WHAT IS FOOT TRAFFIC?
In real state, foot traffic is the flow of people walking through a commercial or business area. It is measured in number of people per hour or per day. It acts as an important indicator of economic activity in an area, as it reflects consumer interest in the businesses and services on offer.
In the virtual state, foot traffic is the number of visitors accessing a website or application. It is measured either in number of unique visitors or in number of page views.
In both cases, foot traffic is an important factor for businesses and companies, as it helps them measure the success of their marketing and sales strategies.
ADAPTING TO THE METAVERSE
Of course, digitalisation is constantly evolving and when we talk about the virtual state, we cannot help but automatically think of the metaverse from the perspective of buying, selling or renting virtual properties.
Metaverse properties in virtual worlds are constantly increasing in value. In addition to the shortage of properties after the sale of available land, whoever owns them automatically creates speculation on the adjacent land:
At the top, there is a map on a grid, on which different experiences and companies are placed. Of course, properties that are located near more recognisable properties such as “The Walking Dead” have a higher value than those that are simply among other users in the community, as can be seen on the right-hand side of the image.
Here it is exactly the same with the properties near the project of the famous rapper singer Snoop Dogg where some of them, which are offered for sale, have an incredible value. Take a look :
Last December the property was purchased for just over 18 Ethereum, which at the current bear market exchange rate today is about $17,000.
However, there are higher prices on other platforms.
The Sandbox is not the only option or the only example. It is exactly the same for others such as Earth 2 where we can learn more about the importance of foot traffic based on parallels with real locations on the planet we inhabit:
An area of China’s Forbidden City was traded as you can see on several occasions, ranging from its initial value of $84.70 to the latest transaction in January 2022 reaching $30,000.
This area is none other than “The White House” in Washington. Yes, that’s right, the famous White House of the United States, which from an initial price of $52 had a revaluation of $75,000 as of January 2022.
In the Earth 2 project, almost 114 million virtual properties have already been sold (each plot represents a 10x10m² property).
THE MAIN REASONS FOR THIS
The first one that comes to mind is simple: Speculation.
Absolutely. But this speculation on virtual land also exists on real land. Speculation has been present in the brick industry since ancient times.
The second reason is the fame of the place present. These places have in common that they are areas that are widely known worldwide, so that the buyer and any user can determine that they are crowded areas where the traffic of people in the surrounding area is very high.
When foot traffic is very high, companies or advertising always want to establish themselves in areas close to it. The higher the chance to be visible, the higher the chance to be visited or known.
And yes, these are virtual properties, but they also have their value in two ways:
1. Virtual worlds ( Virtual Reality )
2. Augmented worlds ( Real impact through Augmented Reality )
USES OF FOOT TRAFFIC FOR BUSINESSES
CREATE PERSONALISED EXPERIENCES FOR USERS
Businesses can use foot traffic to create personalised experiences for users. For example, a fashion company could use foot traffic to identify users who are interested in a certain type of clothing. The company could then create a personalised experience for those users, which could include product recommendations, special offers or exclusive events.
A gaming company could offer users a reward for spending a certain amount of time in its virtual space. This could help the company increase user engagement and promote its content.
CONDUCT SURVEYS AND MARKET RESEARCH
This can help them better understand users’ needs and preferences. For example, a technology company could use foot traffic to survey users about their experiences with a new product.
LAUNCH NEW PRODUCTS AND SERVICES
In this way, you aim to reach a wider audience and get feedback on your new offerings. If you are a food company, you can launch vegan products if you find a lack of vegan products after the feedback.
And like the above examples, there are many more in different sectors with application in areas with a high number of users.