Innovation

Livestream shopping is relatively new, having started in Asia in 2017, but it is steadily finding its footing in the U.S. and is poised to become a forceful marketing and sales channel. Management consultants at McKinsey & Co. predict spectacular growth for livestream shopping and believe live-commerce initiated sales could account for as much as 10 to 20 percent of all e-commerce by 2026. That’s north of one trillion dollars. Brand managers and retailers must be prepared to adapt.

It is time to move past the outdated thinking that just having an online presence is enough for your business. That’s the floor, not the ceiling. It is possible for users to do so much more than passively consume information. Not only is it possible to create more immersive experiences, it is what users expect.

As a brand, one way to dip your toes into metaverse marketing is to piggyback off successful games to establish a presence.

It could be something that is more of a guerrilla stunt, like Wendy’s (you know, that Wendy) playing Fortnite’s “Food Fight Edition” on the side of Team Pizza to defeat Team Burgers because their burgers were frozen (underlining Wendy’s credo of “fresh, never frozen!”).

Or you could find a game like Animal Crossing (where anyone can create items for characters to wear) and create branded gear to get some free in-game advertising. That’s what Doe-Anderson did for Texas Roadhouse, offering Cactus Blossom hats and other cool branded wearables.

Augmented reality – or just “AR” for short – is an enhanced version of the real world achieved by using digital technologies. In 1996, the NHL All-Star game debuted the first widely adopted use of the technology to mixed reviews. Twenty-five years later, AR has grown into its original promise.

Several new developments are unlocking a change in how – and how often – AR is used: increased adoption of 5G, shifts in advertising tracking standards, and blurred online and offline retail environments. The heightened sophistication, access and utility of AR technology have boosted marketers’ investments in the space. Consumers are still asking for more.