It’s the festive season, and with shopping on everybody’s minds, we’re shining a light on the extraordinary impact that the Metaverse will have on retail brands.
Now more than ever, it’s critical for companies to understand the virtual space. You’ve also got to develop your branding accordingly – or run the risk of being left behind. And nobody wants that, right?
We want to give you a good ol’ head start. Here are 7 ways the Exarta Metaverse can help you reshape your retail brand to appeal to the buyers of tomorrow.
1. Inventive marketing methods
Marketing is key to any business strategy. How we reach our customers. How we make them feel and also how we encourage them to buy.
While traditional marketing has served us well, these strategies are losing ground. They’re struggling to float in the waterlogged field of Web2. The question is, then: how can you come up with new ideas? Ideas that’ll make you swim against the tide and stand out from the crowd?
It’s simple. You’ve got to re-adjust your focus to developing brand relevance for the consumers of tomorrow. That’s right – we’re talking about getting down with Gen Z and Gen Alpha!
We’re transitioning into a dawn of self-expression. Younger generations are spending more time socializing and creating immersive social spaces. The demand for digital fashion (and its impact) is rising. So, retail brands, you’ve gotta give the people what they want!
Read more: Top Metaverse Trends of 2023
That could be using Exarta’s advanced infrastructure to develop new AR and VR experiences. Or placing your products in well-attended virtual events to have eyes from all over the world on your brand. You could even host your very own streamlined product launch events to attract your target audiences.
In-game sponsorship can give your brand much broader visibility and a quirky edge over your competition. Even though we’re talking virtual here, you can still apply tried-and-tested real-life methods. A luminous billboard on display in the City Raceway, product jingles broadcasted on inner-city transport, a kiosk display in the Meta Mall... Virtual ads, much like their real-world counterparts, will have consumers absorbing your brand story without even realizing.
And do you know why this all works? Because this type of marketing is convenient. It’s not in the consumer’s face – interrupting their favourite TV show, or clogging up their email inbox. Your products are just there, shown in dynamic ways and associated with the consumer’s idea of ‘fun‘ and escapism. That’s a winning strategy if you ask us.
2. More engagement through emotional connection
Metaverse technologies align perfectly with Gen Z’s desire for creativity, individuality, and self-expression.
In the virtual world, customers can experiment and try anything before they buy. A daring shade of lipstick. An expensive dress for your office Christmas party. A transformative hairstyle (without the risk of walking out of the hair salon in tears).
That consumers can have fun in your virtual stores takes them on a deeper journey, far beyond a typical e-commerce transaction. In a safe space where people can experiment with their identity with no consequence, they’ll be more likely to identify with your brand emotionally.
Read More: What is the Metaverse?
And since interactive, immersive experiences personalize engagement, shoppers will feel more easily connected to your story. So much so that they associate their self-image with your brand image. This, in turn, leads to true brand loyalty, and repeat custom.
3. Extending and enhancing the physical world
Take a VR version of your store, for example. Rather than just updating the shelves’ merchandise or display window every few weeks, you can make your shop actually come to life.
Picture this: high balcony decks and opulent interiors. Floating, glass elevators, and virtual AI assistants. Your store’s building itself basks in the glory of always-sunny weather or a crisp, white blanket of snow. Ahh, it must be Christmas. Twinkling fairy lights and Christmas tree decorations illuminate your store. Santa Claus himself serves customers along the aisles atop his sleigh. “The ho-ho-homeware is upstairs.“
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Visitors will not only spend more time shopping in your store, but cherish memorable events that have happened there. This will naturally increase the likelihood that they will return to shop again. We mean, who could say no to your store’s charming, immersive, Christmas aesthetic? Or physically seeing an AI assistant demonstrate how practical your newest line of running trainers are?
4. Shared experiences
The genius of Metaverse retail comes with its ability to allow anyone in the world to enter your VR store, whenever they wish.
Forget the expenses and time it takes to have stores in every city. In the Metaverse, you can have one global hub that can serve millions of customers – all at once.
If they have the urge to shop, it doesn’t take a bus journey to get there. They can instantly buy.
Even better, the volume of footfall will no longer restrict your brand VR store in the Metaverse. That’s right – there’s no need to worry about the risk of overcrowding. Differing servers mean that customers can even have private shopping experiences without you having to close a store for them. The more the merrier in virtual spaces!
5. Data analytics
The Exarta Metaverse eliminates the guesswork for you when collecting, managing, and distributing ever-growing amounts of data. Your brand can achieve that once-out-of-reach dream of simplifying every part of the customer journey to the nth degree. We’re talking easy, peasy, lemon squeezy.
Using automation, analytics, and data orchestration, our proprietary AI capabilities can provide valuable insights by analyzing customer data to depict a target audience’s interactions, interests, and preferences.
We provide Customer Journey Analytics (CJA) to understand consumers’ needs and help you tailor experiences in line with their expectations. You can analyze anything to make better-informed business decisions. From the area of interest and clickthrough rate, to device, location and gender.
From simulated ethnographic research, we can relate to the science behind people, cultures, and habits. As a result, you can celebrate the differences between your consumers via personalization and localization. Exarta’s AI agent, Zeniva, can even automatically translate of a whole range of languages right on your e-commerce website. Inclusivity rules, right?
6. Store optimization through operational benefits
As the consumer Metaverse evolves, so will the industrial Metaverse. That’s the behind-the-scenes operations. Exarta data analytics can assist with unlocking system inefficiencies and better organize your inventory management. Persistent layout visualizations will provide a blueprint for visual merchandising and product displays, acting as your right-hand buddy for inventory management and maximizing sales and space.
And more organization won’t only make it easier for your staff to be more productive. But allow customers to easily navigate your store. That’s right – everybody wins!
The Metaverse is redefining your relationship with your consumers.
That’s because it will be the consumers who shape the Metaverse retail space.
As a customer-facing brand, you must join the revolution as part of the next drivers of growth. It’s not just about you developing and selling digital products – but co-creating them with your brand’s audiences. You must harness the power of community and inclusivity to unlock the potential of lasting value in the Metaverse. It’s all about doing as much as you can to make the customer’s journey easy as pie.
What does that mean, exactly? It’s about building trust and connection, just as much as creating excitement around your brand. Are you up for this change in direction? It’s the future, after all. And a very creatively optimistic one, at that.