How the Metaverse Completely Changed the Game for the Beauty Industry
Here at Beautyque NYC, we’re always looking for ways to stay ahead of the game in our industry. One way we do this is by keeping an eye on the biggest upcoming trends. The metaverse is one trend that’s taken the world by storm, and every industry wants in. Including the beauty industry. But what is the metaverse and why it is set to be a game-changer for brands and customers? Let’s find out.
First off, we need to explain what the metaverse is.
Science-fiction writer Neal Stephenson coined the term metaverse in his 1992 novel, Snow Crash. The term describes a virtual space where consumers and businesses meet up to inter-react, socialize and work together. You might think this just sounds like the internet, but the metaverse expands on the concept. Instead of a static virtual space, it’s a network of 3D worlds accessed using virtual and augmented reality headsets and customized avatars.
In a nutshell, as the consumer, you’ll exist in the metaverse and explore it as an avatar, interacting in a virtual world just like you would in real life. You can make friends, try out products, make purchases, enjoy activities, and do just about anything you can do in the real world.
For businesses, the metaverse provides an opportunity to reach an even larger audience and to compete in what seems like the next generation’s internet. For the beauty industry, the opportunities are endless, and when the metaverse truly takes off, marketing is never going to be the same. And for us as consumers, shopping will take on a whole new dimension.
How Will The Beauty Industry & Its Customers Benefit From The Metaverse?
Although not yet live, the metaverse is set to offer the following benefits to businesses and customers if it unfolds the way it’s expected to:
Increase In Sales & Consumer Networks
There’s no denying that the metaverse will provide the beauty industry with an opportunity to establish an even bigger network of customers. Living within larger urban areas has allowed people easier access to their favorite beauty stores and products. The introduction of this newer and fresher augmented reality space will offer people who didn’t have the privilege of having easy access to urban areas the opportunity to try and buy in the comfort of their own homes. This will mean that beauty businesses can reach a potentially as-yet-untapped audience and increase their sales accordingly.
For customers, the benefits of a bigger consumer network are clear. Anyone in the metaverse can head to a virtual store, talk to virtual salespeople about products they’re interested in and have the full customer experience while staying at home.
New Branding Opportunities
Businesses are forever trying to find new and interactive ways to improve their brand visibility. Most brands currently use digital marketing and social media platforms to promote their product offerings and engage with their audiences. The beauty industry’s shift from traditional forms of promoting their products to social media has provided better product recognition, and with social commerce, sales have skyrocketed. Moving to compete within the metaverse will bring the benefits of capitalizing on the value of virtual sales. Brands can create digital versions of their products and have them on display, offering new and exciting branding opportunities in a virtual space.
This means that customers can engage and interact with new releases and capitalize on the branding opportunities that beauty businesses are offering in the virtual realm.
Improvement In Customer Product Engagement
The metaverse will offer customers access to rich 3D virtual graphics that are interactive and engaging. Currently, shopping online offers limited opportunities to thoroughly understand the products you’re purchasing. If you want a particular lipstick or eyeshadow, you must buy the products first to determine their suitability. The metaverse will change this. It will provide new shopping experiences where your avatar can try out a new shade of lipstick, test a color of eyeshadow, or even change up a hairstyle's cut and color. Although many cosmetic brands are already using Augmented Reality apps to do something similar, the metaverse aims to take the experience one step further. This virtual reality world aims to deliver a dynamic and engaging product experience for consumers that’s ideally suited to purchasing cosmetics and beauty products. From opening the package to trying the product, you’ll get the whole experience in 3D.
But the enhanced feeling of engagement won’t only come from the ability to try out new products in a digital sphere. Customers will feel more engaged as there’s a feeling of presence. In the metaverse, there’s a more real connection feel, and interactions are far more involved. Consumers will feel the presence of a real store and real store assistants and can interact and engage with them in a real-life, lifelike manner. The overall shopping experience goes from 2D to 3D, creating a new dimension of engagement.
Challenges Consumers Will Experience In The Metaverse
While a technological marvel, the metaverse won’t be without challenges for beauty customers. Some of the most pressing challenges expected are:
Security And Privacy Issues
Cyber attackers and hackers prey on social media users and on brands that have large followings. The metaverse could potentially become the next largest online platform, and this might pose a threat to the security of its users. Many digital platforms have come under fire for putting users’ data at risk or for not protecting users properly. The data collected in the metaverse could put us at even greater risk, especially if we’re interacting and engaging on a more in-depth level than ever before.
Advanced Digital Technology Requirements
An obvious disadvantage for the metaverse is the advanced digital technological advancements required to utilize the online platform. We know that as much as technology has improved, it’s also not always cheap or easily accessible. One of the most mandatory requirements for participating in the metaverse is an extremely fast internet connection. A large number of people around the world don’t have access to fast internet connectivity, so capitalizing on the full metaverse experience will be greatly limited for them. On top of the fast internet, accessing the metaverse will require a VR headset or similar goggles, and these can cost a pretty penny too.
Lack Of Inclusivity A Potential Issue For Beauty Brands
Throughout the years, the beauty industry has experienced criticism with regard to the lack of representation from different genders, ethnicities, cultures, ages, and body types. The industry has come a long way in addressing these past discriminatory errors. But in the metaverse, an accurate representation of every type of consumer will need to exist to continue this positive trend. For example, every hair type will need representation, as will every skin color. Body positivity is also a big buzzword and the metaverse will need to cater to every size and shape. Different age groups will require representation too, especially as just about every demographic expresses an interest in anti-aging products. The beauty industry, along with its teams of coders and designers, needs to be cognizant of consumer diversity to offer everyone relatable content.
Where To From Here?
Will the future of the metaverse ultimately change the way we shop for beauty products?
Before the internet was popularized, shopping meant physically going to retail stores. Ecommerce changed this and brought shopping into our homes, and the metaverse will take this even further.
The introduction of the metaverse is both exciting and intimidating for both consumers and the beauty industry. No one can say for certain what the metaverse means for the future of cosmetics, skincare and beauty products. But one thing’s for sure, it will bring about change.
Meta Title: How The Metaverse Will Change The Beauty Industry | Beautyque NYC
Meta Description: Find out how the metaverse is set to shake up the beauty industry. While eCommerce has been a game-changer, the metaverse has even more potential.
Author : Lara Garcia
Lara Garcia is a freelance writer covering variety of topics in the health & wellness, mindfulness space. When she’s not writing, you can find her volunteering at her local animal shelter or at the dog park with her two rescues, Boris & Bogart.
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