The Metaverse offers a realistic 3D digital world in which one can interact with customers and communities while buying and selling goods and services, signing and enforcing contracts, hiring and training employees, and more. Customers (and businesses) can take their identities, currencies, experiences, and assets wherever they want.
The market size of Metaverse in 2022 was USD 47.48 billion, and it will reach USD 678.80 billion by 2030 representing a 39.44% CAGR.
By using Metaverse, one can put virtual reality (VR) headset and visit a factory on the other part of the world. Customers could test drive from one competing virtual car dealership to another.
Over the last decade, PwC has identified the most important new business technologies and how they are converging in ways that are beginning to make parts of the Metaverse possible.
Cloud technology now addresses the extended reality and immersive interfaces’ processing power and storage requirements. AI is assisting in developing digital reflections that integrate speech, computer vision, and deep learning to provide users with authentic experiences. The decentralization of finance and the economy, enabled by blockchain, enables partially automated financial systems. The demand for the virtual goods and experiences that the Metaverse offers is also growing due to digital native consumers and the pandemic’s effects on consumption patterns.
Metaverse Benefits Explained –
Reduction of cost
Businesses increase their profit margins by reducing costs, which boosts revenue. The Metaverse connects users from all over the world. Organizations can meet their clients, suppliers, and stakeholders virtually rather than having to organize physical meetings or fly some of their representatives out for lobbying. This is a good thing because it eliminates costs like transportation.
Increased virtual cooperation and collaboration
The Covid-19 pandemic compelled businesses to depend on remote working, given the work-at-home policies enacted by various governments and adopted by businesses to combat the virus’s spread. Teams, Zoom, and Slack, were used by companies and businesses to conduct operations and meetings.
Employees discovered that remote work allows for more collaboration opportunities, fostering growth and success. It will improve virtual collaboration and cooperation by making it more immersive and inclusive. Additionally, it promises a world where businesses and employees can cooperate, work, and profit in a streamlined, efficient, and convenient manner.
The Metaverse also ensures the establishment of virtual offices, where employees can report to work every day and perform their duties normally, not in their physical form. Microsoft, one of the biggest companies implementing Metaverse, wants to improve its Teams platform by transforming it into a full-fledged workplace platform with avatars and an immersive experience.
To be successful, organizations must be more open to the Metaverse and see it as a place to experiment, collaborate, and increase productivity.
Increased Brand Awareness and Market Reach
Benefiting businesses include Coca-Cola, Louis Vuitton, Burberry, and Gucci. For instance, Burberry recently collaborated with the well-known video game Honor of Kings and added its designs to the game for players everywhere to see.
For example, Balenciaga collaborated with Epic Games, one of the best NFT game developers and the creator of Fortnite, to have its collections featured in the game.
Several organizations can follow suit and market themselves in the same way. This strategy makes sure they extend their reach and break into new markets.
Since the outbreak, most people have preferred to do things online, such as purchasing items, obtaining services, and scheduling appointments. Organizations can use real-time insights from the Metaverse to change their business models or services. As a result, businesses will benefit greatly from this innovation.
Both big and small businesses are looking for innovative business opportunities in the Metaverse. They are primarily interested in marketing their products and technologies to millennials and Gen Z. The Metaverse is also seen by many as a rich dimension where one can experiment, train staff, create leadership opportunities, and more.
Metaverse Adoption into Businesses
Businesses are already utilizing augmented and virtual reality to give customers experiences and engage them in new ways. H&M set up a designer booth in their Tokyo store for the Japanese premiere of a new Star Wars film in which Customers could use Magic Leap augmented reality glasses to transform plain black t-shirts into personalized apparel they could take home with them.
Other businesses are experimenting with AR and VR to allow customers to try on or out their products. For example, Ferrari, showcases their models in augmented reality, allowing car buyers to “walk” around the cars and even look inside the engines and braking systems.
Many retailers are also experimenting with 3D virtual versions of their products. Consumers will become increasingly interested in purchasing NFT garments that mimic physical clothing and accessories.
Businesses can also add value to their immersive experiences for customers by incorporating storytelling. A whiskey company collaborated with a hotel to develop a new cocktail and then developed an immersive experience which transports the consumer to Scotland and lets them fly over the Highlands, and provides them a virtual tour of a distillery. Immersive brand storytelling experiences are an excellent way for businesses to connect with customers in novel ways.
Every business should begin considering the use of virtual reality for staff or in-store training. Businesses can use virtual and augmented reality to experience the metaverse and practice tasks they already need to complete within the organization. As a result, they can benefit from cost savings and increased employee retention.