What is the Metaverse, and How Can Your Business fit in it?

The Metaverse is a name that many of us have heard at least once, but few of us have delved into the long-term impacts on our day-to-day lives and, subsequently, business. The Metaverse is thought by some (most notably Mark Zuckerberg) to be the successor to the mobile internet. The Metaverse is a concept that works off AR (augmented reality) and VR (virtual reality). In these virtual worlds, people use avatars to represent themselves and build their entire virtual world, even having their own digital currency.

How will the Metaverse alter business practice?

Currently, the Metaverse seems like a dystopian vision of the future, but some estimate that by 2026, a quarter of the population will spend at least one hour in the Metaverse. Since Covid-19, the need to work from home has become the new normal for many. With businesses’ deciding to ditch the office altogether or offer a hybrid of the two. The Metaverse fits into this new dynamic perfectly; forget your traditional Zoom calls; the Metaverse provides an immersive 3D virtual office, much more like those in person. The possibilities of this are vast; it’s a great opportunity for virtual business trips, saving money and reducing time.

Transforming E-commerce

Arguably the greatest benefit will be for those who have E-commerce businesses. Providing the opportunity to integrate the online and offline world is revolutionary. Customers can choose to visit a physical store or visit a virtual store and get a more powerful shopping experience than traditional online shopping.

What can I do to prepare my business for the Metaverse?

With 71% of business executives thinking that the Metaverse would work for them, once fully integrated, the Metaverse will be embraced by companies. We know that new technologies require a new strategy and often an alternative way of working. However, in the present day, what’s most important is that you continue to grow your business with current strategies that work for you. The connections you make now will still aid your journey to the Metaverse.

As a marketing agency, we recognise the importance that the Metaverse will have on future business strategies and understand the new challenges this new universe may pose to you and your business. Our experts are here to help come up with the best strategies to navigate the Metaverse.