Businesses should first analyse if their target audiences’ are willing to interact in a virtual world.
A shared, virtual space that offers virtual reality and augmented reality-enabled capabilities is enticing for customers seeking an escape from the physical world. Customers may also be all the more receptive to products and services in the metaverse than they would be in the real world.
Combined with gamification, shopping can become a source of entertainment for consumers. But at the same time, brands must be mindful of legal issues like intellectual property, data protection, privacy, content licensing and competitive risk in the metaverse.
Along with determining the right tools to create a presence in the metaverse, brands must also analyse how accepting their target audiences are to interactions in the metaverse. For instance, customers over 50 years of age may not be very welcoming of the metaverse.
[4 minute read]