How To Prepare Your Businesses For The Metaverse Trends?
Many people wonder “what is the metaverse?”. Imagine that people can communicate, work, and shop with others in a place that is all the comfort of their home. The concept exploded last year when Facebook changed its name to Meta and announced that it would be investing billions into metaverse-related projects, exploring many new futuristic business opportunities.
The market is estimated to rise from USD 100.27 billion in 2022 to USD 1,527.55 billion by 2029 at 47.6% CAGR during the forecast period.
According to a report by Precedence Research, the global metaverse market size is predicted to reach USD 1,607.12 billion by 2030, with an estimated CAGR of 50.74% from 2022 to 2030.
This growth is heavily contributed due to changes in consumers’ preference for online shopping of products and also a boom in online video gaming adoption, especially during the pandemic.
This article will help you know more about how businesses can prepare to break into the metaverse. So, let’s get started!
The importance of the metaverse for your business
The metaverse is the new method for businesses to communicate and collaborate with everyone from everywhere in the virtual world. Besides, it also supports a virtual economy where users can build a real business.
For instance, you can build and earn money from an amusement area where people can visit and play games. Even you can make money by using your skills like proposing architectural structures and digital creation in the metaverse.
The use of metaverse in business communication can make collaboration, organizing meetings and training employees easier. Instead of staring at the Zoom screen, all employees can discuss the problem and brainstorm in a shared, virtual workspace.
To simplify, the Metaverse could allow you to be anywhere at any time in an interactive 3D environment.
Read more about the importance of the Metaverse & Its Benefits for Businesses
How to prepare your business to break into the metaverse?
Brands can enter the Metaverse and achieve the benefits of business exposure by having a presence in such a virtual world. If your businesses seek to become one of the leading in the field, these steps can enable your business to break into the metaverse.
Strengthen Business Presence With Online Platforms
Today, most businesses already have an online presence. They can be social media channels (e.g. Facebook, Instagram, Twitter, etc.), websites, and/or product-selling platforms. If your business still doesn't have an online presence by now, you can miss out on a lot of opportunities. Thus, before jumping into the metaverse, it’s worth reevaluating your branding marketing and/or current online presence.
For instance, if you probably thinking of opening a virtual store or marketing place, it is recommended that you create a quality website first, make sure the information is up-to-date, and put marketing effort into growing your social media presence which helps your customer find the information they need easily.
Understand The Different Types of Metaverse Projects
Finding the right platform is the first step to getting into the metaverse. Many platforms are known as a version of the metaverse which ranges mostly between Gaming, Entertainment, and Virtual Collaboration and is NFT-based. For example, Roblox is one of the most popular gaming platforms with over 49 million active users and most of them are younger audiences. Roblox allows users to engage in a variety of games and music concerts across virtual worlds.
In this virtual game world, users can interact like in the real world and attend concerts or other in-game entertaining events.
This model also helped Fornite, another online gaming platform, to become extremely successful, attracting millions to performances of the likes of Travis Scott, Ariana Grande, and more.
Many reputed brands have started seizing on the moment and collaborating with Fortnite to collaborate on content marketing, PR, and sponsored metaverse events. Luxury fashion brands like Gucci and Valentino launched a virtual gallery. Even sports apparel makers like Nike and Adidas have opened virtual stores where users can buy unique digital assets of real-life sneakers and sportswear.
Another example of notable Metverse projects is Dencentraland - a virtual world which focuses on creating digital infrastructures. It operates based on the Ethereum blockchain technology and allows users to engage in real-life activities such as buying virtual land, organizing events, and creating (virtual) objects.
In short, before choosing the platform, it is necessary to research the top metaverse, target audiences, the products or services that are most needed, and how your business can fit into a virtual world.
AR/VR apps development
By technavio, the augmented reality (AR) and virtual reality (VR) market size is expected to increase by USD 162.71 billion from 2020 to 2025, with a CAGR of 46% during the forecast period.
Therefore, if you want to adapt to this new reality of the Metaverse, developing an AR or VR application through which your customers could start getting used to the features of the metaverse is a good choice.
For starters, you can experiment with VR headsets and other supporting technology to jump-start your metaverse experience and gain an understanding of how your business into brought into the metaverse could look like.
In the past decade, many reputed brands have successfully experimented with AR features. For instance, Ikea - a Swedish home furniture retailer has launched a hugely successful campaign that allows customers to shop on the AR app. This app allows shoppers to hold their phones to test the products in real-time and see how the brand’s items come to life in their rooms, click through and make purchases directly.
Identify the target audience
Who are the target demographics of your business and what behaviors are trending with your prospective customers? If you target the right audience, it will make it possible for your product or service to sell itself.
Do not dig into different avenues and try to get the attention of everyone in the metaverse. Instead, focus on one specific outlet, the needs, and desires of your chosen targets, and aim your marketing efforts at them.
For instance, if you are thinking of a blood pressure monitoring solution for your metaverse business, focus your marketing efforts on older people who are vulnerable to blood pressure abnormality.
Focus on experience
Customers and clients who enter the metaverse universe want to experience things instead of just seeing them. Make your metaverse business an experience for your users. For example, let’s say you want to enter the game metaverse business. It would be best if you let the controls stimulate real-life actions. Or if you are planning to establish a metaverse store, begin dimensioning your item in more than two dimensions.
Identify the feeling that the target audience is seeking when moving to the space. This helps you offer a great experience in creating an emotion funnel that will drive them towards that emotion. The user experience makes a customer loyal, and you should strive for that.
There are a lot of opportunities to launch into the metaverse. It's important to make sure that you don't focus to do everything all-virtual, all the time because the core of good business has always been to meet customer expectations. Though your company is ready for what comes next, you should give your audience the position to engage with the brand in more traditional ways.
Stay ready and adaptable
Moving the business to the metaverse is a process of trial and error. This requires your business must remain adaptable to the changing nature of virtual worlds. However, it can
But this can be a great opportunity to have some fun. Instead of being in charge of the whole creative process, you could simply opt to concrete and test your product virtually with the help of the metaverse’s community.
Metaverse is the hottest term in the global tech market. That’s why large tech companies such as Google, Microsoft, and Facebook Inc. have all invested in cloud computing and VR companies for their metaverse industry’s extension.
Metaverse will continue to become something significant. It could change the way humans interact while at the same time increasing efficiency across different sectors.
The blockchain-based metaverses focused on VR technologies and AR mobile app development which allow users to interact with each other efficiently and effectively in the digital world. And in the future, the metaverse is still the potential market with a multitude of opportunities, especially for those who are curious enough to explore the space early.