Metaverse hype is in full swing. Crypto experts are predicting windfalls, celebrities are buying up virtual real estate, and the world’s biggest companies are racing to get Metaverse-ready products to market. However, the hype isn’t conducive to developing a sustainable business model.
Already, we’ve seen Metaverse-backed crypto coins tumble along with everything else in the digital currency market, virtual real estate investments drop in value, and one of the biggest brands in the race for Metaverse dominance, Meta, lose billions.
With all of this unpredictability, you’d be forgiven for wondering if there is any strategic value to entering the Metaverse. The answer is yes, there is. This article will explain how you can achieve it.
Customer Pain Points
By being too vague, many organizations fail to develop long-term Metaverse initiatives. The Metaverse is dizzyingly grand in scale and potential, so it’s not surprising that many companies choose to develop ideas that seem more general than strategically targeted.
For example, Louis Vuitton’s “Louis: The Game,” was a video game that told the story of the brand’s founder. Users had to follow a trail and collect various NFTs along the way. While the game had potential as a marketing campaign, the consumers the company went after, keen gamers, weren’t necessarily interested in the luxury fashion brand, so the likelihood that most players would convert into customers was slim.
Instead, companies should consider a real-life pain point that can be addressed through Metaverse technologies. That way, you are using the Metaverse to provide a solution that directly benefits your customers. For example, a solution could be using AI bots to overcome customer service issues.
Multilayered Cost-Cutting
The Metaverse is providing companies with a whole new avenue for cost-cutting, and the sheer diversity is phenomenal. If we were to list every area where businesses could save money in the Metaverse, we’d need to run an article series. So, for the purposes of this piece, we’ll focus on the main ones.
Supply Chain
Managing supply chains using blockchain technology has already proven to be a far cheaper and more accurate approach. With the introduction of the Metaverse, this complex procedure has been made far more accessible, where visual elements and virtual representations act as the front-facing interface.
Digital Twins
Now you can create true-to-life, real-time replicas of anything and test drive them in the Metaverse. With the abilities of digital twins, the potential for savings here is enormous, particularly for manufacturers.
Training and Onboarding
Virtual training sessions take away the requirement for physical space rental, travel budgets, catering, and expensive trainers. In the Metaverse, training in virtual reality (VR) will save companies a huge amount. Most interestingly, as the technology develops, artificial intelligence (AI) avatars could help support individual users during large-scale training sessions, ensuring the best success rate.
This same approach could work for onboarding new staff members, too. Not only will this free up time and resources, but users could be onboarded from anywhere and at any time.
Talent Acquisition and Retention
Work from Anywhere (WFA) culture is now deeply rooted. Many companies have abandoned their office spaces altogether in favor of a fully distributed company ecosystem. With this freedom comes the opportunity to find and hire the best talent for your company.
It doesn’t matter where someone is located, they can still become an essential member of your team through digital means, and the Metaverse is the next step in this new model. Whether you choose to develop a company Metaverse platform or adopt an existing option, your investment in remote work in the Metaverse will ensure the bonds formed between employee and company are supported regardless of physical location.
This should help with retention, too. Many remote workers may become disheartened when away from the office. The various studies suggest that employee retention may suffer because of a general disconnect with an organization. The Metaverse will help to ensure this doesn’t happen because the online community will effectively replace water cooler chats in the physical office.
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