Metaverse or the “future of the Internet” is here. And the Big Techs are jumping on the bandwagon to adopt this new and innovative concept for their businesses. Since Facebook announced its new brand name, Meta, metaverse has received a lot of buzz, and rightly so. We are inching towards a world where digital and hybrid will soon coexist. The ability to work and conduct business in an immersive environment using vogue tech gears is a dream that every company wants to achieve for its clients, customers, and stakeholders.
But, can metaverse scale or transform your business? Will it give your customers and stakeholders a great experience?
Yes, it will. How? Let’s seek answers to these queries below.
4 cool ways how metaverse will revolutionize your business
Akin to Facebook, several software giants are working on building their own metaverse environments. The focus is to create a digital platform where people can work, collaborate, and communicate in an immersive virtual space. Although this immersive space is still a work-in-progress project, companies are looking forward to utilizing this space to build businesses.
#1. Improved market reach and brand awareness
If the dot-com bubble took the world by storm in the 90s, the metaverse is going to change how businesses function a few years down the line. Although it is in its nascent stage, brands can come up with innovative ways to give an immersive virtual experience to their customers and clients. It can be an excellent marketing strategy to build brand awareness and improve reach. Several luxury brands are exploring ways to involve metaverse in their marketing efforts.
For instance, Burberry has partnered with Honor of Kings, a well-known video game, to showcase its new designs to players from across the world. Balenciaga collaborated with Epic Games and implemented a similar strategy to bring its recent collection to the fore. Since the pandemic, businesses, and people have majorly switched to the online mode of working. Brands can benefit from immersive virtual spaces as they can obtain real-time insights about their customers and modify their models or services.
#2. Steep rise in revenue
When you provide a rich experience for your customers, you will a rise in sales and revenue. You can reduce several unnecessary costs and invest more in building great products and offering the best experiences. For instance, the luxury fashion brand Gucci saw a record increase in revenue when it sold digital bags with much higher price tags than in the brick and mortar stores. With the partnership with Roblox, Gucci created a virtual garden to exhibit its rare collections and profited hugely from it. Want to get more creative? You can try setting up virtual offices and one part of it for other brands and investors, thereby pocketing more income.
#3. Efficient operation and collaboration
Immersive working helps you overcome several daily obstacles that you face today. Instead of wasting your precious time tied up in traffic, you meet up with clients and stakeholders in your virtual immersive space and seal the deal with no delay. Your business will function in full gear as your staff will not report ate to work or delay any process due to their unavailability. You can monitor your employees better, collaborate with them easily, and resolve any employee-related issues in a jiffy. With the metaverse, you can serve your customers better and faster.
#4. Decrease in overhead costs
Overhead costs are the major culprits that form an obstacle to business profits. By minimizing these expenses, companies can expand their profit margins and increase their revenue. How can the metaverse help? The virtual platform promises to connect users from across the world as the internet does. Brands can collaborate with their clients, suppliers, and stakeholders in the virtual world avoiding the hassles of physical meetings or flying their representatives out for lobbying.
Are you ready to build an immersive metaverse for your business? Let us know in the comments below.