What was once an approach used primarily by fashion brands, like Gucci, Adidas, and Louis Vuitton, is now being adapted for the restaurant industry. Fast food giants like McDonald’s are using NFTs to energize their social media followers, while other restaurant chains are allowing investors to use NFTs to buy shares in brand franchise fees and adding virtual ordering and online delivery to their metaverse presence.
What is it, besides the need of Meta as a public company to develop new marketplaces — and perhaps distance itself from unpleasant contemporary scandals — that is driving such an aggressive vision of the future? Why the metaverse, and why now?
The countdown is on for Super Bowl LVI. Marketers without extra large budgets are finding new opportunities to gain traction at a fraction of the cost by latching on to one of the buzziest marketing strategies of 2022 — the metaverse.
While there is certainly opportunity for brands to sell additional product in the metaverse—fashion retailers like Nike and Gucci are already working on developing pricing strategies for digital goods and services—branding experts believe the greatest long-term gains will be won through marketing approaches that focus on quality interactions and engagement.
Back to the metaverse’s meaning, concrete definitions are elusive … mostly because they don’t exist yet. But broadly speaking, there are two metaverse tracks. One involves virtual and synchronous worlds. The other adds digital dimension and context to the physical world. Both will take years to materialize.
Immerss Co-Founder Patrick Jacobs says his company is working with a number of retailers to leverage live commerce as a way to blend the physical and digital worlds. Jacobs says sales rates with live commerce are on par with or better than in-store conversion rates, and that merchants jumping into live commerce now will be better prepared for the metaverse boom in the future.
With buzz around the metaverse reaching a fever pitch, and industry observers touting the “multitrillion-dollar potential” for early adopters, Emodo is positioning itself as a leader in the space. Emodo Creative Lab will focus on creating targeted AR experiences for advertisers, beginning with Resolution Media and The Broadway League.
As retail brands jump into the test-and-learn phase, the concept of what it means to be involved in the metaverse is already evolving. Here’s how top retail brands are embracing the metaverse as they look for new opportunities for marketing growth and innovation.