Before investing in the Metaverse you need know how consumer behavior interact with your business. When we consider the metaverse not as an unprecedented revolution but instead as an evolution of the web, we can hypothesize that companies’ present web strategies—their use of both Web 1.0 sites and Web 2.0 platforms—can be used as predictors of their future metaverse use. These use archetypes fall into three primary categories.
The technologies companies refer to when they talk about “the metaverse” can include virtual reality—characterized by persistent virtual worlds that continue to exist even when you’re not playing—as well as augmented reality that combines aspects of the digital and physical worlds. Loosely defined, the metaverse is a virtual universe where users have access to digital avatars that let them “live” in this digital world.
Individuals can easily access the virtual world in metaverse by creating their very own avatar on the platform, a 3D browser-based platform.
This is one of the finest and simplest ways to obtain entrance to the metaverse. Decentraland also allows anyone who wishes to build their avatar to do so on their website.
Blockchain technology will play a key role in the Metaverse, along with other emerging technologies such as artificial intelligence (AI) and virtual reality (VR). In futurism and science fiction, the metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets.
In colloquial use, a metaverse is a network of 3D virtual worlds focused on social connection. Metaverse development is often linked to advancing virtual reality technology due to increasing demands for immersion. Recent interest in metaverse development is influenced by Web3, a concept for a decentralized iteration of the internet.
Advertising existing offerings
Even though Web 2.0 is nearly 20 years old, most companies’ core offerings still exist outside the internet. Consider that e-commerce sales in 2021 accounted for only about 13% of total sales in the United States.
However, it’s still the rule, not the exception, that companies maintain an online presence, even if it’s one with limited functionality and flexibility. From plumbers to professional services firms, most businesses are expected to have basic web pages with information about their offerings.
Similarly, some companies will probably use the metaverse as a simple brochure for their products and services.
For example, they might purchase ads in a virtual reality storefront or an augmented-reality–enabled billboard. Although they’ll have a metaverse presence for the sake of promotion, their core business models probably won’t change materially. If you’ve used Web 1.0 sites and Web 2.0 platforms for business promotion only, that’s probably how you’ll use the metaverse.
Augmenting existing offerings
For others, the metaverse could provide an opportunity to “plus” today’s offerings in richer, more engaging, and more brand-enhancing ways. Consider the decrease in in-person retail sales during the COVID-19 pandemic.
A few consumer brands began experimenting with metaverse storefronts, allowing consumers to recreate aspects of the in-person experience, yet they still depend on traditional e-commerce platforms to drive sales.
A portfolio of traditional web and emergent metaverse properties can work together to help these companies diversify their sales channels. Sales and business operations likely stand to be substantially altered but not completely metaverse-dependent.
Companies that already use social media to engage customers while relying on an e-commerce site as their primary go-to-market strategy are probably plussers and will likely approach the metaverse in a similar manner. They will have more urgency to act than businesses in the first group, but they still have the flexibility to wait and see how the metaverse unfolds.
Consider the enthusiastic dawn of Web 2.0, when some restaurants tried their hand at rich online experiences. As it turned out, restaurant-goers of that time only wanted hours of operation, a digital menu, and a to-go order form.
Later, as technology and customer expectations evolved, restaurants successfully leveraged third-party platforms to “plus” their core businesses with to-go orders and meal deliveries.
In that vein, as customer expectations become clearer, plussers will continue to cook up new ways to leverage the maturing metaverse to augment and enrich their core offerings.
Architecting new offerings
Pioneers see the metaverse as a newly open frontier to be settled. These are the risk takers, innovators, and builders who are already pouring billions of dollars into key foundational metaverse technologies, platforms, products, services, content, and other enabling components. Their first-mover inclination is in service of their goal: sustainable competitive advantage.
Businesses in this group could face a high degree of risk. According to one study, the yearly failure rate for dot-com companies averaged 14%, peaking at about 20%.
But the same study showed that dot-com firms’ failure rates were on par historically with those from other emerging industries, suggesting that some risk is necessary to reap the rewards of being a successful first mover.
Bloomberg Intelligence expects the global metaverse revenue opportunity to approach US$800 bn by 2024. Competition for a piece of this pie is expected to be fierce, so startups and incumbents that are comfortable with the risk should probably already be making investment moves.
In determining your organization’s metaverse strategy, consider how your customers might be interacting online in 20 years. How might this consumer behavior intersect with your future business models and capabilities? By evaluating how your company evolved through the Web 1.0 and Web 2.0 eras, you may yield a pragmatic indicator as to when to consider ramping up your investment strategy.
Today business and technology are inextricably linked. And keeping pace with the emerging technology landscape can be difficult for even the most tech-savvy leaders.
What can you do in the Metaverse?
One can take a virtual trip, buy digital clothing, go to a virtual concert in the crypto metaverse projects. Amid the COVID-19 pandemic, the Metaverse could be a game-changer for the work from the home shift. Horizon Workrooms, a free open beta from Facebook, is now available for download on Oculus Quest 2 in regions where Quest 2 is supported (see How can insurers prepare for the metaverse?).
Workrooms is a virtual meeting space that allows you and your coworkers to collaborate more effectively from any location. You can join a conference in VR as an avatar or make a video call from your laptop or PC to the virtual room.
You can collaborate on ideas using a sizable virtual whiteboard, bring your computer and keyboard into VR to collaborate with others, or have expressive discussions that feel more like you’re in person.
However, tech firms must yet figure out how to connect their various web channels. To make it work, competing technological platforms will need to agree on a set of standards to avoid switching between the Facebook metaverse, Microsoft metaverse, or others.
Features of Digital-commerce
The difference between Digital-commerce and classic E-commerce is the fact that Digital-commerce is customer-oriented (customer-centric). It takes into account the fact that the customer likes relative autonomy and independence in the process of making purchases — this has become especially evident during the coronavirus pandemic. That’s why touchpoints (interaction points) are so important — an intuitive website, chatbot and a mobile application.
These tools help the customer make purchases independently and quickly, without waiting for a consultation over the phone. Research shows that companies that use at least three touchpoints sell 287% more products than single-channel companies.
AUTHOR: Mike Bechtel – Managing director and Chief futurist at Deloitte US