December 10, 2023

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Why automobile companies are excited about the metaverse

Why automobile companies are excited about the metaverse

Globally and in India, businesses across industries are strategizing to explore the virtual world of the Metaverse, and the automotive industry is no different. At the recently concluded Auto Expo 2023, automobile manufacturers showcased their Metaverse projects, offering alternative and innovative ways to connect and engage with their customers. 

The excitement around automobiles and the Metaverse can be gauged from the various industry reports, which estimate the global Metaverse automotive market to be valued at over US$116.5 billion by 2030. That’s an impressive CAGR of over 41.46{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91}. 

Be it real or virtual, consumers are increasingly looking at integrated and personalized experiences that inspire, surprise, engage, and delight them – all at the same time. Evolving technologies such as Virtual Reality (VR) and Augmented Reality (AR) offer brands an opportunity to design and deliver a flawless, connected, and immersive buying experience. They enable carmakers to virtualize almost every process in the customers’ purchase journey — right from showcasing the best-fit product to making the final purchase decision in the virtual world. 

Virtual Showrooms: Meeting Customers Online 

Virtual showrooms can lead to higher engagement and improve the average time spent by potential buyers by 10X, suggests a report by Nasscom. Another industry study estimates that by 2026, 25{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} people will spend at least an hour a day in the Metaverse. The numbers demonstrate that the Metaverse offers brands more opportunities for customer engagement. 

Virtual car showrooms will be highly interactive and immersive environments where customers can explore and experience vehicles in a lifelike, 3D setting. They will allow customers to customize and configure vehicles to their liking, take virtual test drives, and even interact with sales representatives in real-time. With the advancements in virtual and augmented reality technology, these showrooms are poised to offer a highly engaging and personalized experience that combines the convenience of online shopping with the tactile, sensory appeal of a physical showroom.

Mass Personalization

Today’s consumer experience is all about personalization. Metaverse helps brands fulfil this consumer need perfectly. The virtual world offers consumers a chance at changing and customizing a product to their liking. Customers can influence the design sensibilities of a product by asking manufacturers and sellers to introduce or enhance new features etc. 

In a virtual car showroom in the Metaverse, customers can have the ability to customize and configure their vehicles in real-time with high levels of detail and accuracy. Customers will be able to select from a variety of options such as exterior colors, interior trims, wheels, and other features to create their desired vehicle. The use of virtual and augmented reality technology will allow customers to see the effects of their customization choices in a highly immersive and interactive environment, providing a more engaging and intuitive experience compared to traditional online customization tools.

Customers will also have the ability to interact with virtual sales representatives, who can help guide them through the customization process, answer any questions they may have, and provide additional information and advice. Automobile manufacturers will have the unique opportunity for customers to tailor their vehicle to their exact specifications in a convenient and highly engaging environment.

Virtual car launches: All are invited

Car launches till now have been closed-door events, with only a selected few invited. The Metaverse will break the mould. Virtual car launches on the Metaverse will offer a highly immersive and interactive experience for attendees, allowing them to explore and experience the latest vehicles and their features in a lifelike, 3D setting. These launches will utilize Advanced Virtual and Augmented Reality Technology to provide attendees with a highly engaging experience, complete with virtual test drives, interactive displays, and virtual conversations with experts and sales representatives.

Virtual car launches in the Metaverse are poised to revolutionize the way new cars are introduced to the market, providing a more convenient, engaging, and accessible experience for customers and enthusiasts while offering automobile manufacturers a powerful, new tool for showcasing their latest offerings.

Innovation with Benefits

One can be forgiven for considering the Metaverse all hype and no value. But the value is hidden in plain sight. The Metaverse will help car manufacturers reduce costs associated with physical showrooms and events, as well as increase accessibility to a wider audience. With the ability to host virtual car launches and showrooms, car manufacturers can reach customers from anywhere in the world, providing them with a more convenient and accessible buying experience.

Furthermore, there’s opportunity for car manufacturers to analyze data and insights about customer behavior and preferences, which can be used to improve product development and customize marketing strategies. Overall, the Metaverse offers a new and innovative platform for car manufacturers to engage with customers and sell their vehicles, providing them with a powerful tool for increasing brand awareness, generating leads, and driving sales in a convenient, engaging, and cost-effective manner. 



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Disclaimer

Views expressed above are the author’s own.



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