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Metaverse: How to Jump on the Bandwagon
The recent buzz about the metaverse is not unheard of. It is touted to have the lion’s share in the success of businesses in the future. This mix of augmented and virtual reality is carving newer ways to interact and collaborate with customers from the remotest places of the world. It envisions a world where daily activities would not be hampered by external forces.
Customers would no longer have to make compromises in their shopping experience or not attend concerts because of a pandemic. It propagates the idea of leveraging digital assets in the economy. Having said all that, the concept of the metaverse is still in its initial stage. But businesses cannot afford to wait for the time when it is out there in its complete form. As the title says, they need to jump on the bandwagon as the earliest.
How can metaverse add value to your business?
Following are the ways businesses will benefit from the metaverse −
1. Enhanced customer experience
With the advent of the metaverse, customers can have a more personalized experience in an immersive environment. Their concerns will be addressed faster than ever. The degree of transparency will be at an all-time high.
2. New Marketing Opportunities
Metaverse gives an opportunity to businesses to revamp their old marketing strategies by making use of the latest tools and technology. Therefore, they can finally see their sales going up.
3. Boost the brand authenticity
A more personalized experience for the customers translates into greater brand authenticity. With metaverse, companies can connect with customers at a more personal level as they are privy to crucial information about the company, such as, what the company stands for, how are the products made, etc.
How to enter the Metaverse?
Through the metaverse, newer ways of entertainment, shopping, and gaining information are emerging. Businesses have to make use of these opportunities to stand out in the coming times. Following are the ways in which the metaverse can be incorporated into the business.
1. Look for the right platform
The first and most important part of the process is to look for the right platform for the metaverse. There are currently many platforms of metaverse with different focus areas like real estate, gaming, non-fungible tokens, etc. hence, it is imperative to thoroughly research the different metaverses, what audience they cater to, which product or services are needed there, and how does your business fit into the picture.
For example, Nike, the shoe-maker giant has opened virtual stores where customers can buy NFTs of real-life sneakers. Gucci, an Italian fashion luxury brand entered opened up its own metaverse in The Sandbox. The ‘Gucci Vault Land’ is a virtual space where customers can experience the rich history of the company through gamification and NFTs.
2. Have a strong online presence
When it comes to going online, businesses may think they have already surmounted this challenge. They might already have a website and various social media accounts. But for a company that is exploring metaverse business opportunities, going online for the sake of it will not suffice. The company needs to conduct a thorough analysis of its online presence to do away with any gaps that exist. It needs to make sure that the website has all the necessary information as the customers would not go out of their way to look for the information. he workforce also needs to be thorough with the concepts of the online market which will come in handy in the metaverse implementation.
For example, a company that wants to enter the VR business needs to make its website as visually appealing and user-intuitive as possible. Only then they can expect their customers to be excited about their upcoming project.
3. Make use of AR/VR apps
Since Metaverse lies at the crossroads of AR, VR, and AI, the company can take baby steps toward the metaverse by developing AR/ VR apps for users to interact. According to a survey, 75 % of businesses claim that they will make use of AR/VR by 2023. It is a good way for a business to make its customers acclimatize to this new reality. Introducing a VR headset can be a good starting point to give the customer a glimpse of what the business will look like in the virtual world.
For example, Zara had a successful stint running a campaign that made use of AR to enhance the customer’s shopping experience. It allowed the store visitors to scan the photo of models wearing Zara items who would then come to life on their screens. Amazon came up with “Point and Learn”, an AR-facilitated campaign, which allowed users to just point at any object to get detailed information about it, including educational videos.
4. Enhance the user experience
At the end of the day, it all boils down to giving an enhanced experience to your customers. A company entering into the metaverse should make sure they are giving something more than the existing service. For example, there would be no point in opening a virtual store just to showcase the product in 2-dimensions. The customers would expect to see the products in 3 dimensions. Similarly, a company in the gaming business that is planning to enter the metaverse would do no good if the game does not simulate real-life actions. Hence it is important to identify the customer expectations about your new business and incorporate the same.
5. Keep trying, keep rectifying
As mentioned earlier, the metaverse is still in its budding phase. It has yet not taken a definitive form. So companies cannot be expected to have a full-proof idea about their metaverse strategy. In fact, there is no right or wrong as of now. They should be open to keep trying and evolving through their mistakes. It will not just help them grow but also predict future trends.
It is almost certain that the metaverse is going to unleash a plethora of opportunities for both businesses to customers in the coming years. All the tech giants including Meta, Google, and IBM have invested heavily in this space. The AR and VR market is touted to be worth 250 billion dollars by 2028. All of this points to just one thing. The companies that do not jump on the bandwagon at the earliest are almost certain to lose their market in the coming years.
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