Metaverse refers to a virtual 3D world that uses a combination of technologies such as virtual reality, augmented reality, blockchain, AI, spatial computing, and the Internet to create a world where humans interact with each other and with businesses using “digital avatars.” make it possible. Metaverse users require special devices to enjoy the immersive, multisensory experience of this medium.
Over the past three years, the metaverse paradigm has generated a lot of excitement, but it has lost its place among the top technology trends. Although it is difficult to predict the future evolutionary path of the Metaverse, it is very likely that the Metaverse will gain importance as the physical and virtual worlds coexist. This has already proven its value in a variety of sectors, including commercial, education, healthcare, and leisure travel, both in improving customer experience and reducing operating costs.
Metaverse can transform customer experience
As the battle to attract and retain customers intensifies by the day, business leaders are recognizing the potential of customer experience as a source of tangible competitive advantage. The “moment of truth” is no longer just when you purchase a product or service. Customer advocacy is essential to securing repeat business and relies heavily on customer experience.
There are several use cases that demonstrate how the Metaverse can help companies deliver great customer experiences. For example, travelers can get an immersive experience about the cruise and destination even before they book. They can interact with the ship’s captain and others on the Metaverse and obtain information about the ship, its route, onboard dining and entertainment, and safety features.
In the automotive industry, manufacturers use Metaverse to enable potential customers to explore features and take simulated test drives to evaluate comfort, road handling, and other factors. This reduces the hands-on research and testing that usually comes with buying a car.
Metaverse technology makes it easier for doctors and surgeons to collaborate on diagnosis and treatment (including surgery), improving patient outcomes.
Cosmetics brands are being personalized on the Metaverse with the help of NFTs (Non-Fungible Tokens) and POAPS (Proof of Attendance Protocol). This improves user education, promotes inclusivity, and accelerates new product launches.
Millennials and Gen Alphas are early adopters of the Metaverse, seeing it as an extension of gaming. This can be used to build competencies around financial literacy, mental health, diversity, ESG, and more.
Combining Metaverse with robotics can improve the training of technicians for repairs that involve handling hazardous materials or working in difficult working conditions.
Metaverse can also be used to engage with “internal customers.” New employee onboarding (or town hall meetings) at various locations will become more interactive, immersive, and more engaged with the metaverse. Your training program can be more effective by properly catering to your learners’ learning style and pace. Metaverse not only increases learner flexibility and personalization, but also reduces costs. It also reduces the amount of time employees have to take away from their regular jobs. This is a huge advantage when training your sales and customer service teams.
Metaverse technology can improve the efficiency of the design-to-product launch cycle. For example, brainstorming sessions about innovation and product design become more interactive. During a product launch, Metaverse can increase stakeholder awareness and interest. A shared metaverse can support business ecosystem strategies. For example, a car dealership, bank, and insurance company can all belong to the same metaverse.
There are challenges with introducing the metaverse.
Many challenges must be overcome for the Metaverse to become as ubiquitous as websites on the Internet.
- Reduce the cost of devices such as VR headsets
- Addressing concerns about data privacy and the threat of cyber-attacks and fraud
- Device manufacturers may have access to personally identifiable information, increasing the threat of data breaches and abuses such as bullying, body shaming, and sexual harassment.
- Developing global standards and protocols for interoperability and performance
- Introduce robust and globally effective regulations to govern crypto assets.Cryptoassets will be a key element in enabling commerce in the Metaverse
- Reduce the energy consumption of Metaverse devices and apps as the world fights climate change and becomes more sustainable.
Ignoring the metaverse is dangerous
The promise of the Metaverse world also takes time to blossom. A better metaverse (“Betaverse”) will evolve over the next few years and shape the way companies operate. Younger employees and customers will prefer to engage and transact with the alternate reality provided by the Metaverse. A combination of innovation and supply chain configuration will make devices more affordable. The next generation of metaverse will integrate generative AI to further disrupt the customer experience. As new mobile protocols become more widespread, accessing the metaverse will become easier and cheaper.
Metaverse technology can improve customer experience and operational excellence. Companies that have already invested in the Metaverse will analyze performance and fine-tune their strategies to optimize ROI, but companies on the fence will also take the plunge to avoid being blindsided by more agile rivals. will take action.
This article was written by Bindya S Raj, Associate Vice President, Head of Strategy, Planning, Operations and Digital Experience, Infosys