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Dedrick Boyd is a global e-commerce strategist and founder. TechSparq.
In the year In 2022, brands such as Louis Vuitton, Burberry, Gucci and Nike have shown their determination to become early adopters of Metavas. Mark Zuckerberg is pushing his meta idea with Horizon Worlds, and Made.com has focused more on its online presence by letting customers view furniture in their homes with their smartphone cameras.
Overall, we can look at the video game industry as being light years ahead of other industries when it comes to selling digital upgrades. Using real and in-game currency, players can purchase special items to improve their appearance, vehicle, residence, or any other part of the experience.
Video games and fashion tend to skew the younger demographic. On average, they have less disposable income than older generations. This begs the question: Even if an immersive business sounds good and appeals to today’s teenagers, can it produce the necessary ROI to justify the cost? Will Immersive Business Provide Valuable Experience?
Tech investors want their big-ticket items to sell if they want their numbers to work. In order to reach its core demographic, luxury has to maintain differentiation in product conditions. So the answer to how to marry immersive business into a dynamic industry can be found in luxury products and services. As someone who works with immersive commerce software, here’s a detailed look at ways you can incorporate luxury into this growing online frontier.
Loneliness matters
In this social media-driven world, we can see someone wearing a beautiful piece of jewelry on the street, snap a photo on our phone, search Google, and order ourselves a copy of the “closest fit”—all in the space of 10 minutes. In this way, the isolation power is reduced. That has always been one of the selling points of luxury goods; Not only are they considered a luxury because of their manufacturing quality, but also because of the lack of people who have the means and prestige to actually buy them.
You can use immersive business to re-introduce a unique experience where a personal appointment is required. For example, one way is to have a private link or QR code act as a private showroom. Once there, you don’t want the customer to simply get lost in a virtual space. Show them around with a virtual concierge, either a real person or a sophisticated AI program that remembers their names and preferences and spends as much time with them as needed. Use this space for 3-D product listings, video content, real-time voice-activated chats, or other bells and whistles that make consumers feel special. Research has shown that customers spend 40% more when their shopping experience is highly personalized, a strong indication of the viability of immersive commerce.
Luxury already has built-in interactivity.
Luxury brand loyalists expect stellar service with an elevated overall shopping experience. This applies to both in-store and virtual product interactions. Unfortunately, this expectation is shattered by traditional online interactions. A physical trip to a physical place is often chosen as a luxury, but not everyone has the means to travel the world. According to GE Capital Retail Bank, “81% of consumers conduct online research before making a purchase. This gives brands the opportunity to deliver a unicorn interactive shopping experience by allowing customers to interact with potential purchases in the Metaverse.
A great example of the unicorn experience is what Dior did recently. In the year In October 2022, the luxury brand launched a virtual holiday pop-up shop featuring Dior Beauty cosmetics, which will take place in a digital recreation of the Château de La Colle Noire, the former home of the iconic designer and an all-encompassing visual property. France. Inside, shoppers can visit three different sections, including the beauty section, the gift-finding section, and the perfume section, which matches shoppers’ unique personalities with the right perfume. The beauty department includes a customized gift experience and the ability to experiment with virtual reality. This was a personal and unique experience that cannot easily be found by browsing a catalog. The luxury brand’s overall aim with this virtual store was to cater to its most loyal customers and put them in a beautiful setting.
Post-sales support in the digital age
The higher the value of the item, the more value it should have in its life cycle. I’m sure you’ve heard this before: You’ve bought an expensive item, a pair of sneakers, or a new phone, and once it breaks or needs tech support, the sales rep who sold it to you can’t be reached. With the definition and limitations of luxury goods, the ability to continue the relationship between assistant and customer beyond the point of sale is a great asset.
Immersive commerce gives customers the opportunity to take their brand discovery journey and connect with the same sales representative who sold them the luxury item. You can use this new business method to connect customers with someone who acts as a confidant and problem solver for any issues – right as they walk into a physical store to visit with a stylist or an assistant. Being able to actually connect with the same friendly face, the trust center with the brand is an invaluable experience. Find ways through the metaverse to allow this type of communication.
The luxury and immersive business of the future
As immersive commerce rockets down the pipeline, quickly bringing diversity to the coattails, we’re sure to see failed attempts by brands to tap into high-end technology to generate a reasonable return on the financial investment.
But I believe luxury brands have the audience, the resources to do it well, and the spending power expected of their customers to delve into this exciting frontier – making it part of their extended business experience and distinguishing themselves within it. A new forum.
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