Today, Gen Z is at the center of evolving tech innovations like a metaverse. With each passing year, the value of the younger generation as consumers continues to grow. As a dominant consumer group, the future of the metaverse depends on Gen Z’s preferences and behavior as consumers.
In 2022, the majority of businesses have managed to achieve digital transformation. And digital dependency has had a significant impact on consumer behavior and preferences that would shape the future of the metaverse. In a tech-driven age, the metaverse is no longer a figment of imagination. It is a genuine virtual space that blurs the line of reality and there are more than enough opportunities to make money.
Users can now interact with immersive virtual spaces that are supported by augmented reality. Companies have started to take metaverse seriously and now want to explore related opportunities to expand their market reach. The Metaverse can also help companies discover new sources of revenue and boost consumer confidence.
With Gen Z dominating the metaverse, we can’t stress enough their value as consumers. In the US alone, Gen Z has a total spending potential of over US$14 billion. In fact, financial experts believe that this figure would surpass by the end of 2030.
Metaverse and Marketing Future
Whether you realize it or not, metaverse ties together with marketing and more specifically digital marketing. It is a brave new world and metaverse gives marketers new opportunities to amaze consumers and render seamless user experiences.
Although metaverse is still in its infancy, companies have started to explore top-tier marketing strategies. With metaverse marketing, companies can boost virtual conversations and drive exponential growth. In metaverse space, brands can explore hundreds and thousands of opportunities to increase conversion rates and conduct a combination of virtual-based marketing campaigns.
Metaverse Marketing Opportunities
Major brands like Gucci and Nike are ready to dive into the metaverse and explore opportunities. In fact, these brands are already leveraging gaming platforms like Roblox to develop immersive advertising and brand awareness tactics. In line with marketing, one of the highlights of the metaverse is that it does not restrict the ability of a brand to engage and interact with consumers in a virtual space.
In fact, possibilities are truly endless on metaverse. It is no wonder smart marketers are at the forefront to make the most out of metaverse and help companies gain significant profit margins through unique virtual marketing strategies.
When Real-World Marketing Shifts to Virtual Space
With the rise of digital marketing, real-world marketing had already made a shift. With the emergence of the metaverse, virtual-based marketing will take a new shape and replicate some of the real-life and digital marketing practices.
And the approach to executing different marketing campaigns in the virtual space will have the same authenticity as in real-world and digital space. Many companies understand the metaverse is the next big transition that they want to try out marketing strategies that would be similar to real-world and digital experiences.
Metaverse Marketing Campaigns Promise More Engagement
Launching virtual marketing campaigns on metaverse is bound to increase the engagement of a brand. Whether it’s a footwear brand like Nike or a mayonnaise brand like Hellman’s, it takes continuous effort to understand and utilize the virtual space for existing and potential consumers.