The metaverse is the new hype topic in the digital industry. Many companies are working on strategies to follow the early adopters and also become part of the new virtual worlds. According to recent surveys among executives of digital companies worldwide, one third of them plan to invest in the metaverse in the next two years in order to create new opportunities for marketing their products and interacting with customers.
And that’s right on trend: according to our latest figures, we can expect a quarter of the world’s population to spend at least an hour a day in the Metaverse by 2026. People will work, shop, educate themselves and spend their free time there. The world’s major tech companies are therefore preparing intensively for the metaverse, but Germany in particular does not yet appear to be optimally positioned for the new digital ecosystem.
What the metaverse will ultimately look like is still up in the air – especially since it will not be limited to just one, but several will exist side by side. What is certain, however, is that what users can currently experience is merely a stopover on the way to a new digital transformation. In 20 years, today’s early adopters will probably remember the early days of the metaverse with smiles and wistfulness – just as today’s Internet users do.
A niche issue?
At the moment, it is still almost exclusively gamers and people interested in tech who are in the metaverse. Often, it is rather young people who have technical understanding and belong to the early adopters. This is primarily because the technical hurdles to entering the Metaverse are high. Those who want to enter virtual worlds need virtual reality (VR) glasses, but many models are difficult and costly to purchase. Current VR glasses are also not particularly comfortable, weigh a lot, and cannot be worn for long periods of time. Accordingly, companies must convince their potential clientele of their products and services within a limited usage window.
But the rapid pace of technological development should not be underestimated: Researchers have recently developed a much flatter and more compact VR display. It can therefore be assumed that the currently clunky VR glasses will become lighter and smaller over time. Virtual worlds are not yet as inclusive as they would like to be – but this is expected to change in the future as research progresses and technologies are optimized. In the medium term, therefore, the metaverse will no longer be interesting and accessible only to young target groups, but will reach the wider society. It is therefore crucial for companies to start looking at strategies for the Metaverse now.
Metaverse offers new opportunities for marketing products
In order to be able to set a strategic course, companies need to know as precisely as possible what the metaverse will look like. But the metaverse is not a self-contained innovation. Rather, it combines various elements, all of which have the potential to turn existing business models, processes and experiences upside down. It’s a combination of augmented reality, head-mounted displays, cloud computing, the Internet of Things, 5G and artificial intelligence, all coming together in the Metaverse. And this interplay makes it hard to imagine how it will evolve. What is certain is that it will be an immersive, all-encompassing experience. And if virtual space fascinates people half as much as the Internet did, the Metaverse is likely to bring similar social disruption.
There is no doubt that people will purchase products in the metaverse – even if they cannot be touched in reality but only exist virtually. The demand for virtual goods can already be seen in the success of non-fungible tokens (NFTs) and virtual fashion. The gaming industry is also now generating billions in sales with items that can be used exclusively in games.
Crucial step in the customer journey
Brands are already creating virtual customer experiences with virtual events, product presentations and shopping experiences. Through individual, personalized offers, retailers create a link between online shopping and the experiences customers have when shopping in brick-and-mortar stores. In the metaverse, companies can not only present their products in detail, but also convey personal, emotional experiences through virtual tests, try-ons, and presentations that were previously only possible in direct customer contact. This is a decisive step in the customer journey that accelerates the path to the purchase decision and leads to a constant further development of customer relationships.
Other industries and service providers can also benefit from Metaverse. Travel companies, for example, can present hotels, sights and transportation options in the form of 3D modeling. This not only makes vacation planning easier, but also significantly improves the buying experience. Lengthy research into whether a particular place is worth visiting would then no longer be necessary. The real estate industry can similarly offer virtual tours of homes, apartments, and offices, making in-person visits unnecessary. For companies to take advantage of the opportunities the metaverse offers them now and in the future, they must adapt their customer service to the new realities. And the more companies interact with customers in the metaverse, the more important it will be to provide them with virtual support when problems arise. This is not easy to implement, because expectations are rising: 43 percent of consumers have higher expectations of customer service than they did last year.
Companies must seize the opportunity now
In the metaverse, Conversational Customer Support – a dialog-oriented, personalized and cross-channel customer relationship – will become particularly important. As soon as a user gives a certain signal, support staff or other help elements could appear as pop-ups in the virtual environment and provide direct support. It is crucial that the service functions and channels are integrated directly into the virtual environment so that users do not have to leave the platform and interrupt their experience to solve their problem. In addition, customer support should be best tailored to individual users: According to current figures, 80 percent of European customers are willing to spend more money with a company that offers personalized service.
One thing is certain: Wherever people interact with brands and service providers, there will be a need for support. Customers in the metaverse will want the same simple and seamless support experiences they expect in real life. Customer service in the metaverse will need to be easily accessible, fast, targeted, and unobtrusive. If users like what they experience there, it opens up the opportunity for companies to attract new customers early on and retain them in the long term.