What changes in consumer behavior will the metaverse bring? Considering the business opportunities born from new customer experiences.

The metaverse, a 3D virtual space created on the internet, holds great promise for promotion, marketing, and branding because it can provide customers with new experiences distinct from the real world. It also has the potential to generate unprecedented consumer behavior and unlock new business opportunities. We will explain the changes in marketing and consumer behavior brought about by the metaverse, using examples from both Japan and abroad.

The Metaverse Creates New Experiences and Communication

The term "metaverse" combines "meta" (meaning beyond) and "universe." While its precise definition remains challenging due to its ongoing development, it can be understood as "a virtual space created on the internet where large numbers of people can participate simultaneously and share experiences." In most cases, participants use avatars—digital representations of themselves—to freely move within a virtual 3D space, interact with others, and enjoy entertainment.
While such spaces have existed in the gaming world for some time, the pandemic, with its restrictions on physical contact, saw a surge in people interacting within the metaverse and attending virtual concerts and events. This renewed interest has brought significant attention to the metaverse from various fields.

Why are companies rushing to enter the metaverse?

Tech companies worldwide have begun fierce competition to become metaverse platform providers. In November 2021, Facebook changed its name to "Meta," announcing its commitment to advancing metaverse initiatives, which generated significant buzz. In Japan too, various companies are exhibiting, and VR events where shopping and experiences can be enjoyed in the metaverse are being held.

The metaverse also holds immense potential for marketing and branding. For instance, even during times when going out is difficult due to climate issues or infectious disease outbreaks, it enables communication with customers in a virtual space that closely resembles real-world interaction. Furthermore, it should make it easier to connect with demographics that were previously hard to reach due to geographical constraints, such as those living far away. By leveraging cutting-edge technologies like VR (Virtual Reality), AR (Augmented Reality), and MR (Mixed Reality), businesses can offer customers extraordinary and novel experiences while promoting their products and services.

How to leverage the metaverse for business: Emerging initiatives domestically and internationally

How is the metaverse actually being utilized in business?

・Hosting concerts within online games

Popular online games are considered one of the driving forces behind the metaverse movement overseas. Not only can users enjoy battle games within virtual spaces, but famous artists also hold concerts inside the games, attracting over 10 million viewers and generating significant buzz.

・Automobile exhibitions by domestic car manufacturers

In Japan, automakers are recreating their physical car galleries in VR spaces. Users can experience viewing vehicles modeled from actual CAD data and relaxing in café areas, feeling as if they've visited a real gallery. Additionally, tours are held where users drive electric vehicles around the Earth within the VR space, prompting reflection on environmental issues. This leverages the virtual environment to create new communication spaces with users.

・VR Music Festival Featuring Popular Characters

In terms of providing extraordinary experiences, VR music festivals hosted by character companies also gained significant attention. These events faithfully recreate real theme parks as venues, offering spaces beneath them where attendees can interact with characters and enjoy live performances by artists. Featuring numerous famous Vocaloid producers and VTubers, these events attracted not only character fans but also music enthusiasts and VR aficionados. Within spaces that embody the characters' worlds, users could dress their avatars in character costumes, purchase limited-edition digital goods, and converse with other attendees. This truly represents a new form of entertainment leveraging the metaverse.

These diverse, metaverse-exclusive contents and fresh experiences are expected to enhance user satisfaction, spark interest in previously unknown products, and inspire the desire to share with others, thereby boosting marketing effectiveness.

Changes in consumer behavior driven by the metaverse bring new business opportunities

As previously mentioned, the metaverse is attracting significant attention globally. However, in Japan, only a segment of users currently utilize it regularly. Nevertheless, as 5G becomes more widespread and VR goggles and other devices become more affordable and user-friendly, the metaverse is expected to become more mainstream. With the proliferation of technologies like NFTs (non-fungible tokens), which secure the asset value of digital data, it is predicted that shopping, selling items, and earning money within the metaverse will become commonplace.

The metaverse will change how we shop and choose products

As the metaverse becomes more widespread, consumer behavior could change significantly from traditional patterns. For example, while many people currently purchase desired items at physical stores or e-commerce sites, a new style may emerge where people experience and test products or services within the metaverse and then purchase them directly online. New platforms and services tailored to this will likely emerge.

A crucial point is that within the metaverse, people act as avatars liberated from constraints like age, gender, and physical characteristics. This could lead to consumption behaviors unseen in the real world, such as a woman using a young male avatar purchasing digital fashion or accessory data designed for men. This opens the door to targeting new customer segments that previously didn't fit conventional demographics. Alternatively, even seniors with declining physical abilities could actively engage within the metaverse, potentially enabling the development of entirely new services tailored for the elderly.

How Metaverse Utilization Contributes to Sustainability

Within the virtual metaverse space, there is no need for physical manufacturing or distribution, offering the benefit of reduced energy resources and costs associated with transportation. Testing new products through trial sales in the metaverse and adjusting production volumes based on feedback could also help reduce overproduction. Moving forward, we may see a trend of incorporating the metaverse into business activities from this sustainability perspective.

The metaverse, which liberates us from spatial and human constraints, holds immeasurable potential. How companies connect their business with the metaverse to create added value will likely become a major competitive advantage in the coming era.

The metaverse is expected to be utilized in various business scenarios going forward. It holds the potential to unleash constraints like user gender, age, and physical characteristics, fostering unprecedented consumer behavior. It will transform traditional marketing approaches and bring new business opportunities.