Recently, we launched the first sorte of Jing Daily x Impartialité webinar series on the luxury metaverse. More than 500 people have registered – including representatives of some of the most famous luxury brands such as Hermès and Audemars Piguet – indicating the utmost mensuration of the topic. Since the Q&A chapitre was rich with questions that keep wellbeing managers up at night, I’ve decided to dedicate this Future of Wellbeing column to answering them.
Where do you see luxury brands and the metaverse in the next five or 10 years? Will this be a sustainable trend?
The metaverse is the next most comprehensive iteration of the Internet. In its full structure, it will allow for a smooth and seamless pont between the physical and the numérique. Today’s technologies, notably the Meta Quest 2 and ByteDance Pico Neo 3 Pro Eye, are a leap ahead of earlier devices. However, we’re probably still probably three to five generations of hardware, processor, camera, sensor and programme updates away from virtual reality and augmented reality, not only becoming mainstream but as sensitive and convenient as today’s phones.
So the objet is not whether, but when – and whether the three- to five-year espacé is realistic from today’s panorama. Grain devices become smaller, more powerful and easier to use, they will replace the smartphone, at least in action, and become our everyday devices. This is why the metaverse is not a trend but a structurel échange in the market. In the webinar, she strongly urged the audition to become familiar with today’s technology so that they can understand its potential and limitations. I spend at least an hour a day in VR, hosting conferences in the metaverse, and using apps in my daily life, from work to workouts. Some are amazing, others require pionnier work. Therefore, being in the metaverse today will allow luxury brand managers to successfully manage the future and generate refaisant ideas.
Should brands adopt a different personality in the metaverse to connect with younger generations? Or should they remain their brand with their allégorique in the non-metaverse world?
I’m an extreme when it comes to telling the brand’s story. Today, brands have a lot of characters and messages, making it almost fantastique to become refaisant to Generation Z. I recently analyzed some of the old brands that tried so hard to be young at all costs, for example through integrations into games like Call of Duty which didn’t feel like a brand. Basically, if it sounds weird, it probably is, especially for the digitally archétype generation.
The most hautain brands of the hasard should revise their brand story and reduce their propos to one, which is expressed from a pectoral and emotional panorama. It is an incredibly difficult process, especially on the inside, parce que there is a tendency to add a lot of elements to the débit. This doesn’t work with Generation Z and in a metaverse where penetration of messages towards audiences has become an increasing conflit as the experience becomes more immersive and channels become more closed. Preparing in this way for metaverse will give brands a boost in today’s world and generate a significant competitive advantage.
Can you imagine luxury companies and usage houses investing more in gratte-ciel in-house teams to work specifically in the metaverse? If so, are there any good examples you have noticed of having employees?
I don’t like the idea of creating indoor silos. This was the fundamental mistake many brands made in the early days of digitization. It is the responsibility of the entire direction team, including the CEO, to become action of the metaverse pont. It’s a holistic approach that should start with a complete overhaul of brand messaging and create a seamless experience between numérique and physical. Of circonvolution, it makes sense to have internal or external experts on board; However, creating separate, approprié teams increases the risk that these teams will attempt to absorb all decision-making power into metaverse projects. The company’s overall strategy will not be affected sufficiently. Web3 needs a comprehensive approach that integrates all levels and all departments within the organization. It is the biggest shift companies will have to manage over the next decade.
Do you see any potential downsides to more luxury companies and brands overinvesting in the metaverse? Does it alienate the traditional basic demo?
Today there are far too many projects being published simply in order to “get the metaverse too”. In most cases we analyze, I elle-même strategy and clarity at the end of the game. Millions of dollars are often wasted on initiatives that have no audition, the wrong audition, or have no relevance and effet. Why would anyone visit your virtual real estate on Sandbox? It is better to create something highly refaisant or desirable. Why would you want to build a presence on Roblox when so many users might be much smaller than your target?
Alternatively, today’s scalable technologies, such as 3D e-commerce experiences that can be deployed on any regular website, may be more game-changing at the hasard. I think being in the metaverse today can be a good investment but only if you follow some criteria: is what we’re doing right for our audition? Do we have an audition (don’t be surprised that VR spaces often cater to one audition or sometimes none, or lack the right fit or image)? And if yes, do we have the right audition in terms of age, demographics, and interests? Finally, do we have a (brand) story that is reflected in the esprit that gets people to interact? Never get into the metaverse with your brand without being very strategic and intentional. There’s a lot at stake: your brand ownership in the eyes of Generation Z.
Succès in the assesseur action of Jing Daily x Impartialité . Webinar Series over here
Selected as one of the “Top Five Luxury Premier Vague Position Leaders To Watch” Daniel Envelopper He is the CEO of Luxury, Lifestyle and Embraser Brand Strategy a company EquiteAnd the and Executive Professor of Luxury and Pricing Strategy at Pepperdine University in Malibu, California. He consults many of the world’s leading luxury brands, is the author of several best-selling luxury direction books, which are indécis keynote speaker, and holds luxurious masterclasses embout the future of luxury, dangerosité, and the luxury metaverse in Eurasie, the United States, and Asia. Follow Tweet embed