Imagine a virtual world where people interact, work, and shop with others – all from the comfort of their homes. This is known as the metaverse. Ever since Facebook renamed itself Meta in October 2021, the nebulous concept that inspired the new name has been a trending topic of discussion.
The company, at that time, had announced to spend $10 billion over the next year on technologies to build the metaverse and explore more opportunities within the domain.
Although the metaverse for business is still evolving, the technology can revolutionize everything from social media to eCommerce and even real estate.
The global metaverse market is expected to reach $1,527.55 billion by 2029 from $100.27 billion in 2022, at a CAGR of 47.6%. This growth is attributed to a surge in online video gaming adoption and rising consumers’ preference for online shopping of products.
Check out how Metaverse is revolutionizing the virtual gaming industry.
In this article, we aim to help you better understand how your business can enter the metaverse environment along with its key benefits.
So, let’s get started!
Why is the metaverse important for your business?
The metaverse is becoming important because it offers a new way for businesses to communicate and collaborate with users from anywhere in the world virtually. It also supports a whole virtual economy where users can enjoy numerous activities like building a real business.
For example, you can build and monetize a recreational area where others can come to play a game and open a VR clothing store. You can even earn money by utilizing your skills as a builder by offering an architectural structure or digital creation in the metaverse.
[Also Read: How to develop a metaverse platform for your fashion retail business]
In addition, the advent of the metaverse for business has made it easier to conduct business meetings and training sessions in the era of remote working. Using a VR headset, you and your colleague can sit around the same table and discuss important matters in a completely immersive environment. Once the meeting ends, you can take off your headset and return to the real world.
In short, the metaverse allows you to be anywhere and with anyone in a realistic setting. This benefit can lead to better ways of engaging with customers and make collaboration with others easier.
Here are a few other crucial benefits of metaverse according to a late 2021 survey of global internet users:
How to move your business to the metaverse?
Mark Zuckerberg, the CEO of Meta, said that it could take around 5 to 10 years before the popular features of the metaverse become mainstream. However, a few aspects of the metaverse do exist currently. Ultra-fast broadbands, virtual-reality headsets, and always-online digital worlds are already up and running, even though they are not accessible to all.
From small businesses to larger companies, every brand can step into the virtual world and reap the benefits of having a presence there. If you want to be one of the pioneers in the field, here are the steps you can follow to transition business to the metaverse or explore metaverse business opportunities with associated use cases and benefits.
Find the right platform
If you are looking for an answer to the question ‘how to get into the metaverse’, the first step is to find the right platform. There are currently many platforms that can be considered a version of the metaverse. These digital worlds include different areas of focus like real estate, gaming, non-fungible tokens (NFTs), etc. One of the most popular platforms includes Roblox, which currently has over 49 million active users.
With a focus on a younger audience, Roblox allows users to engage in a variety of games and entertainment offerings like music concerts. This is a model that has also made Fortnite quite successful. It has become a virtual venue where people can hang out and attend in-game concerts. Some of the featured artists include Travis Scott, Ariane Grande, and more.
Many reputed brands in the metaverse have started collaborating with Fortnite on content marketing, PR campaigns, and sponsored metaverse events. Popular fashion houses like Gucci and Valentino have started taking their first steps in the metaverse, and others like Nike and Adidas have opened virtual stores where users can buy NFTs of real-life sneakers and sportswear.
If you are looking to target a younger audience using platforms like Roblox, you need to focus on entertainment, authenticity, and creativity as core selling points.
This strategy also makes sense in more mature audiences like those in Decentraland. This virtual world focuses less on gaming and more on creating digital infrastructures powered by Ethereum blockchain technology. Here, users can engage in real-life activities like buying virtual land, organizing events, and creating (virtual) objects. A lot of high-profile brands are already making their presence in Decentraland, including Samsung and Sotheby’s.
Before you choose the platform, it’s advisable to thoroughly research the top metaverses and understand the audiences they attract, the products or services that are most needed there, and how your business can fit into a virtual world.
Boost your online presence
The vast majority of businesses already have an online presence – be it through websites, social media accounts, or product selling platforms. Before you explore the metaverse business opportunities, it’s important to re-evaluate your current online presence and branding strategies.
Make sure you have a strong online presence and learn the basics of the online market before going into the new universe as the same rules will be applied.
For example, if you are planning to build a VR business, you need to create a high-quality website for your business and put effort into growing your social media presence. Maintaining an online presence is essential if you don’t want to miss out on any opportunities as well as risk frustrating your customers who can’t find the information they need. Also, make sure the information is up-to-date.
Develop AR/VR apps
Upscaling your business could mean that you’ll need to develop or at least consider using augmented reality and virtual reality tools. Since the metaverse sits at the crossing point between VR, AR, and AI, these are technologies you get a better grasp of before moving your business to the virtual world.
According to a recent survey, 75% of business leaders said they plan on utilizing AR/VR by 2023, with global spending expected to increase sixfold by 2025. So, if you want to get attuned to this new reality, developing an AR/VR application through which your customers can start getting used to the features of the metaverse is a good choice.
To begin with, start experimenting with VR headsets and other supporting technologies to jumpstart your metaverse experience and feel what moving your business to the metaverse could look like.
A number of brands in the metaverse have already started experimenting with AR/VR features. Zara, for example, held a highly successful campaign, allowing users to use the AR app for shopping. The app allows shoppers to hold their phones to store windows or sensors within physical stores and see models wearing the brand’s items come to life on their screens. They can even purchase the merchandise through the app. The idea was later adopted by other brands such as Chanel and Gucci.
Focus on your target audience
The next crucial step when starting a metaverse development company is to choose the right audience. If you target the right audience, it will make it possible for your product or service to sell itself. This will give customers a good experience, and they will keep coming back.
You shouldn’t be trying to get the focus of everyone in the metaverse; instead, you should focus on the needs and desires of your intended customers and aim your marketing efforts at them.
For instance, if you are planning to develop a blood pressure monitoring solution for your metaverse business, target older people who are vulnerable to blood pressure abnormality.
Focus on the experience
Customers and clients who enter the metaverse universe want to experience things and not just see them. Make your metaverse business an experience for your users. If you are opening a store, let your items be visible in more than two dimensions. If you are creating a game, let the controls simulate real-life actions.
Identify the feeling your target audience is seeking when they enter the space. On the basis of that feeling, you can offer a great experience to users. This will also make them come back to your business quicker. And if users come back, they’ll spend more time and money. Also, a great user experience increases customer retention, and you should strive for that.
Don’t abandon old ways too quickly
When shifting your business to the metaverse, it’s important to make sure that you don’t rush into doing everything all-virtual, all the time. There are plethora of opportunities to launch into the metaverse. It does sound exciting and some of your clients might be ready for it. But the core of good business has always been to meet customer expectations. And the majority of customers aren’t quite at the launch point.
So even though you position your company to be ready for what comes next, don’t be quick to forget the old ways. For most of your customers, they really are the best way. Give your audience the option to engage with your brand in more traditional ways.
Until the metaverse takes a more definitive form, there are no right or wrong decisions that can be made. Doing business in the metaverse is very much a trial and error process, which means that your business must remain adaptable to the changing nature of virtual worlds.
But this can be a perfect opportunity to test your product virtually with the help of the metaverse’s community. This will not only help you understand what consumers might be looking for but might also put you on a path to predict future trends and innovations. Embrace the opportunity of expanding in ways you never thought possible before and start preparing to move your business into the metaverse today.
We hope this article was helpful in getting the answer to the most important question – How to get involved in the metaverse or how to prepare for the metaverse. We will end the article with stats related to the future of the metaverse and its impact on businesses. So, let’s get into that.
[Also Read: Web3 and the Metaverse: Building a Stronger Digital Economy]
Future of the metaverse
Metaverse will continue to turn into something remarkable and will transform the ways humans interact while at the same time increasing efficiency across different sectors like. metaverse in healthcare, retail, e-commerce, real-estate, gaming, and others.
Many blockchain-based metaverses are working on VR technologies and AR mobile app development to allow users to interact with the environment. According to Statista, the AR and VR market is expected to reach $250 billion by 2028 from $28 billion in 2021.
Top brands like Google, Microsoft, and Facebook Inc. have all invested in cloud computing and VR companies to anticipate the metaverse industry’s expansion.
This is a clear indication that the potential of the metaverse is about to be unleashed in the next few years along with a multitude of opportunities, especially for those who are curious enough to explore the space early.
So, in case, you are also planning to explore the metaverse universe, you can contact a metaverse development company. They will help you understand all about the metaverse for business and help you enter this domain without any hassle.
Q. What is metaverse?
A. Metaverse is the combination of multiple technologies, including AR and VR, that allows users to create their avatars and interact with others.
Q. What are the top metaverse business use cases?
A. Below are the key metaverse business use cases, where thousands of developers from all over the world are already working:
- Virtual tourism
- Virtual office and learning spaces
- Real estate
Q. How to start a metaverse business?
A. To get started with a metaverse business or explore metaverse business ideas, you need to follow the below-given steps:
- Find the right platform
- Strengthen your online presence
- Focus on the target audience
- Focus on experience
- Get acquainted with cryptocurrencies
- Stay adaptable