5 reasons for beauty brands to consider the metaverse in 2023
Written by p1xKQqEsz
This content taken from Cosmopolitan ME.
Beauty brands and brand fans – considering a virtual avatar? Or a digital store with virtual try-ons? Here are five top tips to consider for a presence in the metaverse in 2023.
One could argue beauty brands entering the metaverse is almost totally unimaginable- after all, walking the isles of ‘make-up heaven’ is all part of the process of finding that perfect match. While make-up is often referred to as the ‘paint’ to self-expression, physical limitations may be something to consider, leaving us with the question… what would it be like to enter the metaverse, and how would we digitally express ourselves?
Charlotte Tilbury, Estée Lauder, and Gucci are all among the few to fully immerse themselves in the metaverse at an early stage, leaving some confronted with a decision; to adopt a digital stop, or continue “kitting” their physical shops.
ALTAVA Group, experts in bringing luxury brands into the metaverse, Chief Business Officer, Chiara Scaglia, shares her insight for brands considering this space.
Personalization:
Innovation and creativity at its best; brands hold the “magic wand” to a fully customised experience, brand identity, and overall virtual presentation. By embracing adaptive technology, brands can personalize their storefront in the metaverse without gravity, limited shop size, or rebranding delays as a potential concern.
Beyond this, the endless options available to embrace colourful backdrops, glossy shelves, and bold digital design, leave us asking…what more could we ask for?!
Connection:
Introvert or not, the metaverse is a great place to connect with customers, and on a different level. Whether it’s about “breaking the ice” with a new audience or connecting with loyal brand fans, the room for engagement is at a global level.
It’s also worth noting that Gen-Zers are looking to be part of an experience rather than just buying products online. Brands can also take advantage of the various ways to make beauty and make-up just that much more fun, through the use of virtual games, avatar skins, and digital rewards.
Accessibility:
Imagine a world with unlimited access to makeup heaven, or a space to connect with like-minded people. Customers in the metaverse have the ability to visit a store from anywhere in the world, and at any given time. Beauty fans will have access to activities hosted by brands, including virtual consultations, demos, exhibitions, beauty academies, and master classes with professional glam artists from around the world, with access to this from the comfort of their choice.
Brands should embrace immersive accessibility to connect with customers that are not necessarily strolling through the physical isles.
Creativity:
Through a distinctive avatar, we now have the ability to interact with a product in a completely unique way. Much like physical makeup and beauty products providing an opportunity to express ourselves freely, the metaverse is almost a ‘blank canvas’ for brands. Imagine a world with endless possibilities, and ample opportunities.
Digital creativity brings further value to a brand’s offering far beyond physical retail, a plus… building a presence in a completely new world.
Profitability:
Adding digital sales to your income sheet is definitely a strong point to consider. Beyond inventory, oversupply, storage, and lead times, the reduced overheads play a contributing role in brands considering a virtual store. BUT, it’s not only about brands, the metaverse offers customers a chance to profit from the platform’s success, and even contribute to its experience.
The beauty industry is a prime example of how new technologies can transform and disrupt an established industry. By 2024, the global cosmetics market is expected to be worth $100 billion, this already demonstrates how powerful the industry is.
Nonetheless, a metaverse presence, with limitless potential- makes it all that much stronger.
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