How The Metaverse Is Going to Affect Modern Business

There has been a great deal of online chatter and a plethora of articles written on the rise of the metaverse. Here we will look at how this ‘so-called’ metaverse will affect modern business and what to expect going forward.

The metaverse

• It’s not just a bad version of Skype or Zoom; the metaverse is a combination of all the available technology and exists at the very cutting edge of each. The aim is to provide a virtual world wherein technology is interconnected and the internet is always connected. It’s Zoom 2.0 and will be able to provide a level of immersion and interaction that businesses can only benefit from.
• It’s all about how we interact with the technology that is becoming readily available in cyberspace. Virtual reality is argued to be one of the cornerstones of the metaverse and as this virtual tech develops, the more real the metaverse becomes. It is essentially the next iteration of the internet and is going to be based on all the tech experiences, applications and developments thus far.
• Doesn’t matter where you are physically, as long as you can be connected to the internet and in the cloud then you will be able to use and interact on the metaverse. Yes, you may need additional hardware such as VR goggles and a headset to make it fully immersive, but as long as you have internet connectivity and the means to log on, you can be in the metaverse. It is the most democratic means of sharing anything in the online space, and global access to the internet will ensure that its spread cannot be curtailed.

The metaverse and modern business

In-depth collaboration is now possible

The remote and hybrid business is now the norm and as such it is ever more important to ensure genuine forms of collaboration and working methods that allow for skills and experience to be shared across platforms and over different workstations. Collaboration needs to be seamless, in real-time, and immediate so that there is no delay in completing work and sharing ideas. Whether for work, design and development of new technology or simply being able to share a project in real-time and be in the same virtual space to work on it from wherever you are in the world – this collaboration is now possible in cyberspace, the metaverse.

Virtual business

Virtual business is a real thing, and the number of modern businesses that now have a virtual means of shopping or a virtual showroom is quite remarkable. Virtual car dealerships run by big motor manufacturers like Honda and Audi now dominate the marketplace, and you no longer have to find the time to drive out to the dealer to take a test drive or look at the interior of any of their current stock.

Allows businesses to interact personally with clients and customers

It’s an immersive, personalized experience that allows businesses to interact and communicate with their clients and customers in real-time and in person. The customer or user experience (CX) is argued to be the main arena of positive change for client/business relationships. An omnichannel marketing experience is now the expected norm, where customers want to be able to interact with the business via virtual chat, web mail, social media, SMS, and audio. This will be made a reality within the metaverse, where most interaction will be virtual and immersive. You can, for example, interact with an HR Dept in Croydon from anywhere in the world and feel confident in the fact that you have actually met them and can get to know who they are and they have met you.

Reaching new markets

There are so many more possibilities for sales and marketing in the metaverse than ever before, hence the ‘gold rush’ effect, where businesses are eager to enter the online and virtual fray. The economic potential of the metaverse is somewhat unimaginable in that, if the widespread use of smartphone technology and the speed of virtual tech development is anything to go by, then the step intothe metaverse by the global populationis going to herald an entirely new way of looking at the global market.

The key takeaways

All modern businesses should be alert to the fact that the metaverse is here, and while it may still present itself as a blue ocean, it is an opportunity that speaks to all businesses of all shapes and sizes. The rush to entry has begun, and the sooner your business is able to engage in this space, the better for your chances of success.