Brands Can Either Lead Change Or Simply Follow It: Experts

With its endless potential and technological capabilities, the Metaverse is influencing brands and their agendas in the present scenario. Most marketers are inclining and experimenting with this new technology to stay relevant to the current times.

"The metaverse is a technology that brands must adapt to and stay updated on, or else they will be obsolete in the market," said Sunil Pathare, Chairman and Managing Director of VIP Clothing at the BW Marketing Whitebook Summit 2022. For him, the metaverse is not just another world, but a planet in itself.

Divya Karani, Media CEO-South Asia, dentsu also outlined the communication pattern of the brands with the customers and commented, "Earlier communication was a monologue, but with the digital revolution, there is now an opportunity for active dialogue between brands and customers."

When asked about the prominent challenges for brands that can be converted into an opportunity, Pathare answered, "Previously, it was very difficult to connect with 30,000-40,000 retailers in one go and showcase their products. But with meta technology, it has become very smooth to bring them all to one platform and also monitor the factory in a virtual world.

However, this technology isn't easy for marketers to embrace so quickly. Emphasising this, Karani stated, "Earlier, marketers scrambled a bit. But now, due to digitalisation, they are carrying out quarterly plans and campaigns in advance and are getting direct feedback from the customers."

The experts also discussed how the metaverse has become a household subject and how big brands like Facebook and Microsoft have embarked on their journey towards this platform. "India is still very far behind in terms of accepting this technology, even though global demand for it has been growing rapidly. It was noted that one of the key issues is the low level of awareness about this technology. It will take time for investors to become educated, but it can be done, believe experts.

"The younger generation, especially Genz, will become a catalyst in adopting this technology, and nowadays, more and more youth are heading towards entrepreneurship due to the advent of digitalisation," Pathare remarked.

The experts have expressed concerns that Metaverse technology shouldn't replace humans in the employment market.

Being futuristic, experts believe that the metaverse will bring a 180-degree transformation to all industries if it provides customers and brands with touch, feels, and smell.