The pandemic pushed P&G into the metaverse. That decision could be very lucrative
Experts predict much of the internet will be metaverse-based by 2030. Not wanting to be left behind, leading brands are dabbling in virtual environments now and finding there is a potential to make a lot of money.
McKinsey & Company tells businesses, “Now is the right time to adopt a-test-and-learn mindset.”
Cincinnati-based Procter & Gamble has been in the gaming space for the last five years. At the January 2020 Consumer Electronics Show, it debuted its metaverse space, LifeLab. The company describes it as “an immersive hub where consumers could learn about P&G and interact with people and products from some of our most iconic brands.”
Experts say in 5 years, the metaverse will be mainstream. At P&G, we plan to be at the forefront of that virtual innovation. Find out more about how P&G is leveraging the power of the #metaverse as we design for the future: https://t.co/oprD0d1m74 #PGInnovation #PGDesign— Procter & Gamble (@ProcterGamble) May 24, 2022
“It was shocking the amount of time that people would spend with us in our metaverse,” says Phil Duncan, chief design officer for P&G. “Whereas they might jump on a brand website and spend 5 or 10 minutes, they were engaging 20, 25, 30 minutes in the metaverse, engaging with our influencers who were their own avatars and our own employees who were in the space.”
Procter & Gamble created the below video for WVXU to let people experience its metaverse space.
You can access the metaverse through VR headsets and website streaming. Procter & Gamble's presence there is not constant; it will officially open again during the Consumer Electronics Show next January. Duncan says if there's enough interest, the P&G metaverse will remain open. During the Tokyo Olympics, it showcased SK-II City, honoring the culture and traditions of Japan. Duncan says the metaverse is touching every kind of global situation at P&G.
“We have our European teams, we have our Asia teams. China’s particularly deep into this space because of all sorts of means of really disruptive commercial models, merchandising models, ecommerce models, that they’ve really, frankly, been leading us in many ways over in the U.S.," Duncan says.
Duncan calls it a “learning journey.”
Don't look for this virtual world to slow down. McKinsey & Company reports internet searches for the metaverse increased 7,200%. It predicted the opportunity to create a global metaverse presence could be in the trillions.