The metaverse, virtual worlds, and extended reality all used to be only on the radar of science fiction fans, gaming enthusiasts and gaming nerds and designers. But within the last three years, they have become a common topic of discussion in most business homes.
And moreover, when Facebook announced its rebranding, changing the parent company name to Meta and projected a multi-billion dollar investment in the metaverse technology, the hype shoot up.
Despite all the claims and hype on how metaverse technology will change the digital world order, a set of digital enthusiasts estimate that it will at least take a decade to mature to its fullest form. While large enterprises and brands are already mapping their way into leveraging the virtual worlds, what it holds for small to medium businesses is yet to be unveiled.
So meanwhile they need to put strong thought into events around the metaverse and wait for their best time to establish their presence.
We can sense the exponential growth of extended reality technology, and the software and hardware related to it are getting advanced and user-friendly every day.
The metaverse: enhanced opportunities for business
The metaverse opens up lots of opportunities for the business industry, going more than just a social space for interactions. All these opportunities can be explored evenly by a wide range of industries, including sectors like IT, healthcare, automotive, education, telecom, etc.
- Collaboration - Be it a partnership, freelance requirement, expert support or any other kind of collaboration, businesses can effectively use metaverse to create a co-working space that is no less than a physical co-working space. It will keep the communication real, engagement, and collaboration intact, ultimately bringing out the best productivity.
- Problem-solving - At metaverse, anything can be 3D modeled virtually, including products, services, and processes that can have their dedicated digital twins. It can also work like a prototype that helps in problem-solving, improvements, and research.
- Education & Training - Whether at school, undergraduate or graduate level, or a research fellow or an employment training program, practical learning is essential as it enhances the learning experience, builds teamwork & confidence, develops deep understanding, and retains information for a long time. Metaverse allows people to train and get trained with full practicality. The trainer can be in a part of the world, and by using the metaverse technology, they can teach students around the globe.
- Events - Organising events is a major part of the business. They can use the metaverse to organise business events with its endless co-working, collaboration, networking, communication, and entertainment features. This will help businesses provide an immersive event experience to their stakeholders, partners, and customers.
The metaverse is calling: how do businesses need to act?
As mentioned above, the metaverse opens opportunities to every business irrespective of industries and sectors. However, it will take at least ten more years for the metaverse to become a common platform where ordinary people can look for small to large companies in a common metaverse forum.
Until then, businesses must keep checking on the insights and growth of the metaverse technology and simultaneously prepare to establish their presence in the virtual world.
Here for a few tips on what needs to be done by the businesses now.
- Keep your research on. More than concentrating on the metaverse technology, focus on the user base of the metaverse. When the presence of your target audience increases in the metaverse, you need to take your business into virtual worlds.
- Keep an eye on your competitor. Check your peer businesses’ ideas or plan on entering the virtual worlds. If possible, take a competitive advantage and establish your business in the virtual world early.
- Keep researching for opportunities and extended applications of your products/services that will accelerate your purpose of getting into the metaverse. It can be anything from making your business sustainable, building virtual products, or reaching a global audience.
- Keep formulating and strategising your entry into the virtual space.
- Virtual worlds are highly captivating in nature. But in reality, it comes with high risk, so learn the potential risk and see how established businesses tackle it in the metaverse.
Though the metaverse proliferates and revolutionizes the business industry, businesses need to pause and take time to understand the opportunities and constraints it brings in. Planning and strategising the entry of business into the metaverse is highly essential for its success.
Partner with any metaverse platforms like Altyug and use the early yet simple opportunities to explore the technology like setting up a temporary store, organising an event or participating in communities.
Altyug is a metaverse platform where businesses can seamlessly create virtual experiences that resonate with reality and let their audience enjoy immersive experiences. It comes with endless possibilities and offers everything to establish your business in the metaverse, including virtual stores, third-party commerce systems and tools, communication features, and much more.