E-commerce will soon entirely depend on the metaverse. The metaverse can enable companies to offer their customers an experience that is unrivalled for online purchases by many technological developments working in seamless harmony. NFTs, augmented and virtual reality, online gaming, and many more are providing unique opportunities for your business to attract new clients in unprecedented ways.
You can expand your brand in the metaverse through these seven ways:
1. Market Virtual Products
Over $100 billion was predicted to be spent on virtual goods on gaming platforms in 2021. People have paid real money for these virtual things, and predictions indicate that this trend will continue. Eliminating the expenses of manufacturing and shipping tangible goods is a huge opportunity for all brands. There are numerous methods for your company to profit from selling virtual items, including selling updates, online avatars, and virtual replicas of physical products.
2. VIP access using NFTs
One of the most current technological innovations that is on the blockchain is NFTs. You can show ownership of everything, from property to digital art, with the help of NFTs that give you a unique digital asset. One of the main ways brands are using NFTs to grow business currently is offering VIP access. Consumers can be rewarded by your brand for being regular users with special NFTs to gain unique access whenever your company produces new products or special events are being held. A consumer can attend events where he can give some ideas on products which have yet to be available through NFT.
3. Creating Community
The metaverse heavily relies on social commerce, thus offering enormous opportunities for all brands. Brands can create vibrant communities where customers can interact with both the brand and other brand enthusiasts. They can use NFTs along with social media channels to give VIP access to special events and conferences. Selling NFTs that grant a three-year VeeCon access pass is similar to what Gary Vaynerchuck has done with VeeFriends.
4. Virtual Showrooms
Virtual showrooms are essential tools for both consumers and brands. They allow clients to conduct comprehensive explorations of a product before purchasing it. The clients can touch, move, and experience the products virtually before buying them to see whether they like the way they look and feel. Virtual showrooms eliminate the return of products as well as bridge the gap between online and offline shopping for everything from clothes to furniture.
5. Product Individualization
The metaverse can also benefit your brand in the form of product configurators and customizers. Users can fully personalize goods such as autos or spectacles using these live demonstrations. Users can check whether their ideal product matches what they are looking for by trying it on or viewing it in real time.
6. Reach a huge new audience
Utilizing the absence of local boundaries is one of the biggest opportunities for brands to succeed in the metaverse. The metaverse is unlimited, whereas a traditional store can only actually reach a limited number of people around it. This also allows you access to a ready market that you can sell into, like the video game industry, which is larger than both sports and film markets. Virtual goods like skins and other in-game items are sold. They will be the best shots at dominating the metaverse, being younger consumers.
7. The Flywheel of Gamification for Metaverse
Gamification applies video game elements to non-game contexts. For example, the reward system in a video game is a brilliant technique for ensuring high involvement. Such an incentive system, taken from a video game and applied to e-commerce, could include strategies encouraging customers to engage with the brand or to assist in spreading major brand news. By offering virtual awards, which can be redeemed across multiple parts of a brand’s metaverse ecosystem, brands can start building their very own metaverse flywheel
As the metaverse evolves, so will the potential for profit for your brand. To remain ahead of your competition, consider adding these seven ideas to your e-commerce plan.
