India stands at fifth position in the list of nations who are driving the metaverse force. It was found that IT leaders such as Mark Zuckerberg, are expecting a huge participation from India. According to the statistics, CARG of 37.1% and touch a whopping $758 billion is expected by the end of 2026. With the rising and increasing tendency of the Indian audience for consumption of smartphones and the internet, the journey becomes a little smoother. This paves a path especially for Indian companies or companies with the Indian market to focus and experiment with the metaverse, since this might be the next best move.
Metaverse carves a path for vast opportunities for brands to create a new community of customers in addition to integrating and creating a mode of interaction for the existing one. It showcases a platform to reach potential consumers, followers and engage with them in the virtual immersive experience. Some sectors are witnessing the success of this platform, to some extent.
Jewellery brand Tanishq launched “Romance of Polki” as wedding collection. It was a 3D display of signature pieces on the metaverse. With amazing feedback from the audience, it was a visual delight and was an appreciated experience.
India’s largest tyre manufacturers- Ceat Limited, followed the same path and demanded metaverse to create their own Ceat Shoppe. With this, they are opening the facility for the audience to experience product in 3D mode and book orders simultaneously. The metaverse hence is integrated with ecommerce environment. During a discussion about the potential of metaverse in marketing the TITAN CEO, Ajoy Chawla said, “It offers huge potential for brands to experiment with an immersive, personalised 3D virtual experience.”
Experience is the new demand in the market. Whether it be any industry or service provider, the demand for experience has overshadowed the entire environment of the market. Metaverse have the capacity to fill in the void that is created between the market and the consumer including the lack of new entertainment high with experiential environment. Considering metaverse as a new publicity stunt, it has been adopted by many Indian companies to provide a 3D, immersive, personalised yet interactive platform to cater the ever increasing demand of the audience. Metaverse also has the potential of being an advertising platform for companies. It can be a place with a lot of diversity. It can provide an experiential touch to the brand or product that otherwise would not have been tangible. It also helps in creating a community that is loyal to the organization. Defining the brand’s identity and instilling the same in the consumers, can be best practiced through this.
Additionally it has also been used by companies to gather new data of consumers that provide the companies with advantage to meet consumer expectation by making them the center of attention for communication and their product requirement. The greater detail the industry has of consumer standards, the better potential it creates for them.
Bringing in a complete new aspect by revolutionizing the hybrid work place model, it can also be thought of as a platform for employee engagement and training. Training in this form becomes less time taking, needs less efforts and resources and the benefits the organziation.