According to JP Morgan, in the coming years, the metaverse will permeate all sectors of the economy, eventually leading to market opportunities of over $1 trillion a year. The metaverse will not only change how we communicate and interact online, but it will also entail major changes to business and society. It is a groundbreaking technology that promises to transform how humans interact within the digital realm.
A new world is coming, and it is a fascinating opportunity for brands, businesses, and marketers to jump on board and begin leveraging metaverse to drive growth in their businesses. As the metaverse continues to grow, we are likely to see more brands exploring its potential as a way of creating new and enhanced customer experiences.
The metaverse represents a major technological change--larger than almost everything that has gone before--that promises to make the virtual world much more similar to the physical world in which we are used to living, shopping, and working.
The Metaverse comprises shared virtual worlds where users can interact, game, experiment, and socialize much as in the real world. It provides businesses an opportunity to build an immersive, personalized experience that can help to increase customer loyalty and brand recognition. in fact, brands can use the metaverse to build interactive experiences that let customers try out their products.
Another way that the metaverse will transform business is to create new opportunities in marketing and advertising, by helping brands to create more immersive advertising experiences and provide participants with complex 360-degree videos.
Here are a few metaverses features advertisers can leverage:
In the case of virtual showrooms, companies can lease or purchase commercial spaces, establishing stores and showrooms for users to browse through their products within the metaverse. No matter where in the world they are, people will be able to visit this virtual storefront.
Some think the Metaverse would bring a new age of globalization, in which businesses could work within virtual worlds not bound by geographical boundaries. Also, an increased focus on the convergence of physical and digital worlds, coupled with widespread Internet availability, is driving the worldwide metaverse market. In fact, a lot of experts are calling metaverses the future of digital businesses.
Because the Metaverse will have no physical boundaries, companies will be able to hire employees from any part of the world.
The metaverse will be transformed into an entirely new region of its own, allowing businesses to take part in a singular market economy.
The metaverse can be a chance for online businesses to provide more immersive experiences, rather than simply having a website. For instance, an imagined metaverse would need to provide an experience that is far more engaging for operations workers, who would need to be able to use the technology to direct even the most complicated service-based fieldwork, as well as being able to coordinate with others in a more comprehensive way.
The Metaverse is an entirely new world connecting physical and online worlds, creating tons of data, content, interactions, and so on. The metaverse is the next (not last) iteration of the Internet, in which people's interactions will be a mix of virtual, real-time, 3D, and physical experiences. Many consumers now expect a mix of both the store experience and digital experiences, and the metaverse offers an opportunity to interact with brands and products using personalized avatars.
Let's think of luxury fashion brands, with some launching new collections into the virtual world, while others are working with developers to build custom games. Future businesses would be affected by a metaverse that would herald in a period of mass customization and the ability to do more tasks with less effort, all the while connecting to each other in new, creative ways.
The smaller companies building out the metaverse are hoping to control a bigger piece of the future economy, since the metaverse has the potential to displace the experience of the real world, completely changing how users spend their time online.
As virtual assets become more portable and interchangeable between different metaverse platforms, the metaverse will evolve into a more integrated, connected ecosystem with more varied functions. This will allow for the development of Industrial Metaverse, where future factories will use not just AR/VR to perform ancillary installations on-site or training skills but to also build an immersive, virtual experience where humans collaborate together in a virtual world, guided by AI, in order to validate results and fix errors in real-time, without having to physically be present at a plant.
A common, online space spanning multiple dimensions, powered by a mix of VR, AR, and MR (mixed reality), will allow automotive and manufacturing industries to become heavily embedded within a metaverse.
Finally, While the metaverse may indeed allow for and extend access to some aspects of work and consumption--from live events and experiences to digital art and avatar skins--the metaverse will never substitute our fundamental needs for personal interactions and connections, even in business settings.
