Metaverse - a game-changer for marketing

Metaverse will bring a new meaning to marketing and engagement. Companies use the metaverse in employee-related initiatives to build virtual spaces for day-to-day collaboration meetings using platforms such as Microsoft Teams, Meta Horizon World, and Immersed. Employees enter the platform through avatars representing them in the meeting or event. This change will also call for heightened analysis of digital insights and traffic

The metaverse is shaping up to be so much more than video games and entertainment. Businesses are getting the opportunity to get in action in ground-breaking and highly disruptive ways.

However, contrary to what some believe, the metaverse is less a substitute for business location and more of a complement to it. As a result, companies will have to think more strategically about where to place offices and innovation hubs to attract and connect talent and how to balance their physical and virtual footprints.

Rather than reducing physical sales, the metaverse could unlock opportunities for retailers by bridging the material with the digital. It’s becoming more apparent that a hybrid, omnichannel approach is the way of the future.

Over the course of a year, the number of companies working on the metaverse grew from 200 in July 2021 to more than 500 now, according to a report on the metaverse by market researcher Newzoo.

The metaverse will make physical location a more — not less — important consideration for business. To some extent, this is already playing out: Cities like Dubai and Shanghai are launching strategies aimed at attracting metaverse-focused businesses and people. For brands, this could mean ideal locations to experiment among enthusiastic early adopters.

Companies will have to think more strategically than ever before about where to place offices and innovation hubs to attract and connect talent, where to locate retail shops to attract customers and heighten brand awareness, and more generally how to balance their physical and virtual footprints.

As the metaverse grows in popularity and more businesses begin offering virtual, immersive experiences, business leaders must ensure that they are not getting lost in hype. The metaverse has been a game-changer for marketing. It provides an immersive, interactive environment that allows brands to connect with their customers on a whole new level.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA