By now, almost all of us have come across the term “metaverse.” Most of us have seen Mark Zuckerberg in his entirely virtual room in his introductory video for the Facebook rebrand to Meta.
While a lot of us associate it with social media, gaming or even commerce, fewer of us currently think of traditional businesses when we think of the metaverse.
However, McKinsey and Company recently revealed their “Value creation in the metaverse”report, with insights from global leaders in technology industries.
According to the report, 95% of business leaders are expecting a positive impact on their industry within five to 10 years as a direct result of the metaverse. With this statistic, it now feels impossible to reduce the metaverse to a short-lived stunt.
The metaverse might still be in its infancy, but arguably, the pandemic has significantly sped up developments. With a greater need for advanced remote working, commerce and communication technology, it’s no wonder the metaverse is at the forefront of many business leaders’ minds. Global businesses and brands are recognizing the potential power of investing in these increasingly virtual worlds.
Think about it. In the virtual world, anything is possible. Can your business afford to ignore the metaverse any longer?
From NFTs to high-end brand wearables, there is money to be made in the metaverse. Here are just some of the ways your business could create value by embracing the metaverse.
What is an NFT?
NFT stands for “non-fungible token.”
It is an asset on the blockchain that Investopedia explains is distinguished by its metadata and unique identification codes. The owner of any particular NFT is recorded within the blockchain. They then have the power to sell these assets, in some instances for enormous sums.
Brands such as Gucci and Dolce and Gabbana are already selling virtual wearables. Just like in the physical world, you can upgrade your avatar to wear some of the biggest labels in the world—for the right price. Who knows: If a customer sees something they like in the metaverse, what’s to stop them from heading into a physical or e-commerce store and purchasing the real thing?
While physical stores may feel the sting of increased metaverse activity, retailers have a huge opportunity to increase their e-commerce sales with the adoption of this augmented reality approach.
Already, a number of furniture retailers and manufacturers are introducing augmented reality technology that allows you to see what your potential purchase will look like in your home. This eliminates a now historical problem of having to trawl through showrooms with no real concept of what your future home may look like with your new find in it. Soon enough, we may see this same augmented reality technology applied to fashion retailers, technology retailers and beyond.
When you combine virtual and augmented reality with conversational commerce, technology shoppers could soon experience the same personalized experience they know from stores entirely online.
Even smaller retailers could find something to gain. If you’re creating digital assets for your brand, you may be able to capitalize on these in the form of NFTs in the metaverse. You never know what kind of additional business and brand awareness this could draw.
You can take on the world, literally.
Like any of your other digital channels, the metaverse gives you opportunities to connect with people, prospects and customers from all over the world. Just as the introduction of the World Wide Web connected people around the globe, the metaverse could, arguably, be even more accessible and immersive.
If your business can leverage the power of the metaverse and facilitate future campaigns within it, you could be looking at global expansion for fractional costs. In this digital space, your capacity for creative campaigns may know no limits.
Companies have a space to interact with global talent.
In the metaverse, your talent pools are now limitless. More businesses around the world are opting for more flexible and remote work (the likes of Twitter, for example).
Subsequently, opportunities within industries are no longer bound by geographical boundaries. Those who might never have applied due to geographical limitations now have the world at their feet without expensive relocations.
They can leverage it for connection and collaboration.
As the pandemic has demonstrated, connection is more important than ever before. While the advancement in remote working technology has done a lot of good, it’s still easy for some teams to feel disconnected, particularly as more organizations decide to take their teams remote.
The metaverse can also be used as an internal tool within organizations as a means to keep teams in touch and create the company culture they need for success. It may well prove to be an effective way to keep teams connected, wherever they are in the world. As well as the social aspect, collaborative workflows may also prove to be smoother and more convenient.
As the marketing director of a company that offers gamified simulation training solutions, I believe advancements in VR and ARAR for training purposes could also be a positive development in the metaverse. Differing from traditional training methods, this more immersive style of learning could help employees feel more engaged with their learning and retain the new knowledge and skills they’ve learned.
When the internet was launched, there were skeptics. Progress often goes hand in hand with cynicism. It’s clear to me that if they utilize it well, there could be a number of advantages for businesses in the metaverse.
Can we afford to keep ignoring the future?
Quelle:
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