Big brands such as Forever 21, Coca-Cola, and Chipotle have recently ventured into the metaverse, leaving smaller merchants curious about what it is and why they should care. As these major players invest in this emerging technology, it raises questions for small businesses seeking to understand the potential impact of the metaverse on retail, customer service, marketing, and more.
Background: Defining the Metaverse
The metaverse is a complex concept, making it challenging to create strategies around marketing and utilising this emerging technology. At its core, the metaverse is an amalgamation of various emerging technologies aimed at achieving the next level of interaction between virtual and physical worlds.
While the futuristic vision of an “embodied internet” where physical, augmented, and virtual reality merge is still far off, companies like Meta are working toward building this shared online space. The current iteration of the metaverse consists of multiple virtual spaces and experiences that combine technologies such as virtual reality (VR), augmented reality (AR), video-conferencing, gaming platforms like Roblox, cryptocurrency, and familiar tools like email, social media, and live-streaming.
In practice, brands are exploring metaverse technology to create branded experiences, enhance employee training, and engage consumers.
How Big Brands Utilise the Metaverse
Larger companies with substantial budgets have been leveraging VR, AR, and other metaverse technologies in innovative ways. Online retailers, for example, have incorporated AR into their e-commerce sites. Amazon, Home Depot, and Ikea have developed AR apps that allow shoppers to visualise furniture or decor in their homes. Warby Parker enables customers to virtually “try on” frames before making a purchase, while Nike assists shoppers in measuring their fit and finding the right shoe size using AR.
Video game platforms have also embraced the metaverse by introducing immersive spaces within their narratives. Companies like Roblox provide online worlds where users can create, buy, sell, and interact with items and experiences. Fortnite has transformed from a competitive video game into a platform for virtual events tied to real-world concerts, movies, and sports competitions.
Additionally, virtual reality has proven valuable for education and training. Studies have shown that VR-based training helps employees upskill at a faster pace, surpassing both classroom learners and e-learners in terms of learning speed and retention.
Opportunities for Small Businesses in the Metaverse
Small businesses can tap into the metaverse trend without significant financial investments. Exploring gaming platforms and other technologies while partnering with influencers and community partners within the metaverse can be a fruitful strategy. Familiarising oneself with these virtual spaces and understanding consumer behaviour within the metaverse is an excellent starting point.
Moreover, small business owners can experiment with VR and AR technologies. Platforms like Shopify now offer tools to provide virtual experiences on e-commerce sites. For example, Shopify supports 3D models on product pages, allowing customers to browse products in AR. Shopify even provides a dedicated support team to help businesses build these models.
It is also crucial for small businesses to stay informed about trends adjacent to the metaverse. Understanding concepts like Web3, crypto tokens, NFTs, and other technological developments can help anticipate shifts in consumer behaviour. Furthermore, incorporating VR into employee training programs can enhance engagement and effectiveness.
Embracing the Metaverse: Practical Steps for Small Businesses
To embrace the metaverse trend, small businesses can take practical steps such as:
- Exploring gaming platforms and partnering with influencers and community partners in the metaverse.
- Experimenting with VR and AR technology, utilising platforms like Shopify to offer virtual experiences on e-commerce sites.
- Staying informed about trends in Web3, crypto tokens, NFTs, and related technologies.
- Incorporating VR into employee training programs to enhance engagement and knowledge retention.
- By understanding and adapting to the evolving metaverse landscape, small businesses can position themselves for success in this emerging digital frontier.
