Four suggestions on how Metaverse technologies help outperform competitors:
The Metaverse is a simulated digital environment that works with Augmented Reality (AR), Virtual Reality (VR), Mixed Reality, and Blockchain. In other words, the Metaverse will be the next big thing. The global metaverse market was valued at more than $100 billion in 2022 and is expected to grow to $1.5 trillion by 2029.
The engagement of companies that discuss the Metaverse, its applications, and technologies in their presentations at the financial press conference increases significantly. Cognizant has developed an engagement rating and an engagement index. From the results of these analyses, it is possible to measure the proportion of companies discussing a specific topic (in this case, the Metaverse) and the intensity of this engagement.
Virtual rooms, or virtual reality generally, hold great potential in engaging customers. Collaboration between employees and customers when developing and configuring new projects is possible without them having to simultaneously be in the same room. This can lead to new sales channels. For example, VR helps to make processes more efficient through immersive training and networked environments.
Therefore, it pays to understand how each component of the Metaverse works and apply it to today’s business opportunities. For example, used car companies bring potential buyers into a virtual shop so they can see the car they are interested in up close rather than just in 2D. And what’s more: In addition to VR, the Metaverse also offers new possibilities for creating detailed simulations and digital twins. For example, utility companies can work on pipeline infrastructure and remotely design and test necessary renovations or changes before they are implemented.
Here are four tips on how organizations can benefit from virtual and augmented reality.
Build stronger customer relationships
Gartner estimates that by 2026, about 25 percent of people will spend at least an hour a day on the Metaverse. This is an excellent opportunity for companies to meet potential customers on new platforms. With the use of VR/AR, it is easier to inform and educate. This way, the users get a concrete idea of haptics, feelings, and scale.
For example, how does furniture fit into my apartment, or how big is the new car I’ve had my eye on? Virtual reality turns the discovery of new products into a three-dimensional experience.
Show Sustainability With AR
Organizations want to be more sustainable and socially responsible, but presenting this information can take time and effort. With the help of augmented reality, it is possible to visually display information about the product origin and the CO2 footprint by allowing users to scan products virtually.
In this way, companies can show what measures they are taking and present their ecological and social initiatives.
Improve Remote Work
Virtual rooms are also beneficial for employees who work from home. Companies can support their employees remotely with training and social interaction. For example, employees in the virtual office can explore a virtual representation of an object or system with their digital twins and apply this knowledge to the physical world.
New Levels Of Maintenance
Visualizing data and accessing information on-site improves productivity. Just think of real-time maintenance monitoring with the help of augmented reality or installing assembly instructions directly on the system. For example, someone who needs to help remotely with digital twins can see what’s wrong with a particular device issue. This way, users can get direct instructions on how to fix the problem.
So, where to start? The Metaverse is still in development, but companies can already make the necessary preparations.
- Organizations need to identify what problems can be solved or what benefits can be achieved using immersive augmented reality experiences.
- Scalability should be the focus. It needs to be examined how each Metaverse component will work with the other members to create the same experiences the company wants to offer.
- And above all, the highest level of privacy, security, and ethics should be maintained. The Metaverse is still in its infancy, and this early stage is the perfect time to pay special attention to these fundamental pillars.
Even if the commitment is currently low, there is considerable scope for further growth. The Metaverse is coming, the technology is ready, and companies should look ahead to opportunities because investing in Metaverse-based applications can put them in a pole position. The more mature a company’s VR/AR strategy is, the more it can benefit from the eventual launch of the Metaverse.