The Metaverse is an emerging digital space that combines virtual and augmented reality along with other advanced internet technology to allow users to have a lifelike experience online. Last year, the Metaverse was predicted to take us into the future and completely change the way we understand the internet. Where are we now in this process and how will the Metaverse change digital marketing?
With a lack of recent news about the Metaverse, it’s easy to question if Meta has abandoned their own creation. Although the answer is no, Meta is still developing the Metaverse with over $120 billion put into the project at this point. As the project continues, it is estimated that businesses will begin to integrate into the Metaverse by 2030, and will have a value of $5 trillion. By 2040, most internet outlets will have an interactive component in the Metaverse. The pandemic played a major role in the transition of a “new normal” digital presence. During this time, businesses were challenged with finding new ways to engage with consumers; the Metaverse can serve as the solution.
The Metaverse will change many aspects of the internet and open a new digital world of possibilities and advantages. The first major change in digital marketing will be the use of virtual advertisements within the metaverse. Brands will be able to create immersive experiences far beyond images and videos. Storefronts and products will be displayed as an experience that is engaging and hands-on. Allowing the consumer to even virtually try the product before purchasing. The same will happen with services; services can show an augmented version of the service they can see in front of them. From this, the Metaverse will be able to track consumer behavior and provide brands with valuable insight to improve marketing strategies.
The next shift we predict to see is in virtual events. Virtual events became a popular alternative to in person meetings during the pandemic. Inside the Metaverse, this will be taken a step further. Here, consumers will interact with brands and other visitors in real time simultaneously in a way that is impossible in-person. These events might be a charity fundraiser, tradeshow, product launch, or even a concert. Lastly, we believe that influencer marketing will see a huge change in the way it is conducted. Brands will work together with influencers to create an immersive experience of their product that showcases the brand’s personality and optimizes reaching their target audiences.
We eagerly await the possibilities the Metaverse will bring! As professional digital marketers, we are always ready to adapt to the ever changing environment around us. Allow us to aid your business in strengthening marketing strategies. We’ll take your business into the future! Create a conversation with us today!