Doomed or Just Growing Pains: The Metaverse of Doomed
Metaverse is a great way to communicate with business. However, it needs a better start as a communication tool.
The Metaverse’s popularity among consumers indicates a significant shift in how people use technology. Marcel Hollerbach is the co-founder of Productsup and chief innovation officer.
Hollerbach says this could be the catalyst for change in how people conduct themselves in the workplace and interact with their colleagues to accomplish daily tasks.
According to early industry reports, consumers are becoming more knowledgeable about the Metaverse. According to a recent survey, 47% of U.S. consumers can accurately define the Metaverse.
It is, therefore, essential that marketers become proficient in the Metaverse so they can reach their consumers. By 2026, industry watchers predict that at least 25% of the world’s population will spend an hour or more a day on digital activities such as work, shopping, and education or for social interaction.
If this prediction comes true, companies must learn how to market within the Metaverse. Companies that do not know how to market this new technology will be perceived in the same way as they were during the Dot Com Era.
There are two important things that brands should know when implementing their product in the Metaverse. Ignore the pessimistic view that the Metaverse has died and is not profitable. Hollerbach, a TechNewsWorld reporter, said that brands are still active in the Metaverse to increase product sales and workplace efficiency.
Uses for Business
Meike Jordan is the chief people and culture officer at Productsup. She predicts the Metaverse will change the 9-5 work routine. New technology will change the way teams communicate in post-pandemic environments in a big way.
Just the surface of the problem is creating a virtual environment for employees to interact, both in the office and at remote locations. The Metaverse will change how employees do business, receive training, and communicate internally and with other people, said Jordan.
Metaverse is still a work in progress as a tool for business. Marketers experimented in 2022, which is unlikely to change in 2023.
Many advertisers were pressed to find innovative ways to reach audiences. According to Nancy Smith of Analytic Partners, a commercial mix analytics firm, marketers also had to deal with inflation, economic insecurity, and constantly changing data privacy regulations.
She predicts the Metaverse won’t be scalable this year, and brands will return to their real-life experiences. Virtual channels are not the best way to attract customers by 2023. Many marketers felt compelled into the Metaverse to experiment and explore.
Smith, a TechNewsWorld reporter, said audiences have been desperate for human interaction for over two years. Brands that can create engaging in-person experiences in the coming year will be the ones to benefit.
Opportunities Still Taking Shape
Johan Liljeros is the general manager of Avensia and a senior commerce advisor. The company provides omnichannel commerce services.
“The development and growth of the metaverse are long-term investments.” Liljeros, a TechNewsWorld reporter, said that Gen Z and Gen A would be the driving force.
He added that this will also affect older generations as younger generations introduce technology to them. He believes older generations will use the technology in the Metaverse or Metaverse itself for shopping, health, and travel.
Liljeros believes that brands will grow their sales of consumer goods in the Metaverse. You can sell digital representations of fashion, makeup, and other products and buy advertising space in video games or even AR environments, where you can purchase airspace to display your coupon or ad.
He said the Metaverse would allow for a social and immersive shopping experience where people could shop with their friends and family.
Technology that is misguided or lost
Mark Zuckerberg revealed Facebook’s vision for the Metaverse on October 20, 2021. The development of the Metaverse is still many years away from this vision. Hollerbach noted that recent Meta moves had increased the narrative about the Metaverse’s doom due to Meta’s losses on the stock market since October 2021 and the company’s significant layoffs.
“However, brands must recognize that the Metaverse is a major transition in digital technology, similar to the Internet. Early adopters will reap the rewards of the Metaverse once it is established,” he said. Meta has just announced that it will invest 20% of its costs in 2023 to develop Reality Labs. This is Meta’s Metaverse group.
Hollerbach said that from a company culture standpoint, the Metaverse could solve a major problem that has plagued offices since the beginning of the pandemic – employee engagement. Hollerbach said that most employees are tired of staring at screens and talking to themselves, with few opportunities to engage with each other.
He said that “metaverse” capabilities allow for greater employee interaction.
Marketers who are fixated on certain factors may find it difficult to move
Hollerbach says marketers and retailers are beginning to recognize the potential in the Metaverse. Media buyers invest in metaverse marketing and advertising initiatives or are considering them.
He suggested that the hesitation of 44% of marketers and retailers in fully implementing their organizations and products into the Metaverse was likely due to a waiting-and-seeing strategy about what the Metaverse could do with their products. The Metaverse is not fully developed yet, so there is no standard way to engage retailers.
Marketers and retailers who invest in the Metaverse can expect to gain complete control over a product’s presence online. Customers can interact with products and research the brand’s mission and goals. They can even play virtual games.
The technology for creating such an immersive experience is currently under development. Hollerbach said, “This is the greatest benefit that I can see for marketers and retailers.”