Reasons Why Your Business Might Delve Into The Metaverse

Reasons Why Your Business Might Delve Into The Metaverse
Categorized as ASCEND Business Advisory, Business Strategy Tagged

Do you consider yourself an early adapter? Has your business entirely, or nearly, transitioned to digital? Do you believe that maintaining your edge on the competition relies, at least in part, on staying current with technologies applicable to your industry? Is innovation, not just process improvement, a core value? If you answered yes to any of those questions, then consider why your company might choose to delve into the metaverse.

What is the metaverse? Good question. Ask ten people to define it, and you will get ten different answers. It is generally thought of as the next internet. The age of business transformation to digital is about to become the age of transformation of digital itself.  

Virtual reality (VR) and augmented reality (AR) are – important aspects in the early versions of the metaverse. In the extreme, advocates see a future where physical people interact with virtual representatives of other real people and places. Star Trek fans should think HoloDeck, but instead of fighting off Klingons, you will be collaborating with coworkers face-to-face without really being together. Likewise, retailers can offer virtual stores that replicate the “physical experience” of shopping, allowing customers to try on clothes, pick items up off the shelf, and even squeeze a tomato in the produce section.

Taking the internet from 2D to virtual, or at least 3D, is happening, and if an organization wants to remain relevant, it will want to stay current with and develop strategies to use developments in the metaverse.

Is The Metaverse A New Set of Tools to Work With?

A virtual marketplace may be a bit difficult to imagine today. Still, companies like Apple, Microsoft, Meta, and even Nike are actively working on the technologies that – position them as leaders in a business that Brand Essence Market Research estimates will be valued at $709 billion by 2027.

But it is more than just being first in on a new marketing channel. The metaverse is changing the way you do business. Implementation will be limited only by technology and your imagination. Every business will be affected, from car dealers to doctors to garden supplies to waste management services. Every business function, human resources, operations, manufacturing, product development, finance, and of course, sales and marketing are being impacted by a move to a VR internet.

Here are a couple of examples that don’t take a great leap in faith to believe:

  • Virtual Workplace. The pandemic forced many businesses to switch to remote working and did so with few hiccups thanks to accepting collaborative software and video conferencing into their routines. Imagine how more productive collaboration could be with workers experiencing a “real life” experience in a virtual office.
  • Massive Social Media Marketing. There are already millions of people engaged in VR MMOs (Massively Multiplayer Online games). Imagine building a VR community based on your brand and the products/services you provide. 
  • Product Development and Testing. Not just a 3D model but a hologram that could be subjected to stresses, climate conditions, user abuse, and other factors without the time or cost of a physical setting.

Get Your Business Ready

While top technology companies are working on cutting-edge VR technology, it would benefit you to study the possibilities and opportunities for your company within the metaverse.. . First, bolster your online presence on social media, so you are in a position to leverage followers when the time comes. Keep focused on developing 2D apps, which are projected to be the bridge to 3D apps. Finally, keep your mind open to what the metaverse might bring and how you can participate in this medium. Consider the possibilities of advancing with the times. Digital is here to stay. Forward thinkers and innovators will avoid stagnation. Contact us at The William Rogers Company and let our forward-thinking advisors take on your business needs. Contact us today, and let’s be ready for tomorrow.ASCEND Business Advisory and Sterling Tax Advisors are divisions of William Rogers Company.