From Zuckerberg’s Meta announcement in 2021 to Apple’s release of giant teched-out ski goggles this year, there has been a surge in the interest of brands in the metaverse in the past few years. While the concept of the metaverse isn’t a new thing, these giant moves by global brands have sparked a deeper interest in the metaverse.

In this insight, we want to explore what this means for African brands and how they can embrace this iteration of the internet and evolution in the way humans do things.

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But First… What Is The Metaverse, and Why Should You Care?

The metaverse in the context of this article refers to a 3D virtual world where elements of augmented reality, virtual reality, or mixed reality allow people to connect with each other, experiencing lifelike experiences through avatars that represent them without leaving the physical space they’re in. Here’s a great video that thoroughly explains the concept.

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Imagine being in a multiplayer game that never ends (just like the internet), where you can walk into spaces at the other end of the world (or beyond) or experience simulations without real-life consequences as the borders between the physical and virtual worlds blend into each other.

With major companies investing heavily in its development for the future of life, you should care about the metaverse as it presents a significant opportunity for you to connect with consumers in truly innovative ways.

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Which Industries Will Thrive in the Metaverse?

Every industry to be honest. Using the internet and its content as an example, brands can leverage creative ways to capture people’s attention and invite them into their corner of the metaverse. We looked around, and here are some great examples of African brands in different industries already foraying into this new dimension.

• Entertainment: This is one of the first industries you think about, as we already have games as pioneers in this arena. Brands can piggyback on this to offer immersive experiences such as virtual concerts, movies, games, and sports. It can also enable new forms of content creation and distribution. For instance, MTN Group, which became one of the first major African companies to enter the metaverse by purchasing land in Africarare, intends to use its presence in the metaverse to increase its customer attractiveness through a series of experiences merged with consumer passion points, like gaming and music.

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• Education: The metaverse can be used to provide enhanced learning experiences like simulations, experiments, and virtual excursions across the world, regardless of the student’s location. An example of this in action is StanLab, a Nigerian-based company that provides immersive learning solutions using VR and AR for STEM education that enhance students’ engagement and understanding of science concepts.

A demo of StanLab’s Virtual Classroom (Credit - StanLab)

• Finance: From virtual branches to customer care reps, financial institutions can leverage this new world to enhance their services. In fact, Thailand’s Siam Commercial Bank plans to launch a virtual branch on The Sandbox Metaverse platform by 2025. Financial houses can also create new payment methods for the metaverse, featuring consumer-focused wallets that handle both cryptocurrency and fiat money (we’ll like to see how the regulation for this will play out), which Mastercard and ConsenSys are already teaming up to explore.
• Healthcare: With powerful simulations, the metaverse can allow healthcare brands to create a richer experience with their patients. Consultations can be more efficient, walkthroughs can be more interactive, and staff training, optimised.
• Retail: Retail, oh retail! What possibilities abound! The metaverse will transform the retail industry through virtual shopping, try-ons, customization, and the delivery of physical and digital goods. Companies like EuphoriaLabs are already building AR solutions that allow brands to enhance the shopping experience, which will only evolve as adaption increases.

• Real Estate: We are already seeing AR and VR technology being used in the African real estate industry. Brands can create realistic simulations of properties, allowing potential buyers or renters to explore them without physically visiting them. This will expand into virtual real estate, as we have already seen people buying up lands that they can use for anything. Innovative real estate companies can create a new supply chain by having tech departments that purchase space for brands, design them into virtual offices, showrooms, stores, or any other virtual replica that applies to the brands, and actually build them. Talk about generating revenue in both worlds.

Actionable Tips for African Brands to Succeed in the Metaverse

As seen so far, the metaverse offers new opportunities for brands, which come with their own responsibilities: careful planning, research, and experimentation. Here are some helpful tips:

• Register trademarks for virtual goods and services. The metaverse is still in its infancy. So go all out to protect your brand identity and intellectual property rights from potential infringement or misuse.
• Imagine your virtual product line. Think about how you can extend your existing products or services into the metaverse or create new ones that are unique and relevant to the virtual environment.
• Know the landscape and major players. The metaverse is not a single platform or entity, but a collection of different worlds and experiences created by various developers and providers. You need to research the different options available, such as gaming platforms, social networks, VR/AR platforms, or blockchain-based platforms, and understand their features, benefits, limitations, and audiences. You should also be ready to collaborate to enjoy this world.
• Actually interact with your audience. You can’t treat the metaverse like a celebrity’s comment section. It’s a social and interactive space where you need to understand what your audience needs and how you can solve it. Communicate with them regularly and get feedback which will give you insight into how tech-savvy they can be, which is invaluable information when building experiences that they would use.
• Be agile. One of the biggest pros of the metaverse is that it affords you the opportunity to tell your brand story in unique ways. This would enable your brand to truly stand out. So, be flexible and adaptable to change, and be willing to try new things and learn from your mistakes. Also, don’t forget to measure your performance and impact using relevant metrics and indicators.

We’re all excited to see how the metaverse will develop and how people will adapt to it in the years that come. Whatever shape, pixel or form it takes, you should be ready to harness it, constantly looking for ways to fulfill your mission of making the lives of the people you serve easier.

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