There are very few people who currently have a good grasp of the Metaverse. Most leaders would even question whether it truly matters for their company. Metaverse does not have an official definition yet, and it might take a year or two until we get there. However, suppose businesses wait for Metaverse to take shape fully. In that case, it will be too late for them to be an industry leader in embracing the Metaverse, and the first-mover benefits will probably go to a competitor.
What is Metaverse, and what does it mean for Businesses
Metaverse is the new interactive digital environment where users are represented by avatars and can socialize, play, and work with each other in a 3D virtual world. A simple definition of Metaverse would be that it’s the 3D version of the internet. The way mobile internet brought retailing to everyone’s fingertips on a 2D screen, Metaverse will bring the 3D virtual experience closer to the physical self. It will place the user at the centre of a 3D virtual world.
Several of the underlying concepts of the Metaverse are already becoming concrete. Companies are using the building blocks of Metaverse for various purposes, from conducting brainstorming sessions to consumer expos and client meetings. The companies who are still unsure if Metaverse is worth exploring have many examples already from pioneers in various industries. Below are some of the business opportunities companies can test out today.
Business opportunities in the Metaverse
1. Virtual events
Many companies are starting to try 3D virtual events by going beyond zoom and having roundtables, keynotes, and the like involving participants from around the world. There is no longer the need to fly in the keynote speakers. This will save your travel costs and reduce your carbon footprint, hence achieving goals towards environmental causes as well. As Mixed Reality (MR) capabilities advance, companies are also looking into hosting consumer expos in a virtual space. Beyond business, an increasing number of pop stars are holding concerts and performing on virtual platforms. For example, Travis Scott and Ariana Grande performed at virtual Fortnite concerts.
Using the advanced interactive technologies of mixed reality, companies can advertise their products in the Metaverse. Companies can provide close to authentic experiences. The target customer will be able to experience how the product will perform after the purchase and get rid of any apprehensions they may have about the product. For example, brands like Wendy’s and Deliveroo participated in Fortnite games to get their message across to millions of users.
3. Immersive purchasing experience
Metaverse is an immersive technology where the participants would be able to interact with digital objects and peoples’ avatars in real-time. The technology will evoke all the human senses, and businesses can improve their consumers’ experience by connecting to them more interactively than all the available means.
Given that companies and clients are often located worldwide, Metaverse meeting space helps companies achieve complete flexibility in where and how they deliver engaging client presentations and buying experiences. The productivity tools help them guide the customers through complex content and visualization.
4. Engaging training sessions
PwC, in their research, highlighted that participants who undergo training in VR are better capable of applying their lessons than if they were training in a classroom or on video conferencing. The adaptability of VR also allows companies to build a digital replica of real-life situations and allow participants to learn through practice.
5. Employee engagement
The immersive nature of VR makes it an appropriate tool to generate the feeling of in-person presence for a distributed team. This presence increases the likelihood of people forming genuine relationships based on interactions beyond stand-ups and meeting calls. In your Metaverse Office, you can organize many activities like a game of Pictionary or a scavenger hunt to build a connected workforce.
Leading companies are already taking advantage of these business opportunities on a case-by-case basis. As the Metaverse evolves, these use cases will be used together and also combined with more possibilities like seamlessly switching from a business meeting to a game of golf with a prospective client. Today, the Metaverse is at a nascent stage where first movers can position themselves to enjoy asymmetric benefits. Once the Metaverse becomes as common as the internet, it will probably be too late for a company to pivot, adopt new technology, and gain a competitive advantage.