The metaverse has attracted a great deal of news coverage. Business leaders have been paying attention, as well, and wondering about how they might be able to take advantage of it or form a strategy for it. As much as the metaverse appears unclear and confusing to consumers, however, there are signs that opportunities exist for businesses. Two in three corporate executives today believe that their companies are already engaged in strategies aimed at exploiting the metaverse (pwc.com/us/en/tech-effect/emerging-tech/metaverse-survey.html).
What is the metaverse?
The metaverse has been around for many years in rudimentary form, but has taken advantage of other technologies, such as virtual reality, to evolve over time.
Twenty years ago, virtual reality alone could have allowed an executive in manufacturing in the US to put on a virtual reality headset to take a tour of a plant in China. Today, if such a plant were to implement the metaverse, the executive would be able to virtually tour the plant and not just see what was shown to them but also talk to the plant supervisor, shake their hand virtually, and try operating a machine or two.
Metaverse implementations are popular in travel and real estate sales. Thomas Cook allows its customers to try a Virtual Reality Holiday feature, for example, that lets them visit holiday destinations virtually. Simple virtual reality would have allowed vacationers to watch a surround video in a headset, but a metaverse tour allows them to virtually walk around a holiday destination on their own.
Employers help workers learn certain skills with interactive, metaverse-enabled lessons. Workers may learn to drive a vehicle, fly a plane, or train on virtual machines, as well (corporate.walmart.com/newsroom/innovation/20180920/how-vr-is-transforming-the-way-we-train-associates).
Fashion houses like Gucci use the metaverse to help make people spend more time with the brand. Gucci's metaverse is called Gucci Vault Land, for example, and helps visitors play Gucci games, try out fashion, and learn about the company. Nike and Adidas offer metaverse experiences, as well.
Construction companies use the metaverse in project planning and safety training (xrtoday.com/virtual-reality/the-state-of-xr-in-construction-aec-for-2022).
Businesses that are not able to use the metaverse in any of these ways often apply it to creating more engaging advertising. Offering an audience the ability to virtually interact with a product or service on the metaverse tends to help people try it out in more intimate ways than they ever would be able with a regular YouTube video. Wendy's and Coke offer metaverse experiences for advertising purposes.
There are things your business can do to exploit the metaverse today
Considering the prediction that more than 35 million people will own virtual reality headsets by 2026 (idc.com/promo/arvr), taking action today could help businesses take advantage of the metaverse for benefits today and down the road.
Begin building a foundation: Your business could begin hiring people with metaverse experience for immersive brand-building, online sales, and to improve the work environment.
Begin advertising on the metaverse: Considering that businesses and consumers are excited about taking advantage of the metaverse, it can help to offer both business partners and consumers the ability to connect with your business over the metaverse. It could also help to give everyone the ability to communicate with your company over the metaverse. Putting customer service on the metaverse, for example, could be an idea.
Attempt to achieve goals using the metaverse: Whatever products or services you put on the metaverse, it's important to make sure that they are useful and help you get closer to a goal. For instance, when you put your work environment on the metaverse, your business might find it possible to shrink its carbon footprint: workers may be able to try virtual work instead of working in person.
There is likely to be much skepticism about moving your business to the metaverse at this point, the same way that businesses were skeptical about the internet in the 90s. The ideas presented here, however, could get decision-makers to rethink their stand on the metaverse and find a way to take advantage of this powerful new medium.