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proven techniques 7 Ways Your Brand Can Thrive in the Metaverse


Proven techniques 7 Ways Your Brand Can Thrive in the Metaverse 2022

The Metaverse is becoming a major part of e-commerce. Through a series of multiple technological innovations that work seamlessly together, Metaverse enables brands to provide consumers with an unparalleled online shopping experience. Technologies such as NFTs, augmented and virtual reality, and online gaming provide your brand with unique opportunities to reach new customers in new ways.

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Sell virtual goods

It is estimated that over $100 billion will be spent on virtual goods on gaming platforms in 2021. This is the real money people are spending on virtual goods, and forecasts show that number will continue to rise. Eliminating the manufacturing and shipping costs associated with physical goods is a major opportunity for any brand. From selling upgrades to online avatars to selling virtual versions of physical products, there are many ways your brand can benefit from selling virtual goods.

VIP access through NFTs

NFTs have become one of the hottest technological innovations on the blockchain. NFTs give you unique digital assets that can be used to prove ownership of anything from real estate to digital art. One of the biggest ways brands are currently using NFTs to boost their business is by using them to provide VIP access. Whenever a new product is released or an exclusive event is held, your brand can sell special NFTs that give customers exclusive access. Consumers can even use NFTs to participate in events where they can contribute to new product designs.

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Community building

Social commerce is an essential part of the virtual world and presents a major opportunity for any brand. Brands can build engaging communities, offering customers a place to engage with the brand itself and other brand supporters. In addition to social media platforms, they can also use NFTs to provide VIP access for special events and conferences. This is similar to what Gary Vaynerchuck did with VeeFriends - selling NFTs that offer three-year access passes to VeeCon.

Product customization

Virtual showrooms are huge benefits for brands and customers alike. They offer customers the opportunity to examine the product in more detail before purchasing. Instead of buying unseen items, consumers can interact with items in a virtual environment to see if they like the look and feel. From fashion to furniture, these virtual showrooms reduce the number of product returns and bridge the gap between online and offline shopping.

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Product customization

Another way Metaverse can help your brand is through product customizers and configurators. These live demos allow users to customize products, such as B. vehicles or sunglasses, exactly to their specifications. Users can also try out or view products in real-time, giving them a chance to see if their ideal product actually fits their needs.

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Reach a massive new audience

One of the biggest ways brands can thrive in the virtual world is to take advantage of the lack of geographic restrictions. Unlike brick-and-mortar stores that can only reach a certain number of people in their area, Metaverse is infinite. It also gives you a built-in audience to sell to, such as B. audiences in the video game industry (more than the sports and movie industries combined). Selling virtual products such as skins and other in-game merchandise is a great way to reach a younger audience. They are likely to be major players in the Metaverse.

Gamification flywheel for the metaverse

Gamification applies the power of video games to other places. For example, a video game's reward system is a great way to encourage high engagement. When taken from video games and applied to e-commerce, this reward system can include strategies that encourage shoppers to interact with brands or help spread important brand messages. Brands can create their own Metaverse flywheels by offering virtual rewards that can be redeemed in other areas of the brand's Metaverse ecosystem.

As Metaverse grows, the opportunities for your brand to take advantage of it will continue to increase. Consider implementing these seven ideas into your ecommerce strategy to keep your brand fresh.