Why businesses can’t ignore the metaverse

In this guest article, Yaron Lipshitz, CEO of Allseated explains what the metaverse means for businesses and why they need to pay attention to the new web.

The metaverse is a gateway to a new world for both consumers and businesses. Businesses in particular have been presented with an opportunity to connect with a global audience at an immense scale, with some of the world’s largest technology companies doubling down on the Metaverse, seeing VR, AR and immersive environments as the next stage of human connectivity. The space provides opportunities to almost every industry, and companies that start utilising the metaverse now have a much better chance of getting ahead of the game.

So, what exactly are the benefits of the metaverse, and how can companies begin operating in the next stage of evolution for the internet?

What it means for business

The metaverse has the ability to effectively bridge the gap between virtual communication and reality, which can offer businesses a new way to engage employees and customers. Providing a more engaging experience allows for smoother interaction in a virtual setting, with the metaverse offering an immersive, three-dimension audio and visual presentation. There is even scope for users to experience physical sensations once haptic technology advances in the near future. Focusing on efficient and engaging virtual communication is fast becoming the key to getting ahead of the curve and providing advanced virtual support for employees, clients and consumers.

The metaverse also presents a cost-efficient way to globalise events and meeting spaces. Opting to host a “digital conference” allows for tailored solutions and reaching a wider audience, as it opens access outside of those select clients and consumers who have the capability and time to travel to events. Saving costs on renting out spaces, setting up physical booths and travel allows for large-scale events with a fraction of the headache. The use of real-time data in the metaverse can then make sure that companies are able to adapt and present a comprehensive picture of their business, products and strategy without compromising on time or detail.

But perhaps the most appealing opportunity the metaverse provides is the ability for enhanced collaboration. Digital solutions are constantly expanding their capabilities and we are already seeing the metaverse giving businesses increased collaboration, connection and engagement with prospective and current customers and employees through immersive meetings, virtual events and enhanced tools.

Moving into the metaverse

As a relatively new concept, the possibilities have not yet been fully conceptualised. The best way to utilise the metaverse is not necessarily to jump on trends or speculative technologies that are there to make a quick buck, but to look to more established tools and lay the foundation to grow alongside the new digital universe. Companies looking to send a statement and stimulate growth and interaction through the digital sphere can look to hosting events that incorporate established technologies, in order to send clear messages and cement their business as a forward-thinking staple of the new web.

Companies have seen success using immersive environments to sell products at a global scale, with the hospitality sector in particular utilising the metaverse to allow global customers to accurately visualise venues and spaces – facilitating smooth online booking and sales processes. The events subsector of hospitality has been one of the fastest to adopt meta-environments, making the most of applying the creative freedom afforded by Web3 to create bespoke experiences. Gucci is a great example, creating the virtual “Gucci Garden” to create a one-of-a-kind experience that allowed the brand to open up an event to fans in every corner of the globe, gaining over a million visitors over the course of its life.

Companies looking to move with the current rather than get lost in the turbulence should lay the foundations to optimise metaverse operations. Innovation teams should keep a track of opportunities and advancements in the field to build metaverse products and solutions through a pipeline of innovation based on combinatorial emergent technologies. This could be the difference between catching up to the competition or leading it. This reduces risks for investment in speculative solutions, as being cautious and informed with decisions can help discern viable technologies from fool’s gold. The metaverse is a young tool, and it can be difficult to determine what can be truly helpful to decision-makers in the long term – so keeping up with the pace is vital.

The future of business

The world has made some bold predictions for the metaverse, but we can already see the growth taking off. Gartner has predicted that by 2027, a majority of B2C enterprise CMOs will have a dedicated budget for digital humans in metaverse experiences, and that by 2025, 10% of workers will regularly use virtual spaces (in activities such as sales, onboarding and remote teams), up from 1% in 2022. Moving your business into the metaverse might just end up being an inevitability, so exploring how best you can apply practices to the new web now could put your organisation at the forefront of the internet’s next stage.