6 Selling Tips in the Metaverse for Companies: Unlocking the Potential of the Virtual World
Step into the Metaverse, a cool digital space changing how businesses connect with folks like you. Here, selling is not just a job—it's like an art. Ever wondered how to become a metaverse selling pro? What tricks can make you stand out in this exciting place, making customers stick around? Well, hang tight as we explore the key things you need to know to master metaverse selling.
What is Metaverse Selling?
Metaverse selling is the art of offering products or services within an online alternate reality world. Unlike traditional sales, metaverse selling introduces unique elements:
- Diverse Audience: Sell to individual consumers or user groups instead of businesses or organizations.
- Digital Assets: Offer non-fungible tokens (NFTs), virtual goods, or exclusive merchandise, moving beyond physical products or services.
- Immersive Technologies: Leverage virtual reality (VR) or augmented reality (AR) to create engaging and realistic customer experiences.
Platforms and Tools for Selling in the Metaverse
While the idea of creating your own metaverse environment may sound appealing, it can be costly, time-consuming, and risky. A practical and effective way to sell in the metaverse is by leveraging existing platforms with large and engaged user bases. Partner with these platforms to create branded experiences, sponsor events, or advertise your products and services.
For instance, Gucci collaborated with Roblox to create a virtual Gucci Garden, where users could explore, interact, and shop for exclusive digital items [1]. Some popular metaverses for selling include:
- Horizon Worlds (Meta): Meta's (formerly Facebook) metaverse, allowing users to create and explore virtual worlds, socialize, and buy or sell accessories for their avatars.
- The Sandbox: A gaming metaverse where users can create games, characters, and assets, as well as participate in events and buy or sell land.
- Decentraland: A decentralized metaverse where users can own and trade virtual land, create and host events, and buy or sell NFTs and other digital assets.
- Roblox: A gaming and game creation metaverse where users can play and create games, buy or sell in-game objects and digital assets, and simulate real-life experiences.
According to Gartner, over the next five years, one in four people will spend at least one hour per day in the metaverse, including shopping. It also predicts that 30% of businesses will have some sort of product or service available in the metaverse [2]. Therefore, it is important for businesses to understand how to sell in the metaverse effectively and efficiently.
Tips and Strategies for Mastering Metaverse Selling
Selling in the metaverse isn't your typical business venture—it requires a whole new playbook. Here, we offer you some friendly tips and strategies to navigate this digital landscape successfully:
- Embrace Virtual Spaces: Replicate the Physical Retail Experience
- Augmented Reality: Enhancing the Virtual Experience
- Personalization through Virtual Items and NFTs
- Immersive Virtual Events and Experiences
- Virtual Real Estate Investment and Management
- Harnessing the Power of Digital Advertisements
In the metaverse, creating a virtual shop is like bringing your physical store into a digital realm. Whether you're a brick-and-mortar business or an online entity, these virtual spaces offer an immersive and interactive experience for your customers [3].
Imagine 3D museums, hangout spaces, and virtual showrooms that allow your customers to try out products or experience your brand in a unique way. Real estate agents, too, can step into the metaverse, providing virtual property tours using realistic 3D models—a game-changer in the buying experience.
Discoveries by Threekit tell us that interactive product displays in the metaverse not only engage customers but also skyrocket conversion rates. Specifically, 3D product images can increase conversions by up to 250% [4].
While virtual reality (VR) immerses users entirely in a digital world, augmented reality (AR) adds a virtual layer to the real world. In the metaverse, AR is a potent tool for enhancing the customer experience [3].
Consider furniture retailers using AR to let customers virtually place furniture in their homes before making a purchase. It's like trying before buying, all through the lens of their smartphones or tablets. This not only boosts customer confidence but also reduces the need for physical showrooms.
Avatars in the metaverse are more than digital representations—they're becoming personalized extensions of real-life individuals. Fashion brands are already jumping on this trend, selling virtual clothing and accessories for avatars [3].
But it's not just for fashionistas; businesses in various sectors can create custom-branded virtual items, turning them into non-fungible tokens (NFTs). These unique virtual items can be traded within the metaverse, turning customers into enthusiastic brand ambassadors.
Step away from traditional events; in the metaverse, immersive experiences are the name of the game. Virtual expos and conventions bring people together, fostering community and showcasing products in a whole new way [3].
Take it up a notch with advergames—interactive games that seamlessly blend entertainment with advertising. These experiences aren't just about selling products; they're about creating lasting impressions and building a brand community [5].
Investing in virtual real estate is not just about setting up shop; it's a revenue stream in the metaverse. Businesses can buy virtual real estate to sell products, and the value can appreciate over time, offering a return on investment [6].
But it doesn't stop there—renting out virtual spaces to other users creates a dynamic ecosystem. Your virtual properties become not just a presence but an active contributor to the growth of the metaverse.
Just like in the physical world, digital advertisements are vital in the metaverse. Smart placement of ads in virtual spaces enhances visibility and attracts customers [6].
The immersive nature of the metaverse allows for creative and engaging advertising experiences. It's more than just promoting products; it's about establishing a strong brand presence and fostering a symbiotic relationship between customers and brands.
Conclusion
As companies embark on their Metaverse journey, a nuanced understanding of the intricacies of this digital realm is paramount. Armed with research-backed insights and strategic tips, companies can optimize their approach to selling in the Metaverse. Crafting compelling virtual presences, embracing interactive experiences, ensuring seamless transactions, fostering community engagement, and staying attuned to evolving trends are the pillars of success in the Metaverse marketplace. The future is here; are you ready to conquer the Metaverse?
Notes and References
- 6 Metaverse Marketing Strategies with Examples - Influencer Marketing Hub. https://influencermarketinghub.com/metaverse-marketing-strategies/
- Gartner Predicts 25% of People Will Spend At Least One Hour Per Day in. (2022, February 7) - Gartner. https://www.gartner.com/en/newsroom/press-releases/2022-02-07-gartner-predicts-25-percent-of-people-will-spend-at-least-one-hour-per-day-in-the-metaverse-by-2026
- Top 4 Tips for Selling in the Metaverse - Threekit. https://www.threekit.com/blog/top-4-tips-selling-metaverse
- 21 3D Configuration Statistics You Should Know in 2023 - Threekit. https://www.threekit.com/21-3d-configurator-ecommerce-statistics-2022
- Advertising in the Metaverse - YouAppi https://youappi.com/advertising-in-the-metaverse/#:~:text=Advergames,in%20the%20process
- 6 Ways You Can Sell in the Metaverse - Emperia. https://emperiavr.com/2022/06/17/making-the-most-of-virtual-business-6-ways-you-can-sell-in-the-metaverse/
