Rebranding a collection of existing technologies under an intriguing new name is the pinnacle of marketing in the metaverse. Through virtual reality and augmented reality, the new hub intends to connect consumers, influencers, brands, and live online events. In 2022, retailers will have to come up with innovative ways to connect with customers through the metaverse.
Bridging the Gap Between In-Person & Online Shopping
The metaverse is made up of three distinct characteristics, as stated by Ali Fazal, GRIN’s Vice President of Marketing: First and foremost, it is entirely virtual reality, allowing customers to interact with brand creators, virtual shopping malls, and one another. The second component is augmented reality, which resembles the real world but adds a personal touch. As a result, billboards featuring the same brand or sunglasses are now visible to customers who purchase them. The third is more like a layer that sits on top of the world we already live in, such as the filters that people use to make their videos and photos look better. On their website, brands can now provide virtual try-ons for clothing or accessories thanks to this.
Fazal stated, “Brands have been able to use augmented reality to provide a more personalized experience for some time.” Virtual try-ons are a big deal for Warby Parker and other brands because customers can better interact with them online than in person. This is a big advantage for brands that don’t have a lot of stores. The online metaverse benefits from the ongoing pandemic because it bridges the online and in-person divide.
How Consumers Are Shopping in the Metaverse
According to “The Metaverse Mindset:” approximately 70% of all online shoppers have made a purchase in a virtual store. Consumer Shopping Insights,’ a brand-new Obsess study. The purpose of the study was to find out how consumers felt about and wanted virtual shopping experiences in the metaverse. Bloomberg Intelligence predicts that this market opportunity will be worth nearly $800 billion by 2024. In addition, the survey revealed that 60% of respondents believe metaverse platforms should be used by brands to sell their products.
Jamie Gilpin, CMO of Sprout Social, stated, “The emergence of new technologies and immersive features like VR and AR are quickly gaining traction, particularly among Gen Z and millennials.” Conversations about this new shopping method have increased as younger customers embrace these features to make purchases. Retailers who are aware of this shift have the chance to take advantage of these upcoming trends to improve the customer experience and even aid in the fight against supply chain issues and labor shortages. Retailers should anticipate an increase in the interest in and use of innovative strategies like virtual showrooms and try-on features, which will further impact the relationship between retailers and customers, as the Metaverse develops.
Predictions for Metaverse Marketing
As everyone tries to join the hype train, the term “Metaverse” will become even more of a buzzword approach. Tim Parkin, whose expertise is in enhancing the performance of marketing teams, has some marketing predictions for this brand-new online universe:
- Follow the big names because they have the money and the need to always push the limits of innovation.
The future of the Metaverse will be demonstrated and promoted through a number of stunts, performances, and collaborations between influencers.
- Pay close attention to the gaming companies while everyone else is paying attention to the big brands’ ridiculous stunts.
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