As technology advancements continue to accelerate, virtual and augmented reality (AR/VR) are no longer relegated to the realm of science fiction. Companies like Microsoft are investing heavily in these technologies, with the potential to revolutionise the way businesses and consumers interact with each other and the world. With this in mind, it's only a matter of time before the Metaverse impacts your advertising and marketing strategies. What is the Metaverse and how the Metaverse is transforming your business?
What is the Metaverse?
It is an online universe inspired by science fiction and virtual reality, where people can create their own digital identities, explore new places, and interact with others in a variety of ways. It is a world with no boundaries, no limits, and no limits to what can be achieved.
That being said, the Metaverse is revolutionising the way we live, work, and play. The introduction of Artificial intelligence (AI) combined with Augmented Reality (AR) and Virtual Reality (VR) businesses are able to provide a much more immersive and engaging experience than traditional websites and advertising, allowing us to completely immerse ourselves in a virtual world. We will be able to explore, create, and collaborate in ways previously we never dared not even imagine.
Metaverse makes the seemingly impossible a reality, where virtual stores, virtual offices, virtual classrooms, virtual events, and even virtual conferences aren’t out of scope. Who would have thought that one day you’d be able to see how different hairstyles would suit you before you went to the hairdresser, let alone be able to take a walk-through of your brand-new kitchen online before it’s even built?
Integrating Augmented & Virtual Reality to advertise
When the internet was first introduced, companies didn’t recognise the potential it held. After all, the concept was almost unfathomable and unfamiliar. We spend hours for the familiar squeals of dial-up to connect, cut out every time the phone rings and painstakingly download pictures pixel by pixel. But now, every company understands the importance of being online, having a website and a presence on social media. It’s a necessity for driving leads and conversion.
The internet continues to evolve as technology advances. Beyond the realms of gaming, the Metaverse will be the next big thing when it comes to business opportunities as we discover new ways to use the metaverse for business, education, and entertainment.
This means as a business owner it is time for you to start brainstorming the potential of the metaverse. Already there are company owners creating their own virtual showrooms, websites, and stores. For example, real estate agents are able to provide 3D tours of houses without you leaving the comfort of your recliner. Think of the possibilities in virtual spaces to showcase your products and services, engage customers, and potentially drive conversions.
The metaverse can also be used to create virtual events, such as conferences and trade shows. Companies can use these events to host presentations, webinars, and virtual networking events. This could be a great way to reach out to potential customers, as well as build relationships with existing ones.
Changing the way you provide customer service
As the popularity of social media soared, companies around the world quickly realised the potential of using social networks as a way to connect with their customers. Research reveals 40% of customers expect companies to respond to their social media messages within an hour and 79% within a day. If you snooze, you lose.
In response to this demand, many businesses are turning to AI, VR and AR to manage their customer service interactions. For example, setting up chatbots to respond to frequently asked questions uses AI.
As people begin to spend more of their time in the metaverse, then it stands to reason that they will also expect businesses to stay up to date with the latest technology. Business owners need to be aware of how customers may already be using the Metaverse and what they can do to offer their customers a positive experience in the space. For example, Kylie Jenner has become a household name, and her makeup line has only grown in popularity. But what is it that sets Jenner apart from other makeup lines? The answer: augmented reality. As one of the first major beauty brands to embrace this technology, Jenner is using augmented reality to revolutionise the way she sells her makeup. From virtual try-ons to interactive tutorials, Jenner is showing the world how to use the Metaverse to make selling makeup easier and more engaging.
One way to be proactive and find out how to provide AR/VR services your customers would find helpful is to conduct surveys. This gives you valuable insights into how customers are using the metaverse and how to best serve them in this space.
It’s time to start thinking about how you can begin leveraging the Metaverse to level up your customer service.
Envisioning a more immersive training experience, the Metaverse has the potential to revolutionise the way in which people from beauty professionals to truck drivers are able to learn and practice. With the opportunity to replicate tasks in a virtual setting, mistakes can be made in a safe environment, allowing for proficiency to be achieved prior to attempting the same task in real life.
Considering the types of training that your employees require, it may be beneficial to explore how a VR world can make the training safer and more efficient. Though the metaverse may not have the ideal solution right now, with the speed of technological development, it is likely that one will be available in the near future.
Virtual Worlds Offer Enhanced Collaboration for Remote Teams
Virtual meetings have become a staple in our daily lives since the outbreak of the COVID-19 pandemic, with platforms like Microsoft Teams and Zoom becoming household names. However, the future of online team collaboration may lie in the realm of virtual worlds. Companies like Microsoft are exploring the potential of integrating their apps within a metaverse, allowing for a more immersive and engaging meeting experience.
In a virtual world, participants can use avatars to represent themselves, creating a more personal and interactive experience. Virtual spaces can also be customised to the specific needs of the meeting, such as a virtual conference room or even a virtual office. This new way of conducting meetings not only improves the overall experience but also allows for more flexibility and creativity in how teams collaborate.
According to a study by Grand View Research, the global virtual reality market is expected to reach $71.2 billion by 2027, growing at a CAGR of 32.6% from 2020 to 2027. This demonstrates the increasing demand and interest in virtual reality and its potential applications in various industries. It's likely that virtual worlds will become an integral part of our lives in the future, in business as well as in entertainment and other sectors.
Preparing Your Business for the Next Wave of Digital Change
At XDesigns Advertising, we understand the importance of staying ahead of the digital transformation curve. That's why we offer technology brainstorming sessions to help businesses like yours map out a comprehensive digital transformation plan. Our team of experts can help you identify the latest technologies, trends, and best practices to help you stay competitive and achieve your business goals.