Metaverse Use Cases And Benefits For Brands

As brands move increasingly towards a world where the real and the virtual space coexists, being able to make the most of it is what lies at the crux of monetizing services. Constant evolution of technology makes the future of 'services sans digital transformation' extremely uncertain and hopping onto the train of digitized processes is the only way towards a sustainable future.  But with technology changing its scope and outcome from time to time, which strategy would be here to stay long enough and prove to be a profitable handshake? Today, The Metaverse is being looked at as the answer to this question. Metaverse is an innovation that has managed to revolutionize sectors instantly on arrival. Why so? Metaverse is that all-in-one solution that answers the 'what next' question in style, offers solutions to various customer demands and is enough to put the brand on the map for a long time to come. But what exactly is the Metaverse? 

The Metaverse is a set of interconnected 3D virtual worlds. The Metaverse promises customers privileged access that keeps all their information safe, displays personalized intent, and serves AI powered smart automation that blends the benefits of the real and the virtual world. The Metaverse helps brands by enabling AIOps to manage IT infrastructure, AI avatars for marketing and sales, data accessibility to make better business decisions that enhance CX and adoption of digital twins that increase revenue streams. AI plays a major role in making this concept a grand success and is helping Metaverse send the message - 'I am here to stay'. 

Let's take a peek into the sectors it has affected the most.

Automotive

Maruti Suzuki made headlines recently when they announced their entry into the Metaverse with Nexaverse; a virtual showroom powered by DaveAI to launch the Grand Vitara. This move was led by the need to make the buyer experience immersive for the customers. AI, AR, VR have been in news for some time now but what makes the concept of Metaverse stand out today is the aspect of Connectivity. Brands can give people a 'la la land' experience of their products or services without losing contact even for a second. This gives customers 3 things to chew on even after the buyer journey ends- never experienced before entertainment, touch of personalization and instant satisfaction to queries.

Apart from selling, Brands are investing in Metaverse experiences for advertising and manufacturing as well.

Fashion

If technology in fashion is the iceberg, a virtual avatar is the tip of that iceberg today. Virtual influencers are roaming virtual spaces and are enjoying stardom for quite some time now. Prominent brands in jewelry, apparel, shoes and makeup domains are entering the Metaverse with the purpose of showcasing the products to a larger audience in a compelling way. A virtual avatar being a constant in every department then may it be as a model used for designing or unveiling a collection in a fashion show, these digital humans are a must to be able to use the concept of a virtual world. Enhancing customer experience and keeping the users' attention fixated on the brand for a long time is the driving force behind brands experimenting with virtual showrooms, games and events. The global fashion industry is evolving and with AI meeting this sector at the crossroads, various aspects are to witness a contribution from people experimenting with creative pursuits only to bring about a world that spells 'talent' in every experience it has to provide.

Estée Lauder has been making a name for itself in the Metaverse by participating in the first-ever Metaverse Fashion Week (MFW). The viewers were asked to experience their product - Advanced Night Repair serum and check the glow on their virtual avatars.

Banking

With industry experts placing bets on the existence of a virtual world, the banking industry will also reinvent itself. The idea of a Metaverse is gaining traction and fintech is helping banks ensure financial inclusivity. From creating virtual spaces for banking transactions to allowing the use of cryptocurrency for the purchase of digital assets, the sector is about to witness a significant shift. Banks are contemplating a virtual world investment by developing a virtual representation of a bank where people get to roam with the help of their virtual avatars, conduct all the necessary financial transactions with the help of a digital assistant and enter a lounge to be a part of various social activities and games for entertainment. As a customer it sounds convenient, right? No waiting for human intervention, no long lines, no time or location restrictions. This facility also helps banks add a spoon of fun to a rather bland dish of experience known as monotony and ease the load on resources.

JPMorgan is known to be the first bank to enter the Metaverse by opening a lounge in  Decentraland.

Home Lifestyle 

3D product visualizers and configurators are on the rise in the home lifestyle industry. Digital experience platforms are paving the way for the acceptance of virtual world environments in this industry as well. With human beings reacting to sensory triggers, the Metaverse can influence and satisfy all emotions by bringing the customer inside a preferred room to check furniture placement, color combination, product material and paint coating or texture to design the house of their dreams with ease. This helps brands fulfill client requirements quickly and eliminates the need for extra resources required for changes if the client preferences don't get conveyed properly. This helps the brand display the entire collection in no time and add users to their list of long-term clients.

Fashion house Roberto Cavalli's new lifestyle collection is a blend of flamboyance and luxury all wrapped into one. It is set in a virtual lavish mansion overlooking zebra-stripes that border a swimming pool. The Cavalli Mansion is a virtual and immersive home showcase created by the Italian label to display its new collection in an innovative way.

Today, The Metaverse can be used to advertise offerings, manufacture and deliver products and merchandise irrespective of the industry. With the power to provide a kaleidoscope of experiences to all types of customers, users get a taste of virtual accuracy and the cost of product returns gets reduced. Metaverse provides opportunities to expand business offerings. Have a luxury collection of clothing and accessories to display today? Why not create its digital existence and sell in the Metaverse as well? Increasing revenue streams and optimizing services is what makes the Metaverse the jack of all trades. Better client relationships lead to an increase in sales. This open to all concept allows brands to experiment with strategies and find a niche suitable for the business to take the global route.