The global metaverse market is projected to grow from $1.9 billion in 2022 to $16.5 billion by 2030, as per ResearchAndMarkets. Experts view metaverse as more of a virtual immersive world, which can provide users an experience, way better than the Augmented reality (AR) and Virtual reality (VR). It is believed that web-based automotive news platform, the metaverse, will invade every sector in the coming years, with the market opportunity estimated over one trillion dollars in yearly revenues. In conversation with FE Blockchain’s Poulami Saha, Vivek Nair, head, brand strategy and marketing, Log9 Materials, talks about what and how can the auto sector benefit from metaverse. (Edited Excerpts)
How is metaverse enabling to have a better experience in 3D designing?
Metaverse can be considered as a prototype which helps in providing a better experience. As this is a virtual space, (considering the target audience that you’re trying to reach out), it can provide an early insight towards the certain product design. So, in a way, it kind of helps brands and consumers to get a better idea of product concepts, which could be developed further. Moreover, the concept of 3D designing has developed with the intervention of metaverse.
How has metaverse helped in reducing marketing costs in automotive industry?
On a wider audience prospect, let’s picture a customer sitting at his place and driving or a brand completing a product launch on the metrical contract, getting all their stakeholders together towards taking the product to the market. All of these could be done with metaverse, but not in physical world without high budget. So, for me it’s more about the value that the digital platforms have brought in. It’s not just about cutting corners somewhere by using a technology but it’s about what and how technology enhances the customer experience of the target audience.
Do you think the involvement of metaverse has helped to target a larger audience?
Metaverse does hold a lot of promise and it’s a little too early to speak about the scope and the bandwidth of the audience that it has been able to bring. But I’m quite sure as it evolves with time, there will be more people and brands exploring the metaverse .
How has metaverse helped with getting more customer engagement in the automotive industry?
So, metaverse is the result of the manifestation of a perfect digital space. It is bridging the gap between online and offline customer experience. And as far the customer experience is concerned, the engagement is much more than earlier as compared to today. Metaverse definitely gives a better immersive experience to the customers, which is only going to improve with time.