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The metaverse – what does it mean for your business?

Aura-metaverse

If you look it up, you probably won’t find an exact definition of the ‘metaverse’ yet, because it’s a relatively new concept.

In the simplest terms, you can think of the metaverse as a blend of augmented (AR) and virtual reality (VR). It includes all virtual worlds, artificial intelligence, augmented reality and the web. Some tech giants are even calling it the “successor to smartphones and the mobile internet”.

With Meta (formally Facebook) working on virtual reality headsets as well as mobile devices and game consoles, we may be seeing it come to life sooner than we think.

So why should the metaverse matter to your business?

Why was the Metaverse created?

One of the ideas behind the Metaverse is to create experiences where a person is in one place but feels as though they are in another – much like wearing a virtual reality headset.

For example, you will be able to create your own virtual office space where instead of just making a phone call, you can sit like a hologram next to the person you want to talk to. It will really feel as if you are in one place, even if you are hundreds of miles apart.

Facebook already has a professional version of the metaverse underway: Horizon Workrooms, an app that lets workers enter virtual offices and hold meetings.

Creating a virtual workspace is just one of the many practical applications of the Metaverse.

How can your business benefit from the metaverse?

Sell virtual products

A growing number of retailers have already dipped their toes into the metaverse. Nike recently bought a virtual company, RTFKT, as a platform to sell trainers. And luxury brands, including Ralph Lauren and Gucci, have launched virtual experiences, where shoppers can dress their avatars in clothes. We’ll all be able to shop virtual lookalikes of real-life products in the near future.

Smaller businesses can benefit from this trend, too. For example, a glasses manufacturer might offer buyers a pair as an NFT (non-fungible token), while encouraging them to buy the real thing.

In short, an NFT, or non-fungible token, is just a record that someone owns something. With NFTs anyone can create unique digital assets, such as products that can be used in the metaverse. These cryptocurrencies power the metaverse economy and will allow users to pay for products or access certain services.

Improve customer experiences

The retail world is competitive, and shoppers today want an experience, one where they can feelsee, and touch products before buying. It’s good news then that the metaverse can give you just that.

You will be able to provide new ways for consumers to interact with your products and services using AR and VR technology. Instead of staring at static images, buyers can use products and see if they like the experience. If an individual feels good trying on virtual glasses, they’re more likely to buy the real product.

Better employee engagement and collaboration

Facebook’s demo of Horizons Workspaces has shown how virtual worlds can transform modern-day workplaces. Today, when remote and hybrid work is the norm, the metaverse can greatly enhance collaboration between employees.

Instead of staring at a Zoom screen for hours, you can collaborate, brainstorm, and discuss in a shared, virtual workspace. The metaverse will create an interactive environment where you and your team, regardless of their location, can connect with each other and share ideas.

For businesses, the use of metaverse in business communications can make training easier too. Employees can carry out tests and real-life scenarios with avatars of clients or customers. They can gain hands-on job experience in a remote, risk-free space – this is especially useful if they are working in a high-risk environment and will ultimately improve customer experiences.

 

We may be a little way off using the metaverse in everyday business, but we can start to think about the opportunities it will bring and how your business can embrace it.

If you have any questions about how your business could take advantage of the metaverse, contact us at info@auratechnology.com.