With the growth of e-commerce, digital platforms and processes have now become commonplace. For goods providers, AR has altered the packaging possibilities by offering new avenues for engaging customers and improving their experiences. The various elements of advanced technologies like Metaverse, now allow brands and companies to monitor customer behavior and foster innovation, creativity, and relationships with the brand. Platforms like these provide brands with a wonderful way to sell and connect with people. However, barring a few, the majority of FMCG players are still considering the necessity of exploring the Metaverse this early.
As exceptions, the leading FMCG brands such as Unilever and Coca-Cola are already exploring the immersive virtual reality platform - Metaverse, to enable a link between their actual and virtual products. Coca-Cola even introduced its zero-sugar byte in the Metaverse as an attempt to overcome the boundaries between the physical and digital worlds. Similarly, Unilever introduced Sunsilk City on Roblox for girls to learn about Sunsilk's variety of training programs. According to Technavio's most recent industry analysis, the Metaverse in FMCG market size is projected to increase by $2.11 billion from 2021 to 2026 at a CAGR of 21.8 percent. One of the important Metaverses driving this growth is the strategic imperatives adopted by FMCG players.
Benefits of Metaverse App Development for the FMCG Industry
Even though FMCG brands realize that the future viability of their organizations depends on their ability to act quickly. The problem in adopting Metaverse is that acting agilely on its own is insufficient, they need to contend for customer loyalty which is now far more temporary and fast evolving. The future of FMCG companies depends on inventiveness that can enable them to better comprehend the needs of their clients.
One of the inventive ways to contend in the cut-throat market is through app development. The apps will present highly personalized and interactive opportunities for capturing customers because of the dynamic, interactive, and continually evolving environment offered by Metaverse. It is a truly genuine environment that gives the consumers real-life feels and allows property transfer from one Metaverse to another.
Retailers like Gucci and Nike are presently using its fully functional economy to let customers try on their digital avatars. We also have apps that allow try-on for eyewear, room decors, etc. Metaverse apps are built on the Metaverse platform, which will eventually rule the mobile app market. User experiences in the Metaverse will be enhanced by these apps in the future. Their benefits include -
Ethereum blockchain, on which Metaverse apps are created, can provide advantages such as smart contracts, decentralized storage, and others.
Increased Reach - The sector will undergo a profound upheaval attributable to the Metaverse. Its effects on already struggling physical stores with rising e-commerce might be severe, but ultimately it will only open additional avenues for their market expansion. The desire for offline stores might decrease eventually if metaverse retailers start selling real things, which is an obvious outgrowth of current online retail. Brands that are astute and flexible enough to expand into the Metaverse through app development or other means will likely succeed.
Novel Marketing Strategies - The Metaverse offers FMCG businesses a chance to create a virtual copy of real products. The app development promotes novel product marketing strategies, making the Metaverse even more lucrative. Some of its features include digital twins, avatar skins, digital apparel, retail complexes, and many more.
Higher Engagement - The Metaverse, which is seen as a specialized industry by mass-market manufacturers of consumer items, may also be used to create gaming apps. Playing cooperative video games is already inspiring creative new trademark placement strategies for astute marketers.
These apps may engage, excite, and motivate clients by finding a balance between the digital and physical worlds.
Geographical Expansion - Many IT pioneers believe that the Metaverse's capacity to build a stable world represents its greatest promise, diminishing the geographical barriers. Brands having apps in the Metaverse can create and advertise their products to a much broader audience in virtual worlds. As more and more customers are interacting with virtual stores, pervasive technologies like the Metaverse apps can assist retailers with multiple locations but no national presence. It can help to increase customer loyalty for multi-location brands. A brand can discover novel ways to forge a multi-dimensional connection with audiences and strengthen rather than thin out the consumer connection by investing in app development to uncover new touchpoints with audiences.
Personalized Engagement - Marketing professionals can provide ultra-personalized services without relying on external data because of these apps in the Metaverse. They can connect with their audiences on a personal level and be of service. An app can also look at psychographics to understand how a society absorbs technology.
Must Haves for FMCG Apps to Succeed in Metaverse-
- A user-friendly interface that is straightforward to use
- Convincing and engrossing graphics
- Effective algorithms and data structures to handle huge data
- Policies to safeguard user data and stop unwanted access.
- Benchmark protocols and interfaces to ensure compatibility with other applications and systems.
- Learning new graphics and UX/UI design techniques and skills in AR and VR
Metaverse is not a distant future. FMCG companies must understand that this future is rapidly approaching. Therefore, those who figure out how to take advantage of the fact that it is conveniently accessible, whether through app development or otherwise, will succeed.