How will the metaverse impact businesses?

The term “metaverse” has become a new buzzword, but what does it mean for businesses? Is it only a concern for social media companies? Apple’s CEO Tim Cook has stated that the metaverse will become essential to life, and companies should be ready for it.

The metaverse is a general term used to refer to the internet’s collective upgrade to a 3D virtual environment. This environment would be interconnected between various sites and resemble the immersive games of today. It is not a new concept, and several online gaming companies have explored it. However, technology has advanced, making it more feasible than ever.

Although the metaverse is not yet fully developed, it is gaining momentum. Microsoft recently partnered with Meta to bring Microsoft 365 apps into the metaverse. This collaboration promises to change the way people work and interact with each other. Microsoft reported that 50% of Gen Z and millennials anticipate doing some of their work in the metaverse within the next two years.

In conclusion, the metaverse is not just a concern for social media companies. It is a concept that all businesses should understand, as it has the potential to transform the way people interact with technology and with each other.

How Does the Metaverse Impact Your Company?

As companies such as Microsoft explore the future of AR/VR, the metaverse is likely to become a reality soon. Therefore, businesses need to prepare for its potential impact. Here’s a preview of how the metaverse may affect your company in the next few years.

Where to Advertise

Initially, many companies did not realize the potential of the internet. However, having a website is essential for driving leads and converting sales. With the metaverse projected to evolve into a 3D version of the internet, businesses must consider its potential impact. This may involve exploring metaverse-type advertising in virtual worlds and creating your own VR site or showroom.

How to Service Customers

With the rise of social media, companies have realized that customers often use it to reach out to them. 79% of consumers expect companies to respond to social media messages within a day. Businesses have established a social media presence for marketing and customer inquiries to meet this expectation.

Similarly, the metaverse may represent the next step, with people expected to interact with businesses in that space. Companies need to be aware of how their customers may use the metaverse and be prepared to engage with them there, just as they do now on social networks.

To stay ahead of the game, businesses may consider adding a question about metaverse use to their year-end customer survey to gauge their customers’ interest in this emerging technology.

Employee Training

One of the potential benefits of the metaverse is its ability to offer more immersive training, which could significantly enhance training capabilities for a range of professionals, from doctors to forklift operators.

Imagine replicating a task more accurately in a virtual world, allowing individuals to make mistakes safely and gain proficiency before performing the job in real life.

As a business owner, it’s essential to start thinking about the training your employees need and consider how a VR world could make that training safer and more efficient. Although the metaverse may not offer what you’re looking for now, given the pace of technological advancement, it could provide valuable training resources in a year or two.

More Immersive Remote Team Collaboration

Virtual meetings became the norm during the pandemic due to necessity, with platforms like Teams and Zoom becoming commonplace. However, the next generation of online team meetings may occur in a virtual world.

As mentioned earlier, Microsoft is already working on bringing its apps into a virtual space. Adding avatars and an immersive setting can create an entirely different meeting experience.

Another way to enhance remote team collaboration in the metaverse is through building design and maintenance. Imagine walking through a 3D recreation of a space before it’s built and fine-tuning the construction, significantly improve the efficiency and accuracy of building design and maintenance.

Is Your Business Ready for the Next Digital Transformation?

What are your digital transformation plans for the next 12 months? The next three years? If you’re not sure where to begin, we can help. Contact Qamba today to schedule a technology brainstorming session.

More Articles