According to research firm Markets, the global metaverse market is expected to grow from $1.9 billion in 2022 to $16.5 billion by 2030. AR) and virtual reality (VR). The Metaverse, a web-based automotive news platform, will penetrate every sector in the next few years, and the market opportunity is estimated to exceed $1 trillion in annual revenue. In a conversation with FE Blockchain Poulami Saha, Vivek Nair, Head of Marketing at Log9 Materials, discusses what and how the automotive sector can benefit from the Metaverse. (edited excerpt)
How is the Metaverse improving the 3D design experience?
Metaverse can be seen as a prototype that helps us provide a better experience. Because it’s a virtual space (considering the audience you’re trying to reach), it can provide early insight into specific product designs. So, in a way, it can help brands and consumers to better understand product concepts and develop them further.
How has Metaverse helped reduce marketing costs in the automotive industry?
In a broader audience perspective, say customers are sitting in their places and driving, or brands are completing product launches in metered contracts and gathering all stakeholders to bring their products to market. Let’s imagine. All of this can be done in the metaverse, but in the physical world you can’t do it without a big budget. So for me, the value brought by the digital platform is more important. It’s not just about using technology to cut corners, it’s about how technology enhances the experience of your target audience’s customers.
Do you think the Metaverse’s involvement helped you target a wider audience?
The Metaverse certainly has a lot of potential, and it’s too early to talk about the audience range and bandwidth it has been able to bring. There is no doubt that the brand will grow.
How the Metaverse Helped Gain More Customer Engagement in the Automotive Industry?
The Metaverse is therefore the result of a fully digital spatial manifestation. Bridging the gap between online and offline customer experiences. And as far as customer experience is concerned, engagement is much higher than before. The Metaverse definitely offers customers a better immersive experience, but this will only improve over time.