Metaverse will Turn India’s Automotive Industry into a World Giant – Metaverse is the “new stuff” in the world automotive industry. Since Facebook changed its name to Meta, it has become something that has started to shake the conventional world in almost every field. Especially those directly involved such as automotive. It is not surprising that several countries with large automotive industries such as India also experienced a major impact from the presence of the Metaverse.
In this regard, the future of the conventional car industry is in tension. The flurry of pandemics, unrelenting customer expectations, and the rapid transformation of technology are driving a disruptive wave of innovation. And Metaverse is one of the technological innovations to answer these challenges.
Metaverse will Turn India’s Automotive Industry into a World Giant
Until just before Metaverse came into existence, there was still a lot of noise in the automotive industry due to the existence of Virtual Reality (VR) and Augmented Reality (AR). Older players are starting to emerge from these distractions and adapt to both. However, not to mention that they were actually able to break free, now there was an even more terrible disturbance between the two of them. This new disturbance will even be ready to revolutionize the world’s automotive industry. Metaverse lives on top of Web3 technologies such as VR, AR, NFT, and blockchain and is poised to impact new frontiers of the automotive sector.
The automotive sector actually lags behind other sectors. Call it the sectors from retail to real estate that are starting to explore the metaverse so far. Automakers and dealers are starting to venture into the realms of alternatives to the metaverse. All have a clear goal of attracting and engaging digital consumers, exploiting manufacturing design and technology, and even seizing new commercial opportunities. Automotive manufacturers such as Nissan, Honda, to Porsche have even entered the Metaverse world first.
Although it seems simple, all must know the metaverse more deeply. Obviously, it is to be able to survive and thrive in this modern world of mobility and metaverse. Car players also need to understand the metaverse and what it means for the automotive industry.
Towards 100% Online Transactions
There is something interesting about the life of the world’s automotive manufacturers and dealers in the metaverse. We know the Indian population is very large. It barely made a huge gap between all residents and car dealerships. Not a few consumers are worried just to come and ask the price of the car and its features. Not to mention the long distance that consumers may be reluctant to take their time.
Metaverse can bridge the gap between the customer and the dealer. With the existence of the metaverse, it is possible for a customer to touch, tour, and test a car without having to physically meet. With digital car showrooms popping up across the metaverse, customers can virtually explore new and used vehicles. – Of course, manufacturers and dealers already have access to the metaverse. – Meanwhile, we know that auto retail in the metaverse will be similar to a virtual showroom. Customers can walk around the room and take a closer look at the vehicle they want. Not only that, but customers can also take it for a spin around the virtual block. All of that is a form of convenience for all Indians to get 100% access online.
In addition, metaverse supports online transactions using NFT (Non-Fungible Tokens) and cryptocurrencies. With this type of payment transaction, it is possible for a customer to buy their dream vehicle online. It can help buyers and owners create or print their vehicle’s NFTs to give them a distinct identity. It doesn’t end there, customers can also create NFTs of their vehicle’s license plates for them to resell to other customers. Metaverse opens the door to remote and 100% frictionless car retail.
A New Form of Advertising on the Metaverse
So far, advertising has only reached the top of social media. Even that peak has not reached the last decade. The emergence of the metaverse as a new world, then this will change a new form of advertising in the metaverse. Not only the shape, but includes management and form that is completely different from before.
This form of advertising is a lead. Contextually the ad is as an immersive trading venue. This means the metaverse will be home to retail stores and malls. Although it will require more effort, but this is actually a golden opportunity for car makers and dealers. How not, they will be able to reach metaverse users widely around the world without any boundaries as a new alternative way of advertising.
Interestingly, many have actually started exploring this new advertising space. Even like Toyota, Honda, to Ferrari have also tried to explore it. With the metaverse world, car advertisers around the world will be able to compete well into the metaverse’s user base.
Ensuring Cross-Sectoral Collaboration
In the automotive sector, automotive industry players will benefit greatly from collaboration in the metaverse. In the metaverse, players in the auto industry can efficiently design vehicles, test components together, and can also build virtual showrooms. It doesn’t stop there, designers can also carry out the design process, make efficiency and material procurement easier. They can also share vehicle prototypes in real-time with other designers around the world.
Auto industry players from around the world can use AR and VR technology to collaborate virtually. That way they will also be able to measure performance and correct errors in real time. In addition, the metaverse provides a virtual space to test and verify new vehicles, components and technologies before launching them in the physical world. Thus, companies to reduce the risk and costly mistakes before investing large sums.
Metaverse can be a game changer when it comes to supply chain optimization. From vehicle design to material procurement to manufacturing, the metaverse and its technology can be leveraged to streamline supply chain management.
In addition to strategic collaborations, the metaverse will allow automakers to create virtual manufacturing units. Such virtual factories can help manufacturers streamline production line layouts, accelerate material procurement, and maintain inventory. Metaverse provides a robust simulation environment for conducting research, design, procurement, and testing in a secure and cost-effective manner.
Customer is King
In many ways, the automotive world is actually quite lagging behind in the metaverse. This is how retail and hospitality have entered the world of the metaverse. They are ready with various forms of virtual buildings which are the main requirements. In fact, in the automotive world, manufacturers have not been able to present the art of providing a good customer experience. Nothing is instant, but the automotive world may fall asleep with its conventional conditions.
In the automotive world, today’s customers expect highly personalized service. Most of them are always results-oriented and responsive. Metaverse can assist auto manufacturers and dealers in providing this experience. One of them is by creating an immersive and frictionless customer journey. With car showrooms in this realm, customers can skip dealer visits and browse and purchase vehicles from the comfort of their homes.
With the existence of such a metaverse, the customer is finally like a king. There is no longer any gap to go wherever he wants in the vehicle showroom. And this is actually what the world’s consumers including India have wanted for a long time. Psychologically, such a world will provide comfort for both customers and providers of goods and services.
Looking Ahead – Metaverse will Turn India’s Automotive Industry
It is not easy for anyone who wants to enter the new world of “Metaverse”, including automotive manufacturers in India. There will be a nascent stage of development that takes time to prepare. However, the metaverse has the potential to truly revolutionize the automotive industry in India. With several players entering the metaverse to build virtual factories, launch NFTs, and open digital showrooms, the metaverse will eventually become mainstream. Players entering the metaverse today are well positioned to take advantage of the opportunities that arise. The world’s automotive manufacturers have started, and now India will soon catch up with them to play in the metaverse.