Metaverse is more than just a buzzword of the time we are currently in at the moment. Big companies and conglomerates like Disney, Google and Amazon had created their own virtual worlds and it has given them a competitive and first-mover advantage. These giants will not only corner new players in the metaverse market; but they will rapidly grasp and utilise the technology, prepared to take this technology to another level when the metaverse is embedded more into the society.
More than just a trend
Talking about virtual worlds, with businesses holding grand events like music awards and fashion shows in the metaverse, advertisements displaying in the virtual worlds, the exchange of NFTs (non-fungible tokens) and the booming of virtual real estate; undoubtedly, we have entered an era fueled with creativity, innovation and countless possibilities.
| Dolce & Gabbana selected cats with different glasses and hairstyles as their virtual models in the virtual fashion week held in Decentraland, a virtual world power by Ethereum blockchains. Image from: https://www.voguebusiness.com/technology/metaverse-fashion-week-the-hits-and-misses |
Although the Covid-19 pandemic has affected countless businesses and industries, it has propelled the advancement of the concept of the virtual world into a “reality” and changed human behaviour and their relationship with technology. And data, is the puppeteer who runs this virtual reality world.
Data is being exchanged at every level based on user activity, providing us with information and helping us comprehend these virtual environments and react accordingly. Did you know that a typical interactive VR game can generate roughly one terabyte of data per hour? This amount of data is equivalent to 200,000 songs and 17,000 hours of music (assuming 5 MB per song). Imagine all these data can being collected and the possibilities are basically limitless.
Businesses need to utilise data in order for them to explore opportunities and achieve success through metaverse. Data, for businesses, is being used to extract and analyse information albeit for marketing, sales, establishing customer loyalty, etc.
A game changer for consumer engagement
Metaverse with data, however, can do way more than that. Enrich with visual, audio, gestures, neural and other forms of data, its immersive and interactive nature delivers an extensive amount of information in just a small frame of time. Marketing experts believe that consumer data is key for businesses to achieve competitive advantage and being ahead in the long game.
A business can market themselves is however expansive they want and generate infinite touchpoints in metaverse depending how well they design, present and manage real time data in their marketing campaigns. The ulterior motive is clear: ingrain real world brand loyalty through virtual engagements.
Marketing experts are striving to get an upper hand in the metaverse when it comes to creating stronger impacts on consumers, hence influence their perception, attitude and behaviour towards brands. The user experience is a very powerful tool as it can change one’s perception through experiencing it first-hand. Communicating with other users in real time through virtual avatars generate ginormous amount of sensorial information (e.g., facial expressions, body movements) and are being captured and interpreted as forms of sound effects, visual cues with a 3D interface for a realistic immersion experience.
How Machine Learning (ML) impacts business decisions
Using various tools and smart machine learning algorithms allows different types of data to match and combine through permutations and combinations functions that is able to predict outcomes in various aspects. The machine learning (ML) algorithm can discover interrelatedness between data and make the most accurate outcome from the perspective of consumers.
Marketers are able to differentiate different features and data relationship links, thus giving them a better understanding on the real time environment and making better decisions (e.g., priotisation and allocation of resources). Thus, marketing experts and leaders are looking very closely on the impacts on metaverse campaigns through the lens of machine learning that will ultimately steer businesses to bigger exposure, optimising marketing effects and achieve a higher level of consumer engagement.
Conclusion
While metaverse is still in its infancy and a lot of tech giants and conglomerates are investing billions of dollars into this industry, the technology is still highly dependent on research, innovation, investment and policy. So, it is imperative for businesses to plan for the ways of mining relevant data and decide for the most suitable data analytical tools to utilise the benefits when engaging with metaverse.
Check out our courses on Machine Learning with Big Data and the Opportunities, Challenges and Future of Big Data Analytics now where you can learn about the countless possibilities with big data with real life examples and always be future ready. Sign up today and be the first few to gain these invaluable insights!
