The world is abuzz with the term “metaverse,” but what exactly is it, and why should businesses care? Imagine a seamless mix of physical and virtual reality, creating an ongoing, immersive world where people can work, play, socialize, and shop – that’s the metaverse in simple terms.
The metaverse technology is the next step in social connection and the successor to the mobile internet.
According to a report by Statista, the Metaverse market is projected to reach a value of US$74.4bn in 2024. By 2030, the number of users in the Metaverse market is expected to reach 2,633.0m users.
Even though there’s a lot of debate about using the metaverse for business, the technologies it involves offer many opportunities. The metaverse holds immense potential to impact everything from customer experience to employee engagement, product innovation, omnichannel sales and marketing, and community building.
A study report by McKinsey reveals that 95% of business leaders expect the metaverse to have a positive impact on their industry within the next few years, and 61% expect it to moderately change the way their industry operates. Some of the industries most likely to be impacted by the metaverse are consumer and retail, healthcare, media and telecommunications, etc.
Let’s explore this exciting concept and how businesses can leverage the metaverse to forge a path toward the future.
The definition of metaverse is still evolving and will continue for some time. It will be something we are immersed in rather than something we just view.
In 2021, Mark Zuckerberg announced the rebranding of Facebook as Meta,
uniting all their apps and technologies. Meta aims to bring the metaverse to life, helping people connect, find communities, and grow businesses.
Mark Zuckerberg stated, “The metaverse will be the successor to the mobile internet. We’ll be able to feel present—like we’re right there with people no matter how far apart we actually are.”
Source: Report by McKinsey & Company
The seeds of the metaverse were sown surprisingly early. In 1978, a text-based virtual world called MUD1 (Multi-User Dungeon) emerged, laying the groundwork for online communities and interaction. This early concept was then propelled into the public imagination through the 1982 film Tron, showcasing a dazzling digital landscape.
Sci-fi literature further fueled the fire. William Gibson’s 1984 novel Neuromancer introduced the concept of cyberspace, a virtual realm accessed through technology.
Then, in 1992, Neal Stephenson’s visionary novel Snow Crash coined the term “metaverse,” depicting a persistent, 3D virtual world where humans interact through avatars. These early influences continue to shape our evolving vision of a fully immersive, interconnected metaverse.
By 2030, the metaverse could reach a value of $5 trillion, making it a major growth opportunity for numerous sectors over the next decade. Industries such as consumer packaged goods, retail, financial services, technology, manufacturing, and healthcare are poised to benefit significantly from this emerging digital landscape.
The applications of the metaverse for businesses are vast and constantly evolving. Here are some key ways businesses can leverage the metaverse:
The metaverse offers unprecedented opportunities for immersive brand experiences and customer engagement. Businesses can create virtual storefronts, host interactive events, and develop loyalty programs within the metaverse.
For example, Nike has already opened a virtual store called “Nikeland” within Roblox, allowing users to customise avatars with Nike gear and participate in virtual games.
The metaverse can transform employee training by providing realistic and engaging simulations. Imagine training surgeons in virtual operating rooms or salespeople practising pitches in simulated customer interactions. This immersive training can significantly improve knowledge retention and skill development.
Additionally, the metaverse can facilitate remote team collaboration and communication, fostering a sense of connection even when geographically dispersed.
Businesses can utilize the metaverse to design, test, and iterate on products in a virtual environment. Imagine architects collaborating in real-time on 3D building models or car manufacturers testing virtual prototypes before physical production. This virtual testing allows for faster development cycles, reduced costs, and improved product design.
The metaverse is gaining popularity for hosting virtual events such as conferences and webinars. These events enable companies to reach a broader audience without the constraints of physical space or transportation costs.
Additionally, virtual events allow participants to interact with presenters in a realistic environment and gain valuable insights into global trends without needing to travel or be confined to a specific location.
Businesses in the entertainment industry can create virtual concerts, exhibitions, and other immersive experiences. For example, virtual reality, an immersive technology linked to the metaverse, can be used in theme parks.
These events can attract a global audience, offering unique and engaging experiences that are not possible in the physical world.
Real estate businesses can offer virtual tours of properties, allowing potential buyers to explore homes and commercial spaces remotely. Virtual real estate sales are also emerging, with businesses investing in virtual properties within the metaverse.
Additionally, the metaverse can be used for marketing purposes, such as creating virtual tours or simulations of living in a specific property. The possibilities are endless, offering significant benefits for both buyers and sellers.
So how can you start exploring the metaverse?
To enter the metaverse, businesses need a clear plan, the right resources, and a focus on the best results. This means setting specific goals, using the right technology and team, creating an action plan with clear steps and deadlines, tracking progress with performance indicators, and evaluating the impact after completing activities.
With these steps in place, any business can quickly start thriving in the virtual world. Start by familiarising yourself with existing platforms like Decentraland or Roblox. Consider attending virtual events or creating a basic virtual space for your brand. The key is to experiment and stay informed about the latest developments.
The metaverse is not just a futuristic concept; it’s a rapidly evolving reality with the potential to reshape the way we do business. By embracing the metaverse early on, businesses can gain a competitive edge, forge deeper connections with customers, and unlock innovative opportunities. The future is immersive, and businesses that step into the metaverse today will be well-positioned to thrive in this exciting new frontier.
The metaverse represents the next evolution in social connection and the successor to the mobile internet. Like the internet, it will enable you to connect with others even when you’re not physically together, bringing us even closer to the feeling of being present with one another in person.
The metaverse will revolutionize business landscapes by creating new opportunities for virtual collaboration, enhancing customer engagement through immersive experiences, enabling innovative marketing strategies, and opening up new revenue streams through digital products and services.
The metaverse presents business opportunities such as virtual real estate, enhanced remote collaboration tools, immersive marketing and advertising, digital product and service sales, virtual events, and new avenues for customer engagement and community building.
Technologies in the metaverse include:
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