Are You Tired Of Juggling Between Different Digital Tools To Grow Your Audience And Increase Sales? Metaverse Has Got Your Back!
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We are super excited that you all are coming along with us on this journey that we started 6 years ago to democratize AI. With an increase in scope, awareness, and dependence on AI, the world today relies on this technology to take the next step in the evolution of mankind. Including brands.
Looking at the pace at which the Metaverse has increased its significance in business today, AI has been a huge contributing factor in bringing the theory of this innovation to reality. It was 2021 when we first spoke about the Metaverse and little did we know that this innovation was about to be this huge and that every brand would be embracing it as a strategy in their meetings, plannings, brandings and soon would also be a solution that we offer enterprises to increase revenue by 10x by leveraging the power of AI.
The Journey From 2016:
As online shopping is the ultimate form of luxury technology today provides, tapping on screens and getting whatever you want from your sofa is inclusive to every household. In spite of this, it still lacks certain aspects that the real world comes with and that is the realistic look and feel of a product on the screen and the customer-salesperson relationship that we all have experienced growing up.
In a bid to create intelligent solutions for business problems and the larger good of society, DaveAI began the journey of helping enterprises strengthen their virtual offerings with photo-realistic, interactive 3D online spaces that provide a real-time purchase experience to customers.
To further help brands humanize their digital presence in terms of sales, DaveAI decided to replicate the human sales avatar with a virtual sales avatar to make shopping on digital platforms as real and accurate as the physical world with the help of AI. And also bring the pleasure of shopping back to your screens.
With the advancement of technology and the evolution of buying patterns, Metaverse came into the picture to enhance the quality of digital experiences for customers and bring in a larger scope for brands to increase the accuracy of purchases. That is when DaveAI recognized this innovation as a strategy that would help businesses grow their audience and increase sales. The Metaverse has merged the benefits of all the tools like the 3D visualizers, product configurators, avatars to bring customers of a business into a single immersive world without any connectivity and operation hassles.
2023: Soon brands would be able to leverage the Metaverse at the best of its ability with a Dave New World that hosts a complete marketplace for the customers of a brand to interact, play, shop, create, and earn rewards. Some exciting updates are coming up, but till then this month let Dave take you through how your brand can curate seamless product discovery experiences, successfully launch a product in the Metaverse, and how this virtual ecosystem will be changing e-commerce in the coming years forever.
Are You Tired Of Juggling Between Different Digital Tools To Grow Your Audience And Increase Sales? Metaverse Has Got Your Back!
When the Internet evolved from analog to digital that is 2D, the driving force behind this change was the need to connect with the world outside the screen. Ironic isn’t it? Now on the verge of taking a 3D structure, interactions within the Metaverse will get more intuitive and slowly merge the benefits of the digital and the physical world. As the Metaverse continues to change dimension, brands are beginning to explore strategies to use this innovation to improve sales, presence, and revenue streams.
With Metaverse, brands can utilize the ability to bring real-world experiences to people at their doorstep to simplify product discovery. How? Brands can create immersive experiences for customers that they can avail to discover products with not just accuracy and ease but also fun. A digital assistant can be deployed to assist customers visit the right interface, know the required information and explore offerings suitable to their needs. An AI-powered digital assistant or a virtual sales avatar can understand intent, answer queries, and personalize the experience to help customers quickly find what they are looking for. When it comes to traditional e-commerce systems, customers don’t get a chance to explore the features of the product in a real-time environment, and analyzing the image to match their requirements becomes tedious, time-consuming and most of the time incorrect. Metaverse offers a 3D immersive scope for product visualization, even for items for which the customer journey is complex.
For example, let’s say you want to purchase a car. It is not possible to select a car model online from a 2D interface. And there are limitations to items you can explore digitally with an e-commerce system. But when it comes to Metaverse, purchasing cars, a plot of land, or any other product where a lot is at stake from the customer end is possible as the Metaverse places the buyer in the environment the user needs to be in for the purchase irrespective of the actual time or location. Metaverse experiences also provide exciting games, events or business transactions in the form of fun activities that make even boring tasks like banking entertaining.
“Metaverse today is immersive enough for a customer to make a buying decision solely based on this.”
- Richa Kapre, Project Manager- DaveAI
Most brands have entered the Metaverse with avatars, gaming, product launches, virtual showrooms, and events for engagement. Now that the Metaverse has evolved enough to get sustainability under the radar, intuitive product discovery in the Metaverse will incentivize many more brands to cultivate a digital-first mindset to monetize the Metaverse. Metaverse experiences will augment the brand experience with captivating locations, interesting interactions, and business transactions not restricted to the circumference of a small screen but spread wide across the premise surrounding a wide range of locations for the user to indulge more closely in the environment.
Product Discovery In The Metaverse
Metaverse is slowly reducing the gap between e-commerce and social media. E-commerce applications like Amazon can be seen leveraging the concept of product reviews to encourage people towards a reliable purchase. Going beyond reviews left by users, stars, images, and videos, with Metaverse brands will be able to help customers build communities to engage with the business and with people going through similar problems or having found ways towards finding a product that suits their needs in less amount of time and without the fear of incorrect purchases.
To curate a seamless e-commerce product discovery experience for customers in the Metaverse, your brand can follow these tips:
1. Deploy an immersive shopping experience: Brands can develop a replica of the actual storefront virtually or even create a new ambience with interactive elements, such as 3D product showcases, virtual configurations, and interactive product try-ons. This will enable customers to explore products in real-time.
2. Replicate the aspect of a human salesperson through a virtual avatar: Brands can use AI to deploy a hyper-realistic virtual avatar that mimics a human sales brain to quickly respond to customer queries on the platform and ease navigation, increase brand awareness and facilitate a hassle-free product discovery.
3. Utilize user-generated content: By allowing users to upload photos and videos of themselves using or wearing brand products, businesses can create a more personalized and authentic shopping experience. This content can also be used to drive customer engagement and display products in action to provide social proof to potential buyers.
4. Leverage the power of machine learning algorithms: ML can help brands personalize product recommendations for users based on their preferences, browsing history, and purchase behavior. This will ensure that customers are served with an experience that they can relate to.
5. Imitate the behaviour of social media platforms: Your brand can incorporate features a common social media application possesses to create a more social and community-driven shopping experience. The features can include leaving product reviews, interacting with other users to share experiences, posting and sharing images, videos, ads or any other content they find relatable.
6. Make the checkout meaningful: Brand Metaverse shopping experiences need to be easy to navigate through to seal the deal. Take Maruti Suzuki for instance. Even a complex shopping experience like purchasing a car is made easy and convenient by Metaverse platforms like Arenaverse and Nexaverse that allows customers to book a test drive immediately after exploring the features of the models and gives customers access to a hassle-free e-registration process. Brands having brick-and-mortar stores can utilize the phygital concept as a profitable checkout option to bring customers to the digital platform as well as real-world showrooms. Integrating a feedback page will also help brands keep improving the experience for customers every time they visit the platform.
How To Launch A Product In The Metaverse
Launching a product in the Metaverse is the most profitable thing for brands to do in today’s times. The Metaverse is a rapidly growing virtual world with millions of users. By launching a product in the Metaverse, a brand can potentially reach a new and a highly engaged set of audience that may not be so easy to reach through traditional channels. Launching a product in the Metaverse can also provide brands with an opportunity to experiment with new product ideas and features by testing products in a virtual environment that help gather valuable feedback and insights. This research can help future product development processes. Brands that are early adopters of the Metaverse and launch a product in the Metaverse may gain a competitive advantage over those that are slower to embrace this new technology. By establishing a strong Metaverse presence, brands can position themselves as leaders in their niche industry and capture a large share of the market.
Here’s a case study that talks about how one of the biggest car manufacturers of India- Maruti Suzuki, successfully launched their product in the Metaverse:
Brands can successfully launch a product in the Metaverse with the help of these methods:
1. Creating a brand-specific Metaverse platform: Brands can develop their own Metaverse platform from scratch to help the brand have all the creative, accessibility, and operational freedom and connect more reliably and directly with its customers without any intermediary platform layer or a company. This will allow brands to use the information for an intensive research process that not just helps personalize experiences for customers but also helps the business conduct an intensive research process to improve the platform and offerings.
2. Using immersive technologies: Brands can use immersive technologies like Augmented Reality (AR) and Virtual Reality (VR) to showcase their products in real-time to the users. This allows customers to interact with the product and quickly understand how it would look and feel in real life.
3. Adding engaging activities: Brands can work around the competitive spirit humans come with and add fun activities or tasks that promise prizes for the winners. This will ensure the Metaverse product launch attendees are fully engrossed in the event. The brand can curate simulating experiences that target individuals or teams with the help of avatars and digital artifacts.
4. Guiding users through contextualized query solving at every corner: Brands can deploy a text-based chatbot along with a voice-enabled virtual avatar that has realistic speech capabilities and a human-like appearance to provide personalized navigational and product discovery assistance. Speech plays an important role in any brand-customer relationship, marketing, and sales, even in the Metaverse. And no amount of visual charm will hide the disadvantages of a Metaverse experience that lacks good quality communication from the brand. A virtual sales avatar is the only way.
Dave says, “ My capabilities inside the Metaverse are:
- Apart from answering FAQs, I track the user’s action on the page to contextualize the conversation to their intended action.
- Based on customer activity, I proactively offer assistance or nudge customers to improve successful sign-ups. I handle activities other than conversations like navigation, listings, etc.
- I am powered by AI and learn from customer interaction data to improve accuracy and business outcomes.
- The engine I come with identifies trends in the attribute data collected from various sources and maintains an affinity score between attributes and actions. This score is updated with each customer interaction and over time I am able to predict the next best course of action to achieve any defined KPI.
- I mimic a human sales brain, provide seamless product discovery with a blend of speech & NLP, 3D visualization, real-time recommendations into a single immersive audio-visual experience, and improve the accuracy of predictions by leveraging deep neural networks.”
5. Collaborating with social media influencers: Brands can collaborate with influencers to promote their products to their followers. This can increase the reach and visibility of the product launch. Today brands can also create virtual influencers as brand ambassadors that represent the tone and the messaging a brand wants to send out. Collaborative content will help drive interest from people with various demographics.
6. Measuring success: Brands should measure the success of the product launch by analyzing metrics like engagement, sales, and customer feedback. This helps the brand understand what worked and what did not work and make improvements for future launches.
7. Teaming up with a Metaverse development company: Collaborating with a Metaverse development company will help brands build a Metaverse platform from scratch and be personally involved in the entire development process of the Metaverse platform that includes the ambience, brand coordinated colours, tone of communication, personalities of virtual avatars, and user data for a safe and personalized experience for customers. This helps create a presence a brand wants its customers to perceive and makes not just the deployment but also further management of the platform easy, ensures security, and is backed by constant assistance and research from a group of experts.
Editor’s Note:
Hello Readers! We are ecstatic to see our Dave Tales family grow big and cross the big ‘K’ and if you have just found yourself on this page, it is great to see you join our list of 2K+ subscribers and the Dave’AI’ journey.
There is nothing we love more than an innovation that IS GUARANTEED to work its magic. Yes, you thought that right! METAVERSE! There is everything available at the click of a button today. But these experiences most of the time lack the familiarity and sense of human touch. Metaverse is adding this “social” aspect back to the “convenience” of digital platforms by creating immersive experiences that cater to all senses. AI is breathing new life into digital experiences and blending all the beneficial aspects of the real and the virtual world into one to help brands grab the attention of consumers who now seek more than what they have been used to so far.
- Jui Bagul, Head of Content — DaveAI
Metaverse Insights:
- Debunking the common myths and misconceptions regarding Metaverse circulating the market
- 5 reasons why your Metaverse strategy isn’t working
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