With the metaverse slowly starting to host all sorts of entertainment and business events, it comes as no surprise that brands have hopped on the bandwagon before it gathers more steam.

Given that the virtual world facilitates everything from business meetings to gaming, brands have decided to bet on improving their metaverse presence. The freedom of trial and sampling online just makes this space more alluring to brands looking to beat physical borders.

Big brands like Tata Motors, Tanishq, Ceat, M&M and Asian Paints, to mention a few, already have products in place to capitilise on this new avenue for marketing. These and many more brands intend to use the virtual world to improve market share by elevating the online buying experience.

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CNBC-TV18’s Manisha Gupta spoke to Ritesh Arora, Chief Digital Officer at CEAT; and Ajoy Chawla, CEO, Jewellery Division at Titan Company to discuss how companies are approaching marketing in the metaverse and how it has worked out so far.

Arora said, “One fundamental thing about the metaverse is that you can deliver a really rich and visual experience. So for example, like in real world, customers can touch and feel the pattern and check out the aesthetics of a tyre. In a metaverse shop too they can do the same thing. Not only that, they can do certain things which are not possible in a physical store. They can cut the tyre and see the cross-section and experience the product better — they can see how the tyre would look like on their vehicle.”

Chawla said, “Every brand in the jewellery division is actually exploring this actively — whether it is Tanishq, Mia, Zoya, CaratLane — in their own form, and each one is going to experiment in different things. We will have a collective learning from all of that and then see how it goes. So I think every brand is excited. In fact, I saw something just today morning — one music streaming company also tried to create a metaverse of its own and I think it is an exciting time.”

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Also Read: The Sandbox: Here’s all you need to know about the third-largest metaverse by market cap

First Published:May 10, 2022 4:53 PM IST