Could Metaverse Transform Your Business?

Could the Metaverse technology be the next big thing for B2B & B2C companies? Is it a huge shift for businesses in the eCommerce digital world? As a business owner, you must have to ask yourself: How could Metaverse transform my business?

The reality is the business world is changing! 

Gartner named metaverse one of the top five emerging technologies in 2022. In fact, the early adopter of the metaverse is the gaming industry. Today, tech companies like Facebook, Roblox, Microsoft, and Epic Games are investing billions to develop this digital space. Facebook rebranded itself as “Meta” last October 2021. According to The World Street Journal, Facebook CEO Mark Zuckerberg explained why Facebook chose “Meta” as its name. “Meta” better reflects the company’s vision for the future and its expansion into the metaverse. Consequently, metaverse will impact every vertical and every industry!

In the metaverse, eCommerce is almost certain to become huge in the coming years. As the technology and the appeal of augmented and virtual reality grow, so will the eCommerce world inside of it. Why? Because it merges the appeals of both offline and online shopping into one; the conversion of digital and physical. You might wonder what will an online shop look like in the metaverse? It will be a very unique experience. For example, a fishing rod shop in the metaverse might exist “underwater.”

In an August 2021 survey conducted by Forrester, 23% of U.S. online consumers said they would like to spend more time exploring the metaverse, and 19 % said brands should build more branded experiences in the metaverse. In fact, B2B & B2C businesses are working their head around to learn how to leverage this new territory, knowing that first movers will be an advantage edge. 

What is the Metaverse?

Metaverse is a revolutionary technology in the digital world. It is an interactive 3D space where people can create, share and explore virtual worlds. 

The metaverse technology simply replicates the actual world in a hyper-real alternative digital space. In other words, it is a parallel virtual universe that comprises several technologies together such as videos, augmented and virtual realities, blockchain, and 3D avatars. The combination of these multiple software technology exchanges and making use of information creates a universe for people to shop, travel, socialize, trade, and interact with each other in their digital avatars. 

Think of it as the internet of virtual reality – a place where people can meet together from various corners of the universe to interact, trade, and do business. B2B & B2C businesses can now connect with decision-makers virtually via the metaverse, saving the cost of expensive business travel and trade shows.

Furthermore, businesses can have their virtual storefronts, digital employees, and virtual currency in the metaverse. It allows the user to experience the products as if they were in the physical world. The beauty of augmented reality, allows customers to be confident in the quality and sizing of items when buying online, where sizing, for instance, is a big issue!

According to Forbes, this digital space is still in its early stages of development. However, there are already a few metaverse platforms that businesses can use to establish a presence. These include Sansar, Somnium Space, and Decentraland. Although the technology is still in its development phase, it is very interesting and promising in the eCommerce industry. We can expect more of these platforms in the upcoming months and years.

How can Metaverse transform your business & What does it mean for B2B & B2C businesses?

You might think and ask yourself, how metaverse will affect my business. Since B2B & B2C are mainly about meeting with customers wherever they are. Then, for sure metaverse can do a lot of engaging with their customers. Here are some advantages of how can the metaverse transform your business:

Increased Engagement with Customers

With the metaverse technology, businesses can now explore new opportunities to build customer relationships face-to-face. In the metaverse, sellers can create more immersive buyer shopping experiences for their customers. Metaverse can deliver much more powerful interactions for customers rather than just reading about it online.

Also, these virtually enhanced interactions facilitate sales much easier than traditional forms of marketing or sales. When your sales team brings customers into visually immersive workspaces, there is a much better opportunity to materialize sales. Thus, it saves huge time and cost for businesses. 

Immersive and Organic User Experience 

For B2B in particular, it is very beneficial. Your customers would be able to walk around a room in a natural way and interact with each other. Also, they could break off into subgroups, and immerse themselves in an experience that reflects what it’s like to be together in the real world.

The same applies to B2C. For example, if your customer wants to buy your product and is skeptical about whether it will look good on him/her. With the help of metaverse and AI technology, your customer can try it virtually without visiting your physical store and will get the same experience as at the actual store.

Increase Sales & ROI

Time is money! By establishing a virtual presence in the digital space, businesses can reach new markets, and explore new channels of revenue. Your sales team can host multiple virtual meetings with your customers from different parts of the universe, without leaving their office.

B2B & B2C businesses with global customers can now use the metaverse meetings to reduce their travel expenses. Establishing a virtual presence will allow businesses not only to benefit from more immersive than traditional customer experiences, but also save costs for flights, travel, and hotel. Consequently, you will increase your employees’ productivity.

Virtual Trade Shows & Conferences

On the other hand, participating in trade shows and events will never be easier. In the metaverse, B2B & B2C businesses can easily set up virtual booths with real-time interactions and seamless virtual experiences. For instance, presenting a live demo of a new product will be a much-enriched experience thanks to augmented reality. You can create a virtual product test site where your customers can get a better feel for your offer.

No doubt, metaverse could soon become a key player in the global economy.

Allows for Creativity 

Indeed, this new technology allows you to exercise your creativity. For example, a booth for an aviation company might exist in the metaverse in the “aerospace.” Exercising your marketing and advertising activities will be very entertaining to your customers.

The possibilities of interactions and creativity are endless.

Metaverse & eCommerce — The Future What to Expect?

The Reality of Tomorrow is Virtual!

The future of metaverse and eCommerce looks promising, with a whole array of new technologies developing the current and upcoming platforms. Although there are still some uncertainties about how exactly businesses will use the metaverse, it is predictable that this new technology has the potential to revolutionize how B2B & B2C grows. As a platform for business and B2B, metaverse will enable more efficient and faster collaboration between customers, manufacturers, and distributors. 

We can’t wait to see where the metaverse leads us in the future. In fact, digital transformation does not only refer to integrating B2B & B2C eCommerce Platforms into a business strategy but also navigating what are future trends and making use of them for growing your business.

Answering your question, could the metaverse transform your business? Absolutely!

The metaverse is seen to be the evolution of the internet. Thus, handling business and evolving eCommerce with the metaverse indeed will be the future reality. However, you should not navigate this path on your own. But with the help of your digital eCommerce partner, you can take advantage of the internet evolution for growing your business. DigiCommerce can guide you with the latest technology and advise you on the right business solutions that best fit your business needs.