Is Metaverse the next channel of brand engagements?
The Internet has changed the way people live their lives. It’s given us new ways to communicate, shop, and work. From communication to entertainment, it has brought about a lot of changes. People have become more connected in ways that were not imaginable just a few decades ago. And a stepping stone toward this process of never-ending technological evolution is “Metaverse.”
Many CEOs including Mark Zuckerberg and Satya Nadella have talked about it and termed the metaverse “the future of the internet.” Metaverse (by Meta), is a collective virtual open space, created by the convergence of virtually enhanced physical and digital reality (VR and AR) which is physically persistent and provides enhanced immersive experiences. With giant companies like Microsoft, Apple, Samsung, Adidas, and Atari already taking participation makes Metaverse the talk of the town.
But why does Metaverse matters? How Conversational AI can enhance its performance? And lastly but most importantly, Can Metaverse be the next vital channel of brand engagement? All of these questions will be answered in the following blog.
What is Metaverse?
Metaverse is the next big thing for businesses! Everyone is talking about it. And why not? The global pandemic has brought us closer to the digital world like never before, throwing us into the exciting new world of augmented and virtual reality. But what exactly is Metaverse and why one should care? These are some of the questions that everybody has but has no definite answers to.
Well, to put it simply, Metaverse is characterized as an expansive virtual space where users can interact with 3D digital objects and virtual avatars in a virtual atmosphere that majorly mimics the real world. This makes the metaverse the other side of the real world we currently have.
As of now our current internet experience is two-dimensional which means if you need something, you surf and scroll across the internet on a screen until you find it but the metaverse will take a further leap into this and will let you experience three-dimensional spaces via connected headsets and/or glasses. People will be able to celebrate together, work together, and travel anywhere and everywhere without even being physically present there.
And to answer why you should care it’s simple, Everybody loves updated tech and with Metaverse coming into play people and businesses will get to experience and exercise the new Web 3.0 which would be an immersive next-generation version of the internet, likely rendered by artificial intelligence (AI), spatial technologies, and extended reality (XR) which is the combination of virtual and augmented reality technology.
But to have a brief look into this let’s dive into the next section which lets us understand why Metaverse carries significance.
Why does Metaverse carry significance?
The internet today is often the main entry point for millions of us to access information and services, communicate and socialize with each other, sell goods, and entertain ourselves. The metaverse is predicted to replicate this value proposition - with the main difference being that distinction between being offline and online will be much harder to delineate. And all this will be made possible through the use of extended reality (XR).
Metaverse will have a direct impact on multiple industries, which include manufacturing, education, communications and media, retail, electronics, engineering, and banking. Not to miss it will also have a massive impact on product and service marketing, branding, and sales roles in organizations, as chances are metaverse is going to be the next frontier for brand engagements.
The metaverse is all about making our digital experiences more immersible and interactive and the same could be achieved by dematerializing physical space, distance, and objects, via the use of extended reality, HMDs, artificial intelligence, and much more. But what happens once it’s done? Well, there will exist nothing that could be called impossible. Let’s suppose, Apple is conducting an event in Washington D.C that’s in the buzz and is much talked about. You want to attend it but can’t as you can’t afford to travel to a foreign country. But if the same event happens virtually inside the metaverse you’ll not only be able to attend it but can even have a personalized experience without even worrying about the best seat in the house.
But what exactly should be expected by brands of Metaverse? To answer that, Metaverse will be expected to generate multiple on-demand virtual spaces and real-time actionable information for the masses which will further be put into the business by brands depending on their needs, and mention AI- specifically Conversational AI is going to play a huge role in the same.
Conversational AI: Bridging the gap between virtual and real
Recently, Meta CEO launched Builder Bot at a virtual event which is a voice bot that allows users to change their virtual surroundings with voice commands. According to him, conversational AI will play a crucial part in Meta’s vision of creating an immersive environment. And this in itself is a testimony to the key role conversational AI will be playing in the development metaverse.
Let’s understand this via an example: At present, many organizations use sophisticated chatbots and virtual assistants to assist their users by performing various tasks such as guiding through products, booking hotels, making restaurant reservations, handling complaints, etc. The metaverse would also need virtual customer service – but with the presence of virtual avatars, it’s going to be one of the most interactive experiences where, users can engage in open-ended conversation, seek advice, crack a joke or even make you laugh in return.
Conversational AI-powered avatars will be more feature-packed and will have the ability to engage with many of the modalities that people utilize, such as facial expressions, body language, emotions, and physical interactions, in addition to speaking which adds a lot to the overall experience. But does Metaverse has the potential to make it to the big circle of channels offering brand engagements? We’ll explore that in the upcoming section.
Why Metaverse can be the next channel of brand engagements?
In 2020, Lil Nas X’s show on Roblox drew over 33 million viewers, In 2021, Travis Scott’s Astronomical show saw a massive crowd of 45.8 million virtually. All these are just a handful of examples of how big the impact of a metaverse in the coming times when it’s developed can be.
As of now, the metaverse is uncharted territory. Some people may slither at the prospect of running a new channel, while others will be rubbing their hands at the opportunities. But sooner or later Metaverse is likely to become the next big channel for brand communication and engagement. And following are some of the reasons to support the same:
1) The advent of Web 3.0: Web3 is the next generation of the internet that uses blockchain technology, decentralized autonomous organization, and runs on token-based economics. Many early-stage applications for web 3.0 exist already, one of which is Metaverse. And being early in the game of technological innovation gives metaverse a headstart. The majority of consumers and businesses love being updated and with the coming of Web 3.0, the fascination flows which will be a driving force for consumers and brands to use the services of Metaverse.
2) Gen-Z prospect: Undoubtedly Gen-Z and the upcoming generations are going to be active users of the Metaverse considering its rich immersive features and with a huge proportion of the youth being on the metaverse will force brands and businesses to make themselves and their services available on the same to gain exposure and profits. Many brands like Nike, Adidas, Balenciaga, and Apple have already started building their stores in the metaverse.
3) The Pandemic Factor: Due to the lockdown during the pandemic almost every other work was done online. May it be education, work, banking, events, and whatnot. It made us understand that even after having distances, problems, and restrictions with a little bit of effort and collaboration every work can be done online effectively. And over everything, it gave everyone freedom to do everything at their own pace and in the comfort of their houses without risking their lives. Metaverse is bound to offer the same experience but in a more personalized and immersive manner. And who wouldn’t love to acquire these offerings? Probably no one.
4) Early adoption and Personalization dynamic: Let’s be clear; It may take years if not longer before the most relevant metaverse use cases solidify, but the impact of early adoption on a brand’s success cannot be overstated. If retailers can understand how to engage in the metaverse hand-in-hand with their trading partners, they open themselves up to connect with new audiences on new platforms through a streamlined sales process. And this in itself is a huge opportunity for businesses. And talking of personalization, there doesn’t exist a single consumer on the internet who doesn’t love the addition to personalization. The more you provide the more they demand. But with metaverse, you have the opportunity to present the best-in-class immersive user experience all in a single place.
5) One platform for anything and everything: Metaverse is a universe consisting of a plethora of services and features. Almost anything and everything can be done inside metaverse and that too in a much more immersive way. It has everything you’ll ever need in a single place. Whether it’s organizing virtual events or commercial sales, whether it’s banking or it’s playing games, whether it’s a business meeting or an educational outing it has the capability to manage all in a single place. And this is one of the main reasons why metaverse is a potential channel for brand engagements.
How can Oriserve help?
We are a global player in the next-gen conversational and AI tech industry, Oriserve leverages next-gen technologies to build chatbots, voice bots, and conversational AI systems which use NLP that increases business efficiency and supports collaboration, and information orchestration, as well as intelligent analysis.
If your company is new to the metaverse, it would be wise to understand the vast opportunities the technology is prospected to offer. We, at Ori, can help you take baby steps into the metaverse and help you explore retail experiences and environments from different industries in the virtual world along with also letting you understand why conversational AI plays a huge role in the same.
To know more, please feel free to schedule a personalized consultation with our experts.