Since the rebranding of Facebook to Meta, many tech giants have adopted a new agenda built over the metaverse concept. Why so? Well, there are quite a few reasons. Mainly, this is where the entire IT industry is moving, gradually shifting toward Web 3.0 as a novel paradigm comprising machine-driven search, immersive technology, decentralization, etc.
In particular, both B2B and B2C markets are expected to be flooded with enterprise metaverses in the upcoming years as the technology upholding such platforms continually evolves. Today they already ensure a whole bunch of perks for growing businesses, whether you are a startup or a fully-fledged corporation like Microsoft or Apple.
Coca-Cola, Gucci, Warner Bros, and other renowned international brands already partner up with Fortnite, Roblox, as well as any other metaverse development company that offers a sustaining value in the new, long-anticipated internet realm. This article will reveal the truth about how owning a metaverse enterprise skyrockets your business. So get ready!
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What Benefits Does the Metaverse Offer for Enterprises?
Before we dive into the depth of the enterprise metaverse phenomenon, let’s get familiar with what the metaverse is by definition. Terminologically, it’s an expected iteration of the internet providing a universal as well as an immersive digital world made possible with the use of XR technology like VR/AR/MR. Inside such a realm, businesses can do real magic.
Powered by such technologies as blockchain, IoT, 5G, cloud computing, and AR/VR, the metaverse is predicted to serve enterprises in a way that allows them to bring their products closer to the target audience. Let’s have a look at these benefits:
Immersiveness. Your customers will adore the way they interact with a product or service you provide once they enter the metaverse.
Scalability. The virtual world of your ownership will be flexible and easily manageable. Just imagine — you won’t have to buy new physical land to scale your business. What you’ll need is just to have it built by 3D artists and developers.
Branding. You’ll be able to use your metaverse for branding and marketing purposes, expanding the global audience through advanced media coverage.
Real-time chatting & live streaming. Your users/players/customers will get an opportunity to interact with content inside the metaverse in real-time as well as share their activity with the potential audience outside of it. Isn’t it an attractive feature?
Customizable avatars. In your virtual world, people must have an option of changing the way they look in a 3D space, which adds a ton of value for users.
How Program-Ace Created DeFi VR World for the Client
The company built a multifaceted metaverse with a bunch of custom features, including the avatar creation tool, 3D NFT items and environments, shop location, social networking, etc. We have built a capable team of experts in different fields to construct a virtual world of this scale.
5 Core Metaverse Opportunities for Enterprises
Did you know that the metaverse is already benefiting multiple businesses? For instance, Roblox enables its users to build their own virtual world, also partnering up with Nike, let alone Decentraland, which offers a real-estate metaverse for customers to sell or buy digital land. This list continues to expand as XR technology evolves. Just look at the opportunities!
1. Improved Sales
By means of increasing a presence in a certain metaverse, B2B enterprises will be able to find new revenue sources. At any rate, the primary purpose of any business involves multiplying sales, which can be relatively easily achieved inside a virtual environment where everything is as if at hand and reached without much effort.
Inside a metaverse, your enterprise will expand its market and audience, being able to arrange meetings with potential purchasers in a virtual setting, regardless of their physical presence. That’s how metaverses already help enterprises disregard geographical limitations, thereby expanding their scope of influence through stakeholders.
2. Better Networking & Collaboration
There’s no denying that metaverses will subvert the current paradigm of how businesses exchange information and negotiate with one another. According to research carried out by Harvard Business Review, vis-a-vis interaction is 34 times more effective than communication conducted via text. And that’s exactly where the metaverse steps in.
Both verbal and nonverbal communication is incredibly significant when it comes to networking. Establishing sustainable client relationships inside a safe virtual environment may prove a beneficial activity for all stakeholders.
In light of various social crises, metaverse telecommuting might be better for building rapport between service or product providers and their customers rather than carrying out the same activity via social media. For example, immersive technology may come in handy for arranging events, product showrooms, conferences, announcements, or company updates.
3. More Marketing & Advertising Prospects
The 3D workspace provides a far broader spectrum of opportunities as opposed to the conventional one. Not only is the metaverse communication more engaging and entertaining but also it seems to be more effective in terms of a positive impact on customers, potential partners, or investors thanks to a gamified environment.
Marketing and advertising your product inside a virtual setting guarantees a greater effect on the audience as well as ensures better media coverage. Aside from the application of the metaverse for the event industry, where you can promote your services, what you also get is a more vivid demonstration of the product, meaning an efficient marketing campaign.
More and more companies are referring to gamification as an approach to training staff. Nevertheless, it can also be employed to improve customer loyalty through engagement. By gamifying client experience, you trigger your audience’s attention more and let people feel their contribution to a product. Guess what? The metaverse can boost this experience!
In any event, metaverses will be used for improving e-learning, helping employees acquire new skills, or enhancing loyalty programs. Interestingly, the statistic demonstrated that the global gamification market jumped from almost $5bn in 2016 to $12bn in 2021. Therefore, the metaverse fueled by gamification concepts is expected to push enterprises even further.
5. Remote Work & Control
When you run your business inside a metaverse, you don’t even need to leave your apartment or office. Remote access to the system and full control over everything taking place in your virtual world is what makes the metaverse an all-in-one solution for enterprises. Aside from deriving convenience benefits from a remote control, you also save travel costs.
Furthermore, telecommuting significantly favors not only your workforce but also clients, who can access your enterprise metaverse from any corner of the world, making it a versatile option. Since your virtual environment will be replete with activities, customers are likely to be more engaged and motivated to visit it, spending more time inside.
Enterprise Metaverse Use Cases
With capabilities provided by advanced software-based solutions like Unreal and Unity metaverse, you can create an incredibly beneficial space for your business. Facing multiple opportunities once your enterprise meets the metaverse, you should also consider use cases that fit into your business model. Will the virtual world help you achieve your specific goals? For example, the metaverse may benefit you considerably if you focus on blockchain, e-learning spaces, virtual marketplaces, NFTs, and gamification.
Crypto & NFTs
Decentralization is one of the most weighty advantages of the enterprise metaverse. Together with cryptocurrencies like Ethereum or Bitcoin, your virtual world visitors will have access to obtain and trade NFTs on in-built marketplaces, inasmuch as the metaverse is also a platform underlying various activities, from gaming to business conferences.
Given that your metaverse relies on the decentralized blockchain system, all of your activities will remain secure and transparent, which is a strong argument in favor of running a business in a virtual environment. Additionally, your metaverse users will be able to buy and sell products or services for NFTs without even leaving your virtual environment.
Planning, Architecting, & Engineering
According to research, the metaverse technology is likely to fuel international smart manufacturing revenue to $540bn by 2025. Present-day enterprises can leverage virtual environments to create digital twins and improve engineering prospects. For example, using Microsoft Hololens coupled with 3D avatars, manufacturers can minimize production flaws.
3D visualization helps reduce the odds of human error and makes physical products more quality. That’s how enterprises can plan, architect, engineer, and even test their products before they even appear on paper, let alone on a conveyor belt. Already today BMW takes advantage of Nvidia’s Omniverse to design its cars in a more efficient way.
When employees learn in the real world, the odds of posing a threat to someone’s life significantly increase in contrast to the metaverse training. Depending on the enterprise, workers acquire new skills and learn more effectively inside virtual environments due to hands-on practice, entertaining process, as well as immersive experience.
Equipped with metaverse-based training simulations, some of which may be even gamified, your enterprise will enhance workforce productivity, simultaneously shrinking the amount of time required for new employee onboarding. Above that, with the help of metaverse training, team members will always be in tune with one another, which improves communication.
Build Your Metaverse Enterprise with Program-Ace
Without a doubt, all this metaverse-related talk may stupify. Despite a wide range of benefits and perks for enterprises, virtual worlds remain a hypothetical future. Still, not for those who are already gaining a competitive edge with metaverse development companies like Program-Ace. With us, you can be confident that your enterprise will reap all the benefits.
What you can do to bring your business closer to the new metaverse reality is just contact us and wait for an immediate response. During our first interview, we’ll discuss your future project in great detail and elaborate on a step-by-step plan to give it a new meaning.