Metaverse dominance in commerce is not a far-fetched reality. according to the data, VR and AR technologies, a key part of the Metaverse experience, will add $1.5 trillion to the global economy by 2030. This is a significant growth compared to $46.5 billion in 2019.
The Metaverse gives businesses a competitive edge by improving marketing, reach and brand awareness, communications, accounting, and customer journeys.
more data show As the adoption of VR and artificial intelligence (AI) increases globally, the metaverse market is projected to grow by almost 40% over the next eight years.
Here’s what you need to know about the metaverse and how it can help your business.
What is the Metaverse and what does it mean for your business?
The Metaverse is a realistic 3D digital world where you can perform activities such as signing and enforcing contracts, buying and selling goods and services, interacting with communities and customers, recruiting and training talent, and much more.
These activities may be replicas of real activities or purely virtual activities. The experience also includes the ability to touch and hear objects within the virtual environment.
For example, using the metaverse, consumers can virtual shopping experience At a car dealership in one part of the world, they can touch and test drive a car and then quickly travel to another location to experience a competitor’s product.
What constitutes the metaverse?
The foundation of the Metaverse consists of six key concepts that companies can leverage to expand existing lines of business or create new lines of business. Companies in various industries are already real estate etc.retail, and entertainment are investing in them and making a profit.
These concepts include:
Cryptocurrencies, non-fungible tokens (NFTs), and other blockchain-based assets, digital currencies, and exchanges underpin the economy of the Metaverse. They underpin value exchange across the metaverse, with room for further innovation to incorporate governments, digital-only organizations, and other enterprises.
Thus, individuals, businesses and governments can use a trusted digital currency system to make loans, real estate investments, payments and much more.
A true metaverse is based on Web 3.0 and other emerging standards with seamless interoperability between platforms and users. This interoperability creates new challenges in protecting and collecting data for privacy and cybersecurity, but also gives businesses new ways to reach and understand their customers.
The metaverse operates according to various user rules, such as tax collection, regulatory compliance, and data governance. Authenticity and brand trust must be put at the forefront, with a clear goal of reducing the misinformation that has plagued the internet.
Identities on the internet today are linked to platforms. These identities may be anonymous, real, or pseudonymous. The metaverse will require trusted digital entities that are transferred between platforms to identify assets, people, and organizations.
These digital identities can be central to data governance and collection in the metaverse.
The Metaverse offers a unique experience with its own aesthetics, tastes, ideals and beliefs uniquely expressed through personal choice. Organizations must adapt to new trends in user experience to gain customer loyalty and better predict consumer behavior and preferences.
A true metaverse persists whether or not you actively participate. Changes made by other users are also reflected in real-time, and smart contracts automatically enforce contracts without your input.
This sustainability will most likely require new approaches to digital asset management and activities by businesses.
What does the emergence of the metaverse mean for business?
The Metaverse has significant implications for today’s businesses. As it stands, the Metaverse promises:
- Metaverse-only virtual products sold by companies
- Richer customer experience
- new customer data
- Phygital products resulting from the marketing and sale of digital and physical products and services
- New metaverse payments and finance
- Introducing the hardware and applications that support the Metaverse experience
Most technology visionaries predict that the organization running the metaverse platform will not have primary control over the platform’s governance, data, and transactions. This enhances interoperability, allowing customers and businesses to carry their currency, identities, assets and experiences to any metaverse of their choice, creating a highly portable and customizable digital world.
How Businesses Gain a Competitive Advantage Through the Metaverse
Your business can leverage the Metaverse and its capabilities to outperform the competition. Here are some compelling benefits of the metaverse for your business:
Advertising in the Metaverse enables businesses to reach audiences using new media and create highly personalized experiences using integrated data analytics programs. These experiences are precise and non-invasive.
data show 71% of consumers complain that their shopping experience is not personalized. Therefore, the benefits of marketing personalization are huge for brands.
The rise of remote work has created communication challenges within the workspace, impacting employee productivity. The Metaverse provides an interactive answer to this question, enabling seamless collaboration and communication between remote teams to facilitate rapid product development and service delivery.
data show 8 in 10 believe communication can make a big difference to growing their business. Therefore, the metaverse facilitates rapid business growth and improves the bottom line for most businesses.
Better reach and improved brand awareness
Reaching the younger generation is difficult in today’s highly fragmented media landscape. Roblox Games, one of the most active metaverse platforms he 42.1 million daily active userstwo-thirds are Gen-z.
The Metaverse offers a unique opportunity to connect with this audience and increase brand awareness within the demographic.
Holistic consumer journey
The Metaverse addresses the entire customer journey, from discovery, trial and review to adoption. This is achieved through immersion, interactivity, and interoperability.
Customers discover products in new ways and have the opportunity to try and experiment before buying.For example, a skateboard retailer Van used Roblox Launches interactive skate park “VansWorld”, engaging millions of consumers.
Accounting departments can use the Metaverse to share and edit critical information more efficiently, improving the performance of remote accounting teams working with complex data. The Metaverse makes this possible by improving the accessibility of your data, increasing your company’s accounting efficiency.
It also enables accounting teams to generate and analyze data that can drive critical business decisions and provide customized financial reports to business managers and clients.
Start transforming your shopping experience
The Metaverse ushers in a new dawn for e-commerce. contact Join today’s experts and learn how brands can enter the metaverse through engaging virtual experiences.
Efrat Tzory ByondXRis a retail technology company that has developed its own XR-enabled e-commerce platform, a scalable platform that enables brands and retailers to step into the metaverse to create and manage virtual stores and showrooms to improve customer engagement and sales. Disrupt the industry by offering a powerful immersive solution.
Efrat is a Senior Marketing and Strategy Advisor and an accomplished digital expert with extensive experience and proven track record in senior management and strategy consulting. Efrat brings with him over 20 years of experience in helping companies increase not only their visibility but also their value. She has developed and executed her B2B and B2C marketing strategies for leading consumer brands, Israel’s largest energy company, start-ups and financial companies.
At ByondXR, Efrat is responsible for digital marketing strategy, creative marketing strategy and growth management.