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Why Your Business Needs to Pay Attention to the Metaverse

Why Your Business Needs to Pay Attention to the Metaverse

When we say the “Metaverse”, your first thought might be: the Meta-who? Don’t worry. You’re not alone. The metaverse is a relatively new phenomenon, but it’s speeding into reality at a lightning pace. 

In the same way that the internet completely disrupted business in the last decade, the metaverse will revolutionise how organisations engage with customers and deliver their services.

Below, we’ll explore everything you need to know about the metaverse, so your business can get a head start on this disruptive, emerging platform. 

What is the metaverse? 

The term metaverse has its origins in the 1990s. It was first mentioned in a science fiction book, used to describe a virtual world where people could interact with each other through digital avatars.  

While the metaverse was a futuristic idea twenty or so years ago, it’s now a reality. Pioneered by Facebook’s parent company, Meta, the metaverse is steamrolling into our world, harnessing the power of digital tools like artificial intelligence (AI), virtual reality (VR) and augmented reality (AR). 

Already, gaming companies are using elements of the metaverse to create more immersive, engaging video games. But the metaverse also has applications in business. It can be used to augment customer services, marketing and PR, sales and much more.

Every industry can benefit, too. Whether your business is in the retail, hospitality, tourism, medical or manufacturing sector, you can use the metaverse to enhance efficiency, productivity and customer relationships. 

What are the advantages of entering the Metaverse for businesses?

Here are some of the major benefits of getting ahead of the curve and using the metaverse in your business:

  • Economic growth: The metaverse market is expected to reach nearly $800 billion by 2024, unlocking new economic opportunities for businesses large and small. 
  • Reach new customers: Because the metaverse is entirely virtual, you’ll be able to discover and liaise with far-reaching, diverse audiences that you may have overlooked before. 
  • Enhance the employee experience: The metaverse can improve internal operations, bringing a new sense of excitement to things like employee meetings and training.
  • Compete with larger players and gain a competitive advantage: In the metaverse, your presence isn’t bound to physical space or resources. With the right strategy, you can create an amazing online presence that helps you stand out against larger companies. 

What are the challenges of adopting the Metaverse for SMBs?

As with all new opportunities, there will be challenges to overcome for organisations looking to move into the metaverse. For one, there aren’t currently any industry standards or regulations that govern the metaverse. It’s a bit of a wild west right now, which could lead to some businesses taking advantage of customers and partners – so be wary and savvy!

As well as this, like all digital technologies, the metaverse is vulnerable to cybersecurity exploits. Businesses will need to think carefully about how they safeguard customer data in the metaverse to avoid sensitive information ending up on the dark web. 

Finally, the metaverse will require monetary investment from businesses wanting to break into it. This could end up being quite expensive.

How can your business prepare for the Metaverse?

The metaverse hasn’t entered the mainstream yet, but that doesn’t mean you should wait. It’s better to get ahead of the pace of change, rather than follow it. With that in mind, here are some essential ways to start preparing for the era of the metaverse: 

  • Learn as much as you can about the metaverse and the use cases for your sector. 
  • Start experimenting with the foundational tools of the metaverse like AR and VR. 
  • Use your imagination to think about how the metaverse could enhance customer relationship management or internal employee communications 
  • Embrace a growth mindset and stay flexible, so that you can move with the times quickly and innovate. 

While the metaverse is still a relatively young platform, we think it will flourish quickly over the next few years. By planning for the future now, you’ll be in a great position to move into the metaverse at speed and scale as further developments occur. 

Be A Pioneer Of Change! 

We all know that change can be scary. With all its futuristic characteristics, the metaverse may seem intimidating to many business leaders, but it really is an unparalleled opportunity to transform business for the better, offering companies like yours new, exciting and innovative ways to discover new revenue streams, reach customers and enhance the employee experience. 

Let Connected Platforms Help You Embrace Innovation 

Our IT experts are on hand to help you embrace new and innovative technologies like the metaverse. Want to know more about how Connected Platforms can support your business? Let’s have a coffee and chat about your business needs and we will be able to identify if the Connected Platforms services are right for you.

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