The Metaverse is still in development. Businesses are expected to play a large part in the development of the Metaverse and see big changes in how they operate because of it. However, it is hard to see exactly how a Metaverse business will work under those conditions. Still, it is important to try to plan ahead for when the Metaverse for business is here. Do you know where your business stands within the Metaverse?
What is the Metaverse?
The Metaverse is an online marketplace that is designed to let people behave online like how they do in the real world. Using a combination of augmented reality, artificial intelligence, and virtual reality technologies, people can have “full lives” within the Metaverse.
For businesses, this means that they can interact with potential customers in new ways. As the Metaverse develops, the possibilities continue to expand. Here are a few potential options for businesses.
Owning Digital Real Estate
One of the most important assets that a Meaverse business can own is its real estate, the building and land that the business operates on. In the Metaverse, owning that real estate gives business an advantage. It means that the company has complete control over its space and develop it into whatever it wants to.
For companies like server farms, this means that they can sell digital real estate to companies that do not have the means to set it up themselves. Similar to how companies have their own websites, companies will have to host or lease their digital space for customers to experience their company through the Metaverse.
Selling Online Experiences
There are companies that sell online experiences already, but the Metaverse will make those experiences more personalized and offer a wider range of options. A common example is hosting “in-person” events through the Metaverse, which is possible through augmented reality and virtual reality technologies.
These experiences will become more immersive and detailed, which is the allure of the Metaverse. Customers will be able to shop with your company “in-person” from anywhere around the world.
Selling Quality of Life Products for Avatars
The Metaverse will also create new businesses that are only feasible with the development of new technologies. To participate in the Metaverse, you will need an avatar, a digital representation of yourself. Not only will companies try to sell to you as a person, they will also try to sell to your avatar.
The ability to change details about yourself is one of the reasons why people like the idea of the Metaverse. They can be who they want to be. Unfortunately, developing a completely unique avatar could require coding skills. Otherwise, companies that sell custom products for avatars will become viable, since everyone needs an avatar to participate.
Where Does Your Business Stand?
It is time to start planning for a future that could contain the Metaverse, or at least the technologies widely associated with it. Where your business stands is largely determined by how well it can adopt these technologies to provide value to your customers.
These technologies are not exclusive to the Metaverse. In fact, they are all used in other ways already to help businesses provide value in new and different ways.
Augmented reality, for example, widely used by furniture stores to help customers picture new furniture in their space. They just choose the furniture, hold up their phone and the system will overlay a 3D rendering of the furniture in the phone's camera. That way, they can see what it is like to have the furniture already there.
Virtual reality is also seeing a lot of development by entertainment companies. Well-designed VR experiences bring the customer experience to a new level by making them far more immersive with a 3D interface for all customers.
Technology is expected to continue to drive changes in business, so your business will need to adapt efficiently in order to stay competitive.
Get Help Planning For the Metaverse
The Metaverse is still a long way away, and there are a lot of things that your business can do to get ready for it. For now, focus on the new technologies as they develop. You can also focus on getting help with these new technologies. At KitelyTech, we work with companies to adapt to an increasingly digital world. Call us at (800) 274-2908 to schedule a consultation about the future of your business.
