#Trends and Innovation
Growing Your Business in the Metaverse with Virtual Showrooms
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Summary of the Episode
Metaverse is the new internet frontier and popular brands are tapping into this evolving technology. With the potential of 400M active users, the virtual showrooms in metaverse have garnered huge attention allowing the brands to let their consumers enjoy a wonderful shopping experience from the comfort of their couch. So we invited Olga Dogadkina the Co-founder and CEO of Emperia to find out the whole process of building a virtual showroom in metaverse from buying land to cost of opening a store.
Show Notes
- Virtual showrooms and events have become pretty much popular. As per Olga the first step to building a virtual showroom in metaverse is to create a space which truly reflects your brand. The brands mostly try to replicate their physical showroom in the virtual world which is not a smart idea. They should rather focus on making their virtual presence vibrant which translates their brand atmosphere. For instance Lacoste created the virtual world-where there is an upside down tennis court.
- For buying land in the metaverse, there are third-party resellers just like real-world real estate. Famous platforms like opensea.io etc, act as decentralized estate agents for digital domains, enabling the sellers to enlist their properties and prices. However, the sales and ownership of metaverse land can be recorded via the transfer of NFTs. Therefore, a buyer or a seller should have wallets like Metamask and Binance, capable of storing these NFTs.
- When you are willing to invest in the long-term virtual world, then it is important for you to develop an extensive customer strategy. Involving how you are going to track their data and trace optimal results when it comes to assessing growth, conversion rates, and engagement times.
- Virtual stores do increase the engagement rate, the stats point out that the average time that a user sees across the virtual store is 12 minutes. In comparison to the ecommerce website-that’s about 6-7 times .
