In a world that has witnessed a dizzying escalation in the proliferation of new technology in multiple spheres, Metaverse has challenged perceptions of what is possible and what is probable. Breaking all boundaries of what is considered the ‘new normal’, Metaverse offers endless opportunities for people and corporations to embrace, and enter realms that were unimaginable back in the day.

For those who are unversed in the concept of the Metaverse, simply put, it is an amalgam of different worlds –virtual, digital, and physical – that allows people to network, create communities, and grow businesses. It combines multiple technologies, including machine learning, blockchain, virtual reality platforms, gaming, sensors, 3-D graphics, digital currencies, and occasionally, VR headsets. It possesses an unlimited potential that people around the world have only been able to fathom a fraction of. Yet, it has already impacted the real world in innumerable ways and in different dimensions – some of which we aren’t even familiar with. Its presence has been felt in diverse fields such as e-commerce, gaming, hospitality, workspaces, retailing, entertainment, and more. And, although Metaverse on a major scale is still to be realized, the tech world is poised on the threshold of an epic period in the technological history of the world.

From Marketing to Metaverse: Shifting Realities

As more and more people start exploring virtual worlds, driven by a fascination for the unknown, marketers around the world have started realizing that the Metaverse as a new medium to reach consumers is here to stay. The possibilities it offers have no limits, as it is a platform that has no limits itself because the virtual world is an ‘open house’ for a plethora of products and services, brands, and marketers.

Digital technology has evolved and is now a way of life, more so for younger audiences. The youth of today takes digital technology for granted and are au fait with the concept of virtual worlds. In fact, they prefer virtual worlds which give them a certain degree of anonymity by creating ‘avatars’ for themselves, while also giving them the chance to interact with their peers, play games, and beyond them, go to a world that is teeming with opportunities to experience products and brands that they may not always have access to in the physical, ‘real’ world that they live in.

The pandemic has impacted the way consumers interact with products, as they became more and more dependent on e-commerce for all their shopping needs. It is said that over a six-month period in 2020, there was an 85 percent increase in the interest shown in the virtual economy. While interest in the Metaverse increased seven-fold. These are all clear indications of the potential inherent in Metaverse. Ask any developer, investor, innovator, or entrepreneur, who has already seen the writing on the wall.

From India to Metaverse – A Giant Leap

Indian companies are now jumping onto the virtual universe bandwagon. Catering primarily to tech-savvy millennials and Gen Z who relish the idea of having unfettered freedom in a virtual world unlike in their real-world, marketers today are aware of the brief attention span the target group possesses and are constantly innovating to engage with the consumer in a way that ensures their interest does not flag. And Metaverse is the ideal platform because it provides a virtual world that they relate to and are receptive to messages that it conveys, while it also facilitates the use of Augmented Reality (AR) and Virtual Reality (VR). Thereby allowing users (and their avatars who interact with other people’s avatars) access to innumerable activities across industries and locations, such as shopping, networking, entertainment, socializing, business tours, etc.

The immersive experience that Metaverse offers, transports consumers to a virtual world while creating synergy with the ‘real’ world and the brands that are reaching out to them, in a language they understand. This enables targeted online communications to diverse segments that establish the brands’ identity across geographical boundaries in a manner that no other medium can.

Increasing consumerism and the spending power of GenZ make it the most popular target group for brands globally. This is evident in the strategies employed by some of the biggest international brands who have been investing and innovating in all things Metaverse. Among the brands that have already started implementing these strategies are Meta (FaceBook), Balenciaga, Nike, Coca-Cola, Disney, Gucci, Warner Bros, Louis Vuitton, Selfridges, Microsoft, Wendy’s, and Hyundai, among others.

In India too, brands have entered the fray, offering immersive experiences to engage their consumers in an online virtual 3D world. Among the first to venture are ITC, Chingari, Mondelex, and Coca Cola; jewelry brand Tanishq, who launched their new collection at a press conference on a Metaverse platform; SkillSoft, an online skilling platform that plans to leverage the Metaverse’s ability to offer an experiential learning space for skilling and upskilling; Tata Tea Premium, who hosted a Holi platform and virtual music performance, using VR; and AjnaLens and Tata Technologies who virtually teleported their trainees onsite by creating a Metaverse. 

The Road to Metaverse is a One-Way Street

Undeniably, the technology developed for Metaverse has pretty much exploded onto the scene and is rapidly changing the world as we know it. The ‘real’ world, that is. Because it is creating any number of virtual worlds, reaching out to virtual people (avatars), and offering virtual products and experiences. 

How else can a consumer’s avatar pay an e-visit to a brand’s virtual retail outlet in another country, shop for a virtual product, and get a real product delivered to a real location? They don’t even have to be at home, they just need a device. And they have the entire world (the virtual world) literally at their fingertips. Because it is an immersive experience that doesn’t take away from any of the ‘touch and feel’ sensations that have traditionally been associated with ‘brick-and-mortar’ stores.

Another, and even more critical aspect of the Metaverse is the potential it displays for financial transactions – i.e., digital payments through a simple, single device. Digital payments are now already widely accepted across the board on a mass scale, even for the most trivial of purchases. But Metaverse now brings into its fold the likes of Crypto, Digital tokens/NFTs, etc. which large sections of the population are completely stumped by. Although at a still nascent stage, these are the currencies of the future and call for major awareness and adaptation campaigns. 

These simple systems of payments, and the technology involved to implement the transactional processes, are designed to streamline the process to make it consumer-friendly, with swift processing, and transparency. And over time, as this practice spreads and becomes more common, it will also become a part of life, and possibly an inherent part of the firmament in finance. Opening new chapters for consumers to spread their wings, reach out to greener pastures, and latch onto the Metaverse – preferably before anyone else does. Thereby creating a fertile ground for brands to put down roots and reach consumers at a global level. 

As is obvious, the Metaverse is just a one-way street – there’s only one way to go ahead – forward and upwards. Blazing trails. To parts unknown.