Harnessing the metaverse in Automotive

The automotive Industry is undergoing a rapid transformation, driven primarily by digitalization, connected experiences, and changing consumer needs. The metaverse, an evolution of the way we experience the internet today, is expected to affect all facets of the automotive industry, including manufacturing, product customization, and brand loyalty.

For the uninitiated, the metaverse will be a combination of emergent technologies such as augmented reality (AR), virtual reality (VR), artificial intelligence (AI), 5G, and others. Together, the technologies will create a shared 3D space where users can interact with other people and the world around them. In other words, it’s a customizable digital overlay on the real world – one which represents the convergent point of most, if not all, media computing and communication technologies. This technology will allow human beings to exist, meet, and work in the metaverse as their digital avatars.

Understanding market dynamics

Consumers are increasingly looking for integrated and personalized experiences which inspire, engage, and delight them. They also want engaging and responsive service. Metaverse could assist the automotive industry by delivering these experiences through an immersive and frictionless customer journey. Metaverse has the potential to bridge the gap between dealers and consumers by allowing them to touch, tour, and test drive cars in the metaverse itself; it also empowers customers by enabling online transactions though non-fungible tokens (NFTs) and cryptocurrencies.

Across the globe, automotive manufacturers are taking a leap into the metaverse with the launch of virtual experience events, and factories; they are also streamlining operations and training their workforce to connect with the new generation of consumers. Automakers can understand in-depth insights by examining sensory experiences which gauge the interest level of potential consumers. They can partially compensate the lack of inventory by using immersive virtual experiences to help potential consumers envision and configure their desired vehicles.

The Metaverse advantage

Harnessing the metaverse will allow automakers to strengthen relationships with their consumers by transforming traditional operations. The metaverse also has the potential to empower consumers to assume a greater role in the creation and customization of products; this could, in turn, open new avenues for brand engagement and product development.

Download the full infographic to find out more about – Immersive technology and its impact on the automotive Industry.