What if there was a way you could boost customer experience, marketing, team collaborations, and business events way above your competitors? This is potentially possible with Metaverse.
While many technologies come with a lot of hype and then become obsolete within a few years, Metaverse looks and feels different. It’s the kind of different feeling your business will likely enjoy for years to come, should you embrace it.
In so many ways, Metaverse feels like it has been able to capture the past, present, and future technologies and merge them. Metaverse also seamlessly bridges the real-life and virtual experiences.
That being said, you shouldn’t follow the trend blindly. In this article we will discuss why your business should consider using Metaverse.
What is Metaverse?
In the simplest terms, Metaverse is a combination of technologies used to create 3 dimensional (3D) and immersive worlds. It runs on Extended Reality (XR), a combination of virtual and augmented reality (VR/AR), spatial computing, and artificial intelligence technologies. These are technologies responsible for facilitating virtual interaction between people.
Another crucial technology in Metaverse is blockchain which allows the creation of digital assets like Non-fungible Tokens (NFT) and enables NFT marketplace development. Cryptocurrencies are also the power behind the Metaverse economy, allowing users to buy and sell your brand’s digital assets.
However, in Metaverse, every virtual activity is highly heightened, allowing individuals to perform real-world activities such as attending an event, shopping, learning, or creative activities, but all in cyberspace.
Here are reasons why businesses should care about Metaverse.
1. Better customer experiences
If there’s one thing that can give you an edge over your competitors in the business world today, it has to be excellent customer experiences.
Since eCommerce became an accepted way of shopping, a lot has changed in how people shop for products. Also, virtual connections have influenced the service industry greatly.
Customers, particularly those buying products, are looking at brands that offer an experience where they can see and touch products before buying.
Better yet, brands that can provide a closely similar experience. Now your brand can achieve and satisfy that customer need more effectively with Metaverse.
Using AR and VR technologies, your audience no longer has to stare at static images or only watch product description videos. Instead, they can interact with these products in a real-like environment.
Things like trying a new pair of glasses, an engagement ring, and other products are possible. This increased engagement with products is more likely to boost conversions and sales. It’s also an excellent way to build brand loyalty.
2. Reach global audiences
The internet entered the business scene and broke communication and geographical barriers in a way no other invention had achieved.
In the same way, Metaverse has a similar potential, only on a bigger and better scale. The Metaverse is ideally a space where anyone anywhere can interact with your brand.
This kind of technology helps brands create globally accessible and appealing brands to customers. Without technologies like Metaverse, your brand will need to create campaigns in every location or country you want to have a presence.
While this is in itself an expensive endeavor, it also involves significant logistical planning to achieve good results.
But Metaverse can allow your brand to create a single global campaign that anyone can access. You’ll expand your reach almost instantaneously, at a fraction of the cost you would need to use otherwise.
3. Improved advertising and marketing
One thing that Metaverse focuses on at a higher level is user engagement. Notably, each marketing technique, be it digital or traditional, aims to be more engaging to attract and retain customers’ attention long enough to convert them.
As with other aspects of Metaverse, your brand can create more engaging marketing campaigns than before.
One of the best ways to use Metaverse in marketing is by creating immersive campaigns that are more compelling. In the Metaverse, your brand can create an experience that allows audiences to develop more positive feelings about your products or services.
This is because immersive experiences can take a person outside themselves and into your world. As with improved customer experiences, your marketing campaigns can help convert customers and boost brand loyalty.
4. Run your business virtually, literally
A business spends a lot of resources on commute allowances, rental spaces, and all the involved maintenance expenses. This is the exact opposite of Metaverse. How would you feel being able to run your business virtually without losing the sense of personal interaction?
Besides helping to lower the carbon emissions brought about by you and your team commuting to work daily, you get more time to work on the business. You consume lesser business resources taking flights or driving across town to meet clients or holding an event.
You and your team can work from anywhere and hold brainstorming meetings, events, and even lunches without wasting time in traffic while still achieving business goals.
In addition, the metaverse space is also ideal for staff onboarding, orientation, and training with authentic simulations of actual office space and work situations.
This allows your business to acquire, manage, and maintain talent from anywhere, notwithstanding geographical distance.
Conclusion
If you’ve been sitting on the sidelines wondering why you should care about metaverse, hopefully, the mentioned reasons can convince you to get started.
There are numerous business benefits of staying in trend with emerging tech that can give your brand a competitive edge.
