That's what Facebook is now calling itself.
Don't worry; the Facebook app on your phone will keep its name.
However, the parent company Facebook changed its name to Meta. They own the social media platforms Facebook, WhatsApp, Instagram, and Messenger.
And it has been the talk of the internet since they announced it.
Facebook CEO Mark Zuckerberg declared that it's his goal to "help bring metaverse to life."
A month later, Microsoft is buying gaming giant Activision Blizzard. They did so to provide "building blocks for the metaverse."
Now listen to this carefully...
Metaverse is THE new digital development. It's a rapidly growing trend that can impact every part of our lives. And what's more?
Investors and eCommerce businesses are taking it seriously.
So for you to know how to leverage the new metaverse frontier, we'll go over...
- What is metaverse, really?
- Why should your brand care about metaverse?
- What are the ways your brand can market in the metaverse?
- Metaverse marketing strategies you can use in 2022
But first, let's answer the big question...
What Is Metaverse?
Metaverse is seen as the future of the internet.
Let's take a closer look at the term for a better understanding.
The term "Metaverse" first appeared in the science fiction novel "Snow Crash," published in 1992. But it's only recently been used as the next stage of the internet.
Metaverse is a digital reality with an immersive 3D universe. It uses social media, virtual reality, augmented reality (AR), and cryptocurrency.
It lets users interact in a lot of virtual spaces. They can work, meet, and socialize with each other.
And nope, Facebook does not own the metaverse. It's just the biggest company that's taking it to the next level yet.
Here is another thing you need to know about this virtual space...
Virtual avatars will embody the users. And based on the user's decisions and interactions, the virtual worlds will continue to evolve.
That means that the virtual worlds will continuously expand the more users enter.
The concept of a digital world may still be hard to grasp. Check out Matthew Ball's outline about metaverse environments:
- Always active. The virtual world continues to exist even when you leave it.
- Exists in real-time. The metaverse concept coordinates with real-life time.
- Users have their own agency. Users in virtual worlds can do different things at the same time.
- Self-contained virtual world. The metaverse technology is a fully-operational universe. It's often made out of digital goods such as cryptocurrency and non-fungible tokens (NFTs).
- Mixed reality experiences. The metaverse includes virtual and physical worlds. Different platforms allow for immersive experiences.
- User-generated content. The metaverse technologies let you create content that others can enjoy and use.
Now that we have that all cleared up, let's go to...
Why Should Your eCommerce Business Seriously Consider The Metaverse?
When you hear the words cryptocurrency, gaming, and augmented reality...
You might think that you have nothing to do with virtual reality.
But consider this...
There's a reason why there are many emerging metaverse environments these days. It's a major trend that heavily affects business and marketing.
Your involvement is a must as...
🌌 Metaverse Is Here To Stay
Did you notice how technology is rapidly advancing?
Mobile devices are rapidly adopting 5G. Haptic gloves and virtual reality headsets are entering the market more.
That means consumers' digital experiences will also advance, including the metaverse.
Just take a look at these numbers:
- Companies related to Metaverse raised over $10 billion.
- A now metaverse company, Epic Games, raised $2 billion to fund its metaverse.
- By 2030, the metaverse economy is forecasted to be worth $13 trillion.
Let's face it... if you miss out on metaverse commerce, you are missing out on an abundance of sales!
Businesses in the marketing industry plan to enter metaverse commerce because...
🌌 It Has A Variety Of Uses For eCommerce Marketing
You might think that metaverse is only suited for virtual game fans and enterprising technology enthusiasts. But it can be more than that.
It offers substantial opportunities for your business.
For instance, virtual prototyping can help you in product development and construction. Avatars will let you train employees and collaborate with them.
Plus, virtual showrooms can beautifully display your products and services, just like how they see them in a physical store.
We'll also talk about metaverse marketing later, so read on!
Speaking of business, technology, and marketing...
🌌 Allows You To Engage With Customers And Market Your Brand
We all know how lucrative influencer marketing is. In 2022, it'll become a $16 billion market.
That just shows how marketing is now shifting to be more content creator-centric. And this is a promising shift for marketing in the metaverse.
Most of the experiences will come from creator-users. You can leverage influencer marketing for effective online interaction strategies.
Let's deep dive into how this new technology and the online shopping world works...
What Are Your eCommerce Marketing Possibilities In The Metaverse?
Much like in the physical world where you sell tangible products, you can also thrive in the metaverse with...
You have probably heard of NFTs on the news or social media. These products are on the rise.
In 2020, it gained more than $300 million in sales.
Yep, their potential for online shopping is undeniable. Get this: 65% of Gen Z bought virtual goods in a game.
People love collecting things!
For instance, Gucci created a virtual store where you can buy limited items. And a user bought a handbag for more than $4000!
When we talk about the multiplayer online gaming market, you can use...
✅ Digital Billboards
This is a subtle way of increasing your brand awareness.
For instance, there are brand billboards on video games like FIFA (Mobile).
When interested players see it, they can choose to learn more about your business. That is how you achieve meaningful user adoption.
You can also incorporate social interaction with...
✅ Partnerships With Influencers
We talked about the power of influencer marketing.
Your brand can collaborate with influencers and content creators. They can bring their audience to your virtual store, or your shows and events.
Another key element of the metaverse is...
✅ Own Virtual Real Estate
Just like you have your own space through your eCommerce site, you can also own virtual land.
You can sell on it, much like a virtual store.
You can consider it as an investment. Like in the real world, you can resell it or even rent it out.
Utilizing customer data at hand can leverage...
✅ Targeted Advertising
This platform is free to use and has no "in-app" processing. Users can share personal context data that your brand can use.
So, you can use these data exchanges to market to the most receptive audience when it comes to virtual reality...
Gen Zs and millennials.
You can use the primarily collected data to refine your ads for the future.
These ways of collecting data and tools will help you with...
Metaverse Marketing eCommerce Strategies You Can Leverage In 2022
1. Define Your Metaverse Marketing Goals
Put some thought into this...
Why do you want to be in the metaverse?
You can set your goals to...
- Increase brand awareness to a new target audience
- Promote loyalty for existing customers
- Push innovation in your marketing efforts
Driving sales may not be a primary goal for now. You see, sales for digital goods are still fewer than tangible ones.
Customers successfully co-exist when you...
2. Establish Your Platform
When you choose the right platform, you can reach your target market better.
For instance, platforms like Roblox and Minecraft appeal to Gen Zs. You can consider if you want your brand to appear on mobile, console, or PC.
You can conduct experiments to determine which platform and format show your brand the best.
Collecting data happen when you...
3. Design An Immersive Experience
The fact is, consumers look at metaverse brands as innovative. That means you need to deliver what they expect.
This process involves personalizing experiences. This way, you can form long-lasting relationships with your customers.
You can conduct...
- Live concerts. Your brand can hold a virtual concert. For example, rapper Travis Scott performed a concert where 12.3 million players watched.
- Live events. Your customers can interact with your brand storytelling through an event.
- Virtual Ads. These are ads in the guise of a game.
Up next, you have to...
4. Build Relationships With Existing Communities
Yep, there are already communities within the metaverse.
And to enter it smoothly, you can collaborate with a virtual community. With them, you can gain traction with their members.
Plus, most people don't like direct advertising. Engaging with the community means you are getting their permission.
Of course, don't forget to...
5. Plan For Risks
Just like any new marketing effort, you also need to be careful with metaverse.
The risk can even be higher. After all, your events are live.
So, establish rules for customer engagement. That includes your user safety and data privacy. With commerce and consumer electronics constantly changing... Always have a plan B!
With that in mind...
6. Keep Experimenting
Doesn't metaverse sound like a whole new world?
That's because it is!
It's an exciting time for eCommerce businesses. You can connect with your customers to a whole new level.
It also allows you to be experimental with your marketing strategies.
So don't waste this opportunity! Because it's how you...
Take Your Marketing To The Next Level!
As you can see, marketing platforms are constantly innovating. And metaverse is the epitome of that.
It may sound complicated, but reading until this point makes it less so.
Learning everything you can means you are focused on the right thing... Your customers.
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