Interactive spaces created in the Metaverse are offering companies new business opportunities.
The Metaverse, the virtual space that we can connect to through various devices such as virtual reality glasses, not only offers us the possibility of interacting with other people through avatars, but companies and organizations are discovering an environment in which they can reach a larger audience and unlock new growth and business opportunities.
Beyond video games, the Metaverse has become a space where it is possible to interact socially, market products, access entertainment, and also interact with physical objects through a connected reality.
Today, a large number of items, goods and services are sold through physical and digital media. That is, many people can buy a product in a store in person or buy it online through an e-commerce platform. The latter is also possible in virtual environments in the Metaverse, thanks to companies such as Target and Suzuki that have opened their own stores in the virtual world. These companies offer their consumers the possibility of buying a real-world item of clothing or a car through the Metaverse.
Thus, The constant changes that the Metaverse is generating in society are also impacting the day-to-day life of companies and in the development of their activities, which is why many are taking advantage of the opportunities of this environment to create new forms of interaction with their clients and marketing to enrich their businesses in the digital economy.
New businesses developing in the Metaverse
Sale of products, goods and services
The metaverse is an open door for the acquisition of products, goods and services virtually.
Currently, many artists and galleries have turned to the Metaverse to show and market your art as NFT tokens, this being one of the main business models that are developed within this interactive environment.
Also, companies like Target and Suzuki, mentioned above, are using the Metaverse to market their products in a more innovative and accessible way for everyone. In January, Suzuki India’s marketing director Shashank Srivastava highlighted that its metaverse platform, called NEXAverse, had become a common place for its customers to go to place their orders for the new Grand Vitara car. Suzuki has received more than 10.000 purchase requests of this car through its virtual platform.
Virtual experiences
The Metaverse is also introducing a new and innovative way to immerse users in immersive and authentic experiences. Many companies, and even governments, are taking advantage of this possibility to create digital environments focused on experiences.
Juan Pablo Chemes, director of innovation at Accenture, has explained how the experiences offered by the Metaverse are helping brands and companies to deepen their connection with consumers. The Metaverse offers the possibility of generate unique interactions and experiences which constitute a way to create, share content and boost brand growth, said Chemes.
During an interview with iProup, Chemes also highlighted the Metaverse as an evolution of the Internet, which allows users to overcome the limits of web browsing to enter a completely virtual immersive experience.
Payments and Commerce
Another business model that is becoming popular within the Metaverse is payments and commerce. As the popularity of virtual worlds has grown steadily in recent years, Many companies are focusing on building new payment infrastructures adapted to the new reality.
Thanks to their unique characteristics, cryptocurrencies have a great opportunity as a payment alternative within most virtual environments.
Marketing: Direct to Avatar
Many consider the video game industry to be the starting point of the Metaverse and, now, one of its most promising business models.
Companies have identified the new needs of their consumers, so instead of implementing traditional marketing strategies aimed at users, they are focusing on satisfying needs through avatars.
Direct to Avatar or D2A is a marketing strategy that allows brands and companies to offer products and services directly to avatars. Nowadays, many users of the Metaverse highly value their virtual life, giving great importance to their avatar and the way they dress, among other aspects.
Design and rental of virtual spaces
Finally, another business model that is gaining traction in the Metaverse is related to virtual spaces. Companies such as Metaverse Group are dedicated to the purchase, sale and rental of virtual land, making it easier for other companies and users to acquire virtual land or rent these spaces for the organization of an event.
Continue reading: Globant: 2023 will be a crucial year for the Metaverse
