Metaverse: Is it worth your business?
Since the launch of Meta in 2018, (Filed as a registered trademark in 2015) the Metaverse is expanding exponentially despite the recent year-to-year revenue decline of 1% from 2021 to 2022. More and more people are buying VR platforms that connect to the metaverse even beyond the flagship device "Oculus" and "Oculus Quest 2".
There are even more worlds being created today to promote product launches and new projects from companies or independent contractors. So with all this new potential, is it worth getting into this new realm of digital commerce?
We think so--Here's why
A prime example of why you may want to get into the Metaverse is the fact that massive retailers are getting involved. Corporations like Walmart, Target, and yes you guessed it, Amazon, are jumping onto the bandwagon trying to reach new prospects and consumers in an exciting new way.
You might be hesitant considering the fact that this is essentially a video game realm, this has nothing to do with your business or your ideal customer. But let's take a look at some statistics that could change your mind.
Meta Platforms is the parent company of Facebook, Facebook is so passionate about the evolving Metaverse, that they even changed their entire company name and branding of 14 years to "Meta". Facebook attributes to 1.92 BILLION users a DAY.
let's rephrase that, Meta has a daily reach of about 24% of the entire world uses this platform daily.
Those users are using the Metaverse even if they aren't utilizing the VR platforms because the entire ecosystem is connected to the social network. Another great statistic to think about, Facebook (Meta) has the highest ad spend of any social platform. With this in mind, your ads are not only most effective on their platform, but they are also going to have increased engagement when it's showcased inside the metaverse!
A great example of perfect product placement and advertising is a great feature Walmart allows its VR-based shoppers. You can digitally shop inside a retail store with a cart that you add items to, once an item is placed in your cart, instead of going aisle to aisle like traditional real-world methods, a screen pop-up will show recommendations based on the item just added to the cart.
This incentivizes the consumer to buy the product.
The best thing is the incentive is almost guaranteed, the average VR user's engagement is around 80% with ads. The best thing is they never know it's an ad and they wont be discouraged clicking the ad since the animosity won't be there.
In any case, it's in the best interest to obviously do more research on this subject for the sake of your brand to find out if it's the right fit for you. But we firmly believe that optimism is what helps you progressively excel as a successful business.
No matter what you do, outsourcing your product to your client is needed. Prices of owning your own warehouse to store your products and prices to ship those products to your consumers are NOT cheap. To be cost-efficient you need to get involved in a 3PL provider. Here at Black Mountain, we supply competitive rates for great fulfillment services. Click here to learn more.