5 Ways Your Brand Can Benefit From Metaverse Tech

24 Jul 2022

By this point, you’ve probably heard of the metaverse. If you brushed it off as some new-age trend, think twice! The metaverse just might be the key to your brand’s success. 

As our world becomes increasingly digitized, the idea of ‘digital goods’ or assets shouldn’t come as a surprise. The Metaverse is starting to give businesses the platform to provide customers with a different kind of online shopping experience. NFTs, virtual and augmented reality, online gaming all offer unique ways for businesses to reach new audiences. Here we’ll explore some practical ways to stay ahead of the curve by utilizing the metaverse’s unique opportunities.

Community Building

Social commerce is a massive part of the metaverse. It presents a huge opportunity for any business. Brands can create and nurture communities where customers interact with their supporters. They can use NFTs to provide VIP access to special events and conferences in addition to social media platforms. Take, for example, Gary Vaynerchuck’s ‘VeeFriends’, which double as a three-year pass to VeeCon

Virtual Rewards

Gamifying the shopping experience with reward incentives for desirable actions is great, but what if these items were virtual? When a rewards system is applied to e-commerce, it can include strategies that encourage shoppers to engage with the brand or aid in disseminating important brand news. Businesses can create flywheels by offering virtual rewards redeemable in other parts of their metaverse ecosystem.

Virtual Showrooms

Both brands and customers benefit from virtual showrooms. They allow customers to look at products in greater detail before purchasing. Instead of buying something blindly, customers can test the goods in a virtual environment to see if they like how they look and feel. These virtual showrooms reduce product returns and bridge the gap between online and in-person shopping for everything from clothing to furniture. Customers can also design and test custom products within the metaverse framework. 

Virtual Goods 

In 2021, over $100 billion was spent on virtual goods in gaming platforms. Virtual goods are purchased with real money, and projections show that this trend will last. This gives every brand the opportunity to make a profit without spending on manufacturing and shipping. Your brand can profit in various ways by selling virtual goods, from online avatars and upgrades to virtual versions of physical products.

If we’ve got you convinced this far that the metaverse is worth a second thought, you might want to go all-in and join while it’s still young and real estate is cheap. Take advantage of the lack of geographical constraints, use your imagination in designing your dream store, and attract the attention of GenZ shoppers. Selling virtual items like skins and other in-game items is a great way to reach younger gamers, but the metaverse has lots to offer all ages and demographics. Physically disabled or elderly people, for example, might get a lot of pleasure out of strolling streets and shopping at your store with ease on their VR.  

As the metaverse develops, so will the opportunities for your brand to benefit. Be sure to follow us on Twitter and reach out to see how 42 Studio can support the growth of your brand through metaverse tech.

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