Metaverse is nothing but old wine in a new bottle, yet it seems the number of connoisseurs have increased with time. While international brands such as Nike, Adidas, Coca-cola, Gucci have already carved a place in the metaverse, it seems now is the turn of home-grown Indian brands to play catch up. “As Indians, we love community, quarantine and covid restrictions have affected that and metaverse is a great way to feel that again- same goes for brands, it is an opportunity to build a community while still staying online. It is an excellent branding opportunity with endless room for opportunities like turning shopping into a game of treasure hunt, skin consultations and even product education,” Tarun Sharma, co-founder and CEO, mCaffeine, told BrandWagon Online.
Currently, tech, gaming and social media platforms have been quick enough to capitalising on the trend, while other categories such as fashion, music and of course consumer goods and personal care have started to follow it. Furthermore, a large number of new startups and products which have been rolled out specifically targeting Gen Z, too have joined the bandwagon. “As this segment of the audience is looking at more immersive experiences, brands will have to adapt and find their space in the Metaverse. Any industry that values an immersive customer experience and is building for the Gen Z has an opportunity within the space,” Varun Sadana, co-founder, Supertails, said.
Recently, ITC Fabelle made its debut on metaverse with a 3D wedding. The wedding was hosted on YUG, a metaverse platform. The brand integrated a metaverse version of the Fabelle Chocolates Cart along with other initiatives, while the brand integrations were conceptualised by Wavemaker India. Yet another witnessed another metaverse wedding which was sponsored by Coinswitch Kuber. “International brands are still tapping the early adopters of the Metaverse in their global markets. It is still not mainstream and will probably take a few years to get there. It is at that point that the Metaverse will start picking up with the early adopters in India. However, I do believe that once it captures the early adopters, we will leapfrog faster than any other economy in becoming mainstream,” Pradeep Krishnakumar, co-founder and COO, Zouk, said.
Industry observers pointed out that the concept of omni-verse, just like omnichannel, may also emerge going forward. As a result, brands will allow consumers to own identical items in both the metaverse and the real world. What this means as these avatars will further allow to engage in commerce. “An experience where a customer can look at a product in different dimensions is bound to help them make a more informed purchase. Metaverse is exactly the mid-point of an e-commerce website and a physical store,” Supertail’s Sadana noted.
As Metaverse still holds value among a niche audience, transactions will start once the mass consumers understand the idea and accept it. According to mCaffine’s Sharma, consumers have evolved to become passionate and experience-driven about their spending patterns and the metaverse is another source of enhancing the overall social experience. Hence, the commerce will begin to happen seamlessly.
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