Metaverse offers 3 major benefits to the automotive industry
Step aside -cryptocurrencies, there is a new buzz on the horizon: the Metaverse.
As a result of Facebook’s recent rebranding as Meta Platforms, the phrase “metaverse” has recently entered the public consciousness. The question remains, what is Metaverse, and how can it benefit dealerships?
Currently, the concept of a metaverse is undergoing development. The worldwide web is evolving into an online space, called Web 3.0, where people can socialize, work, and play using avatars. There is no time-out period for those spaces, so they don’t disappear when you’re finished using them. The Metaverse isn’t a new concept; it has been around for decades. The technological concepts that power it- virtual reality, augmented reality, 3D computing- are much older.
Would it be too soon for dealers to formulate a strategy for the meta world?
Perhaps not. According to Mark Zuckerberg, the founder of Facebook (now called Meta), this is the future of the internet. He has already invested $10 billion into Facebook, aka Meta’s Reality Labs segment, for this purpose. Metaverse has already reached $47 billion in value, thanks to a spike in interest from the pandemic in 2020. There are predictions that Metaverse could reach $800 billion worth by 2024.
Dealers in the Metaverse have three significant opportunities shaping up right now.
Benefit 1: Metaverse opens the doors to the next wave of advertising. As virtual malls and retail spaces are already built in the Metaverse, auto advertisers can serve the customers more immersive.
Benefit 2: Due to the increased use of online car shopping following the pandemic, the Metaverse might offer a bridge between the car dealership and buyers shopping remotely. In addition to helping your sales team, this will significantly reduce the time spent physically showing cars and conducting test drives.
Benefit 3: Rather than reading manuals or watching videos to describe cars, Metaverse offers your customers a near-actual experience anywhere, anytime. Users would test drive cars, explore innovations and interact with salespeople more fluidly than shopping on a website.
Although a virtual test drive will never replace a real-life experience, there is potential to increase convenience and decrease friction during the customer’s purchasing journey. There is no doubt that the Metaverse will be a cost consideration factor for a dealership.
Metaverse is here to stay; we need to see how the automotive industry adapts to this new revolutionary technology.
