A Guide to Understand the Use of Metaverse for Enterprise

The metaverse is the most trending technology term nowadays. And why should it not be?

Earlier considered the domain of gaming, social networks, and entertainment, it is now slowly seeping into all critical segments like education and healthcare as well. Metaverse for Enterprise is slowly gaining traction, and all sectors are keen to explore the opportunities that it will bring.

The interest is so strong that analysts predict that the global metaverse market will rise to $1527.55 billion by 2029 from $100.27 billion in 2022.

Opening up of Metaverse land is enabling many enterprises to explore this option for gaining a foothold. Innovative technological transformations are driving society and enterprises towards digital transformations.

Hence, it is a matter of time before B2B and B2C enterprises will be offering services in the mirror world.

Metaverse for Enterprise: Helping Businesses Leverage Opportunities

Businesses are keen to establish a foothold in the virtual 3D world. But, many still are trying to figure out answers to some questions.

How can we function in a virtual realm?
How can we purchase land in the metaverse?
How can we promote and sell our services and products?
Is there a special currency?

These are all valid questions, and we hope our series of blogs will provide you with in-depth information on all aspects of the metaverse opportunity.

The metaverse is sophisticated and enables a seamless blending of the 2D and the 3D worlds. The metaverse offers many avenues for setting up a virtual society that can function exactly as here in the physical space.

The virtual ecosystem will also offer a place for work, networking, entertainment, and education. Metaverse enterprise revolves around this fundamental concept. The impressive growth projections show enterprises that they must join or perish.

IDC predicts that the global VR/AR market will exhibit a CAGR of 68.4% to touch $36.11 billion between 2021-2025.

Metaverse development offers cutting-edge transformations in how companies engage with their customers. Since it is built on the pillars of AR, VR, 3D modeling technologies, etc., it has the potential to offer engaging and unique customer experiences.

How the Metaverse Opportunity Can Enhance Business Processes

1. Customer Service

We all have heard the phrase “Customer is King”; without your target audience, your service or product has no value.

Hence, your target audience should appreciate the value they provide to your brand. Alternatively, customers see the service levels you offer as a prelude to your business ethics. Listening to them or resolving their issues promptly shows that you care. And customers value that.

The metaverse opens up avenues for immersive purchase journeys. Customers are bound to enjoy these immersive journeys customized to their preferences.

In fact, studies show that 86% of customers would pay extra based on the quality of customer service.

And, 49 % are sure to make on-the-spot purchases after receiving personalized services.

Moreover, complex product demonstrations in the metaverse are more immersive and realistic than simple video demonstrations. They also do away with the constraints imposed by physical limitations like logistics etc. for multi-dimensional products. Service agents could also help customers with assembling and repairing issues in the mirror world.

2. Skill Development and Workforce Training

5 million jobs worldwide will use AR and VR by 2030.

Companies face logistical and equipment-related issues when they have to organize workforce training. For example, in the manufacturing sector, employees need to be trained to handle, repair or maintain complex machinery.

The organization would invest time and resources to ensure everyone travels to a centralized place for the training. This robs the company and employees of productivity.

Within the metaverse, virtual setups can offer simulated environments for training purposes. Employees can join from their respective locations without the need to travel. Safety training, breakdown protocols, and repair and maintenance all can be taught in the 3D world.

For example, Deloitte set up an immersive virtual university for all employees worldwide. Employees networked collaborated and attended over 50 events. Recruits were also exposed to an immersive onboarding experience.

3. Corporate Events and Trade Shows

The global virtual events market will generate revenues of $17.05 billion by 2028.

The workforce of tomorrow is one that will work from infinite spaces. Virtual Meetings and interactions are becoming the norm now. With the metaverse, you can have an infinite number of visitors with fewer worries about venue arrangements.

A study of 3000 respondents showed that more than 74% of respondents were keen on attending a digital conference in the metaverse.
Trends also show that more than 90% of organizers are focusing on more virtual events in the year ahead.

Businesses can interact and conduct meetings with clients from anywhere in the world. Event planners can offer high-end meetings via the metaverse, which can offer real-world-like experiences. Moreover, being scalable, expansion of events will not be challenging for corporates wanting to reach a wider audience.

Concluding Words on Metaverse for Enterprise

There are infinite ways that the metaverse opportunity can be leveraged for businesses. The common use cases across sectors will include customer service, training, meetings, and remote work processes. Augmented reality and virtual reality are already established workplace technologies. As the metaverse building technologies, the next step for businesses will be to enter the mirror world.

It will no longer be an option but a necessity for enterprises. Innovative and immersive digital experiences will steer the business ecosystem. Having a head start would ensure the first mover advantage and allow businesses to stay competitive.

EDIIIE, is a tech leader specializing in the space of AR-VR and Metaverse solutions for corporates. Follow us at www.ediie.com as we keep posting informative articles and blogs to update your knowledge.