In December 2021, Nike has announced plans to open up a huge virtual world where people can enjoy a number of different activities and games. The goal of this virtual world is for them to be able to allow consumers to experience the store at any given time of the day, wherever they might be located.
This will make it more convenient for anyone who enjoys Nike products and wants to shop even when they don’t have the time or luxury of visiting a physical outlet. Because it is virtual, customers will appreciate the fact that they will get high-quality products just like they would from a physical Nike store in any worldwide location.
How Virtual Reality Is Used In Business
Companies that are serious about developing their own presence in the Metaverse will soon find that it’s easier to make meaningful connections with a few than many who inhabit this virtual world – unless, that is, they take their cues from some of the Internet’s digital firsts such as Facebook or Twitter.
Those brands have been able to connect with people in a way that met their needs and wasn’t overwhelming. If you want your brand to become a household name in the Metaverse, digital-first companies may be just what you need to learn from!
Brands Can Build New Virtual Worlds
The virtual world has many complex platforms attached to it and therefore they need brand support in a big way. Building virtualized worlds takes time and money. Take the example of Meta, that social media platform that was earlier Facebook.
The company has announced it will invest $10 billion in 2021 to construct its M-platform and is not overly concerned about profits over the next few years. That’s because m- platforms depend on network effects just like multi-sided markets, and this is where brands can tap these m-platforms for mutual benefits.
Many gaming companies have turned to a freemium model where they offer their games for free but with one or more in-game purchases that help support the business. Take the case of Roblox, which reported revenues of $924 million by December, even though it was in the red in 2020.
Start A Barter System With Virtual Currency
M-platforms will need to ensure that their platforms grow and reach a larger audience in order to make money. To achieve this, they should utilize each other’s services and assets, such as connecting their game worlds via portals and avatars.
In this way, users would be able to share the currency they earn in one game with another. They could even just visit friends’ virtual homes! If there is an interconnected environment like this, it will be much easier for players to both share products with one another on all of their favorite games or even buy new ones from different platforms.
This will probably lead brands to help pay for some function or aspect within the platforms in a way that they can maintain a higher product revenue stream with the additional traffic coming through these platforms.
Get Personal With Marketing
Advertising usually waits for a team to make a goal, so it can jump onto the pitch and drain all goodwill from a brand as fast as possible. This leads to uncharted territories for brands, because just like those never-ending ocean stories, you can never tame an unknown land.
The Lumi team foresees a not-so-far future when interactions within the Metaverse will involve bringing physical and virtual spaces together. Some examples of this already exist in real life!
For example, Coca-Cola recently auctioned a Friendship Box containing three nonfungible tokens or NFTs: a custom bubble jacket; a sound visualizer featuring audio clips as you sipped or poured virtual Coke; and an exclusive Friendship Card with revamped artwork from the 1940s.
But what really set this prize apart was that the winner received an actual cooler filled with cans of Coke!
Brands have to craft serendipitous experiences that blend artists and users in a way that respects each person’s needs.
When we think about how Metaverse users will interact with one another and share goods in a noninvasive way ― exactly the type of experience that a Metaverse can make happen ― we find it is almost entirely based on the principle of serendipity.
And conveniently, many m-platforms offer commerce as part of their infrastructure.
Testing Products Is Easier In The Virtual World
Businesses can use the Metaverse to share ideas and advanced concepts with key consumers that might otherwise be difficult or cost-prohibitive to reach offline.
By doing so, businesses can experiment with consumer reactions to new ideas before involving a broader target audience. Realistic product development cycles have been created that help to predict the success rate of innovations.
Businesses now have the opportunity to forge lasting relationships with their customers by familiarizing them with their products in a way that has a lasting effect.
In October, Hyundai unveiled its new experience on Roblox called Hyundai Mobility Adventure.
It’s a virtual world where avatars can test-drive Hyundai vehicles and advanced transportation solutions and even control robotic cars and more. These users can also make friends and interact with other users around the globe!
Test The Metaverse Market
Given the immense popularity of virtual reality, it would seem that there’s no limit to how many people might want to visit the Metaverse — whether with or without VR headsets.
The number of possible users is realistically unlimited, and some experts think that it could even be worth an astonishing $400 billion by 2025.
We realize that many high-end brands have already created their own versions of sims, like in P-Republik and World of Warcraft. Some even sell collectibles.
But can you imagine a future where luxury brands sell limited edition non-fungible items (NFTs) within virtual worlds? That sounds thrilling! Balenciaga, D&G, and Rebecca Minkoff are all doing just this, with customized avatars specifically made for the in-game experience!
This begins to bridge the gap between real and virtual consumption as actual products can now be purchased on one platform while also being sold as NFTs within another.
In order for companies to succeed on Second Life and another metaverse, they have to strategize carefully. It’s important for a business that is planning to diversify in the Metaverse market today that they take all necessary precautions now so as not to fall behind their competitors in the future.
For instance, a business might want to tailor its virtual avatar to be as similar as possible to its physical product or service.
Consumers Can Use VR To Ask For Utilities And Services
Due to increasingly large demand from their fans, publisher Paradox and game developer Fast Travel Games have announced they will be premiering Cities: Skylines on virtual reality devices and a dual release alongside the Oculus Quest headset rebranding as “Meta Quest”.
As the next installment in the Cities: Metaverse property, Cities: VR is set to take full advantage of immersion technology by allowing players to manage their cities directly from within their headset.
It’s up to you, acting as CEO of your own company and responsible party for maintaining this growing metropolis, to prioritize essential services within a timely manner while creating a balance between entertainment and commercial needs because it’s important that citizens know that you care about more than just productivity alone.
In the new video shared as part of Cities: VR’s announcement, creative director Erik Odeldahl provided a quick playthrough of the game’s interface, which has been altered to be more comfortable while in virtual reality.
The video also showcased some game-play tidbits including the different perspectives available – whether players want to view their creation from above with an aerial view or take the wheel up close and personal during construction!
Businesses Understand Customer Feelings Better
For many years people have been eager for the opportunity to be able to connect and interact with other people from all over the world.
There are now opportunities where VR provides users from around the globe with new experiences, like interacting with others in virtual spaces and environments.
Biometric data can be collected – this means that a person’s reactions towards things (for example, smiles) can be detected via facial expression tracking.
The first companies who manage to collect and analyze data about their customers when they use their virtual products will enjoy an advantage since there is more data than later entrants of a market have access to.
They will also refine their insights which will give them an upper hand over companies that need to use their data sources.
Cyberworlds are computer-simulated environments in which individuals interact with one another via avatars representing their digital selves. They offer a unique collaborative social tool that has many possible uses in a number of different industries and sectors, including for businesses to save money on travel and conference expenses to employee training.
They present every business with the chance to rethink how they present to and engage with their customers. As both marketing tools — giving users an experience worth talking about and customer service tools — are helping customers feel valued, they open new possibilities for showcasing products and services.
Further down the line, it is likely to become a uniquely useful source of information on customer behavior by recording user interaction within its environment.
