Ever since the day Facebook CEO, Mark Zuckerberg announced its rebranding to Meta, this newly hyped word has become the talk of the town. What does it mean? What do you need to do to get ready for Metaverse? etc. Well, all these questions stuck in your head will be answered right here in this article.
Metaverse is a 3D virtual shared space where people can connect, play games, shop, and work as per their choice, just like they do in the physical world. It is the next iteration of the internet that facilitates the use of virtual reality (VR), and augmented reality (AR) headsets to enable a seamless experience. In one of the reports by Research and Markets, the "Global Metaverse Market" is expected to record an exponential CAGR of 40% during the forecasted period (2022-2030) and is estimated to reach a revenue of US$ 700 billion by 2030, due to the increase in popularity of virtual reality, augmented reality, and mixed reality.
However, there have been various speculations around Metaverse since its release. Some say that it will transform all business processes, some say it is the next big technology revolution, and others claim that it is just another hype that must not be taken seriously.
Metaverse is the future of business, as it holds immense opportunities for brands to maintain virtual communication with people located anywhere in the world. Several high-end brands have already witnessed the potential of the metaverse, such as Nike, Roblox, Microsoft, Coca-Cola, etc. Whether you are looking to establish your own virtual gaming store or are looking forward to developing a business application, the possibilities are endless. It is the experience that will pave the path to successful businesses.
Undoubtedly, the metaverse has the capability to connect customers in ways that can have a positive impact on them. It will traverse both the physical and virtual worlds, involving real-time conversations, and intelligent transactions while connecting with the business of their choice. For example, in 2021, Nike set up its first virtual store, named Nikeland, where users could try their favourite sneakers. Not just this, but they can also learn from basketball legends like LeBron James. Every business can leverage the best of technology by presenting its potential customers with unparalleled experiences with the help of the metaverse. Brands can also build virtual touchpoints, which will be a great way to boost brand awareness and reach customers in ways that would not have been possible otherwise.
Digital engagement in the metaverse will offer brands immense opportunities to step into the world of virtual events. Virtual events will prove successful for companies to generate insights into analytical data based on the behaviour of customers. Visitors or users can attend virtual events without any physical or geographical limitations. Music fans, for example, can attend digital concerts in the metaverse without having to physically travel to the venue.In fact, participating in virtual events will help organisations better understand the virtual presence.
With virtual shopping experiences in the metaverse, customers will be able to hang out and shop in their favourite avatars, try different colour combinations, and so on. The use of cutting-edge technologies like virtual and augmented reality will help consumers interact with the product in the same way they would in a physical store. It is also seen that VR-based shopping experiences also result in increased conversion rates and help consumers establish an emotional relationship with the brand.
Just defining the metaverse with high-end words cannot help us understand it until brands get real exposure to this extension of our existing world. It has a wide range to offer, right from shopping for goods, choosing your favourite avatars to attending concerts and much more. Now, let us get into some useful tips to venture into the Metaverse as a start-up:
1) Choose your niche
It does not matter if you are a start-up or a fully established tech company, everyone has equal freedom to witness the power of the Metaverse. Firstly, as a company, you need to make sure whether your brand is ready to undergo a digital transformation or not. If yes, what is your overall strategy for it, and how can you merge it with technology to venture into the world of the Metaverse? Venturing into the metaverse might mean different things for each company. In that case, you need to choose your niche wisely based on your target audience and their specific requirements.
2) Research metaverse platforms to decide where you want to join
Investing in the metaverse comes with a lot of unsaid challenges. Once your brand and target audience align with the Metaverse, you need to find the answer to the question "how to enter the world of the Metaverse." You need to follow a strategic approach throughout the process to make the audience's experience seamless. There are various platforms available for Metaverse these days, such as gaming, NFTs, etc. Every platform has its own set of pros and cons. Choose the platform that helps you with the smooth execution of your campaign based on your strategy.
3) Prepare a business model
Yet another important way to venture into the world of the metaverse is to come up with an appropriate business strategy. This is the time when you can redefine your branding techniques to resonate with the metaverse. Here, you can go all in for the new tech initiatives and social platforms to bet on the use of this newly launched concept. Right from the launch of virtual stores, virtual events, using technologies like AR avatars for interaction, start-ups can ace their game for the metaverse to stay ahead of their competition.
4) Plan for data security and privacy
While interacting with the metaverse, start-ups need to ensure data privacy and security. Organizations that are using technologies such as AR, VR, etc. should constantly monitor for the risks associated with phishing attacks, data breaches, and so on. If you are a start-up that is setting up a virtual office within the metaverse, then you must have strict data and security policies preserving the use of personal information about users. One of the surveys by NordVPN highlighted the concern of the masses when it comes to the impact of the metaverse on user identity issues, potential abuse of potential information, etc. A structured plan for data security and privacy-related concerns will be crucial to addressing security issues in the world of the metaverse.
With major technological development happening around us, start-ups need to be well-versed in the decisions related to the hype surrounding Metaverse. With a better customer experience, a wider reach, profits from virtual events and stores, enhanced creativity, etc., entering the metaverse can transform brands in a way never imagined.
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