find the proposal attractive or are too disconnected from reality.
Brands need to take these criteria into account. The metaverse may be attractive, but not everyone will enter it. We can therefore assume that the future of online shopping will not swing entirely to the side of the multiverse. A hybrid online shopping experience, combining both the permanence of the physical shop and online experiences, seems the most realistic.
Towards a new world?
This is a difficult question to answer. How the metaverse will turn out and how popular it will be depends on many factors. What is clear is that it is a real revolution. For the public as well as for the big brands and companies, who see a multitude of new opportunities. Only time will tell whether the dynamics of this new concept will be confirmed or not.
Will it be able to change our way of life, as social networks, for example, have managed to do? The answer will be in a few years.
Although... We soon learned that the future is sometimes closer than we think!
