Introducing the 'metaverse' and what it could do for your business in the future
Category Commercial and Industrial News
One of the most significant buzzwords that have been doing the rounds in technological circles in recent months is the "metaverse" and it is no coincidence that "Meta" has been introduced as the name of the holding company for Facebook, Instagram and Whatsapp. 3Cube Property Solutions provides a broad overview of what the metaverse is, how it is predicted to develop, and what the implications for businesses will be.
Introducing and defining the metaverse
In a nutshell, "the metaverse" refers to a fully immersive virtual world that the internet will make possible. The idea is that a shared virtual space, accessible to anyone with an internet connection, will allow for the creation of virtual reality experiences and augmented reality overlays on the physical world. In other words, the metaverse is a futuristic version of the internet that will allow people to have far more realistic and lifelike personal and business interactions online.
Just how popular is this idea?
According to McKinsey's featured insights from August 2022, internet searches for the term "metaverse" increased 7 200% in 2021. McKinsey's research also shows that approximately 60% of consumers are excited about the notion of the metaverse and that by 2030, the metaverse could generate up to USD 5 trillion in value. In short, the metaverse is big news and not something that companies can afford to ignore.
What could the metaverse do for your business?
While certain metaverse features - such as chatbots, virtual assistants and shared virtual environments - are already a part of the way many companies do business, the metaverse will continue to create new business opportunities and transform the way businesses operate. While the concept is still in its infancy - and it remains to be seen exactly how it will evolve - here are a few ways in which the metaverse could create new business opportunities:
Virtual commerce
Thanks to the metaverse, businesses will be able to sell their products and services in virtual marketplaces, with customers using digital currencies to pay for their purchases. This has the potential to open up new revenue streams for businesses and simultaneously create new business models for companies that currently operate offline.
Virtual events
The metaverse - with its blend of augmented and virtual reality - creates a new world of virtual events, such as product launches, conferences and trade shows. Thanks to these technologies, companies will be able to reach a wider audience without incurring many of the costs associated with traditional events, such as venue hire costs and travel expenses.
Virtual advertising
The metaverse could provide businesses with new advertising opportunities, such as the ability to create immersive brand experiences that engage customers in new ways. The possibilities are seemingly endless, from virtual billboards and sponsored virtual events to in-game product placements.
Virtual collaboration
Exciting new possibilities for collaboration between businesses are made possible by the metaverse. Teams can work together remotely, but in shared virtual environments, allowing businesses to work more efficiently and effectively. Client meetings will also be able to take place remotely - in an environment far more advanced than those currently offered.
Virtual customer service
The metaverse could enable businesses to provide customer service in a virtual environment, with chatbots and virtual assistants helping customers with their queries and issues. This could improve customer satisfaction levels and reduce the workload of customer service teams. Chatbots are already a part of the customer service experience provided by many companies - and the service provided will go from strength to strength in the future.
If a company is not forward-thinking, it will be left behind. Similarly, if it does not have the right premises, it will not be able to put futureproofing systems and protocols into place effectively. If your business is looking for commercial, retail or industrial space in Gauteng, contact us today.
Author: 3Cube Property Solutions
