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Brands in the Metaverse

Brands in the Metaverse
What Does the Metaverse Mean for the CP Industry?

How should consumer products (CP) companies create an authentic engagement strategy for this next-generation commerce channel?

Summary

  • Research shows that the majority of consumers aren’t on metaverse platforms—yet. CP brands should first reinvigorate their Web 2.0 social media strategies to ensure they translate to Web 3.0 and appeal to young consumers’ need for authenticity.
  • Web 3.0 technologies, like the metaverse and virtual reality, will soon move to owned brand channels rather than trending metaverse platforms. Rather than betting on current Web 3.0 companies, CP brands should upskill employees and build Web 3.0 talent.
  • More than half of consumers are worried about harassment, inclusion and data privacy in the metaverse and expect brands to address these Web 2.0 issues before the adoption of Web 3.0.
  • Gaming is the most popular metaverse activity so far, and consumers aren’t interested in purchasing NFTs or cryptocurrency that doesn’t provide any added rewards or value.
  • CPs should consider building longstanding partnerships with retailers and implement first-party data management strategies across channels.