Businesses can exploit user propensities like buying land and investing in cryptocurrency in metaverse to drive engagement, as AR and VR take center stage

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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Businesses can exploit user propensities like buying land and investing in cryptocurrency in metaverse to drive engagement, as AR and VR take center stage

Whether you are an experienced professional or just starting out, it’s important to incorporate the latest marketing trends in your strategy to stay competitive and relevant in today’s market.. What consumers want, need, and expect from brands today looks very different than just 3 years ago, and a well-informed marketing strategy is a driving force behind building a successful business.

A new world will emerge changing how we market

Embracing digital wholeheartedly by even small businesses will lead to the implementation of tech solutions that will help businesses survive and make consumer lives easier. For example, a small eCommerce business can leverage a shipping route optimisation platform to facilitate faster deliveries. Or for that matter, drones are already being experimented with, for last-mile delivery, post-pandemic.

“A sustainable future,” will be more than just a buzzword and businesses will want to contribute by adopting environment-friendly business practices. “Support local sources” will be the buzzword across industries. Immersive buyer experiences will attract and engage customers better, as positive experiences add emotional value that fosters customer loyalty.

The flexible work model will become the norm as the great resignation surges across globe, leading to a growth in co-working spaces, workers juggling multiple jobs etc.

Last but not least, personalisation in marketing will be key.

Social commerce will rise along with the influencer economy

Brands will continue investing heavily in YouTube, Tik Tok, Instagram, Firework (open web) as well as OTT platforms, using the power of video content to engage and heavily promote social commerce amongst consumers in 2023. Video will remain an increasingly popular medium for storytelling. Even live lock screen content is now witnessing engagement and participation, facilitating new avenues.

Live streams showcase the “behind-the-scenes” aspects of your business, create deeper connections with customers by hosting Q&As and webinars, and offer more personalised interactions through video messaging. Owing to these features, livestreaming has been rapidly gaining traction and will continue to build closer relationships between brands and their audience, creating a parallel economy of social commerce.

The rise of the creator economy will fuel social commerce exponentially. The social media content creator economy is exploding, with successful creators like Kusha Kapila demonstrating the power creators can wield. As creators gain an audience, they also generate interest from brands as well as social platforms like Meta and YouTube get invested in helping the two connect. In fact, there are revenue-sharing programs available across platforms like Instagram and TikTok, while YouTube is supposed to launch one in 2023.

Metaverse will continue the growth walk

Several industries, especially those of auto, gaming, entertainment, and retail, are shifting to metaverse in order to connect better with their consumers in the virtual world, offering them immersive experiences from the comfort of their homes. At present, metaverse is limited to brand/product/service discovery. However, in the immediate future of metaverse, both the discovery and the investment will be in the virtual world, allowing people to access a new realm of possibilities with just a few clicks. Meta-systems will be created, and various industries will all look forward to a collaborative future where they create an ecosystem for consumers. This will mean a digital space where the people and organisations across industries will be able to socialise, exchange information, interact, and carry out transactions. The metaverse in the entertainment industry is expected to increase up to $28.92 billion in 2026, according to a tech report. Some offshoots will be more immersive with avatar-based video games, e-concerts, immersive e-sports, metaverse cinema, and theme parks.

Businesses can exploit user propensities like buying land and investing in cryptocurrency in metaverse to drive engagement, as AR and VR take centre stage. IKEA has started using AR technology to immerse consumers during the buying process. The tech helps buyers visualise how products will look when placed in their homes.

Data privacy buzzword

Data Privacy is already a major issue in the tech industry, with consumers now being more aware than ever of the technological tools at their disposal, marketing will have to alter its practices to satiate data privacy. The global rise in data privacy regulations will continue and organisations will need to comply and direct their strategies accordingly.

A cookieless future is right upon us: with the increasing importance of first-party data and users’ awareness of their personal data, third-party cookies will go away. Google has already announced that by the end of 2023, it will officially stop supporting third-party cookies on the Google Chrome browser. The trend will continue for removing cookies in favour of consent-based data-collecting solutions that Apple has already implemented in the iOS ecosystem. With the trend towards first-party data, advertisers and marketing agencies are increasingly interested in investing in direct partnerships with brands and businesses that own the data.

Focus on organic and experiential marketing for multi-channel push

In 2023, marketers will continue to look for organic tools and ways to increase their reach amongst the masses. Organic marketing will never lose its ground, it will continue to be the driving force behind all strategies which are formed, due to the excellent conversion rates it brings with itself. Now that the internet is shifting to an open web instead of walled gardens, SEO and engagement tools will become even more critical for driving organic growth and traffic.

Divya Dixit
Business Strategy & Growth Consultant

Research has shown that over 55% of young consumers are spending more on events and live experiences than ever. This means we will see more experiential marketing—or campaigns that engage consumers in activities that have emotional appeal—in 2023. Art Installations will make a comeback as having a well-designed art installation can give you social media mileage.

Ongoing social experiments leading to digital amplification will continue to thrive with a combination of viral and paid push. Pop-ups and before/after will attract consumer attention again. Live events, especially those that converge with online channels, will gain extreme popularity.

What can you do now? Get a competitive edge by increasing your results in these key areas. A revolution in technology has led to the rise of a fluid interwoven world wherein marketing quickly adapts or fails.

 Edited by Aditya Krishnan

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members