A common question that pivots around the metaverse is – how should chief executives approach the metaverse? Should they see it as an opportunity or a significant risk? The opportunities are abundant, and the associated risk diverges from common perceptions. Companies actively acquiring metaverse development services perceive it as the next evolutionary phase of the internet. Analogous to any groundbreaking technology, the metaverse holds immense potential. The metaverse is projected to reach a potential value ranging from $4 trillion to $5 trillion by 2030.
However, discernible risks should not be overlooked. The primary risk lies in failing to adapt to the transformative impact of pioneering technologies such as the original internet, AI, and the metaverse. Many business leaders anticipate a positive influence from the metaverse on their industry’s operations.
Advanced Use Cases of the Metaverse
Companies are poised to offer customers an unparalleled shopping experience within the metaverse, essentially creating a 3-D e-commerce channel. For this, companies have started to partner with experts of a metaverse application development company. To comprehend the potential, let us explore two of the largest and most advanced applications — one for consumer businesses and the other for B2B companies.
- Brand Marketing and Consumer Engagement
Several companies have already integrated the metaverse into their marketing strategies, establishing a presence in virtual worlds. Some have achieved notable success. For instance, Nike’s space in Roblox, known as Nikeland, attracted over 26 million visitors, resulting in the sale of over $185 million worth of NFTs for digital products. The company’s digital division has experienced a threefold increase in revenues, surpassing $10 billion, constituting almost a quarter of its total revenue. Companies are now exploring further opportunities, such as gamification, virtual reality (VR), and augmented reality (AR).
Starbucks partnered with a metaverse application development company to introduce Starbucks Odyssey, an enhancement of the company’s robust loyalty program. It exemplifies the potential for gamification in the metaverse. Members can enjoy virtual tours of coffee farms, participate in trivia games about Starbucks’s heritage, and engage in activities like “Starbucks for Life.” The points that they earn can be used to unlock new experiences, including virtual instruction on making an espresso martini or a real-life trip to Hacienda Alsacia, a coffee farm in Costa Rica.
- Digital Twins
In the metaverse, every asset, process, or individual within and associated with an enterprise can be virtually replicated, known as a digital twin. This allows for nearly all work-related activities to occur digitally before transitioning into the physical realm. By constructing digital twins, comprehensive analyses can inform enhanced decision-making. Companies like Siemens, BMW, Hyundai, Renault, and even professional athletes, such as Emirates Team New Zealand, are leveraging digital twins for diverse applications.
These virtual replicas enable improved decision-making, as demonstrated by Siemens. Siemens utilized a digital twin for its Nanjing factory, doubling manufacturing capacity and enhancing overall productivity by 20 percent. As companies continue to innovate, more enterprise applications are emerging, with corporate training being a fertile ground. Bank of America, for instance, has implemented a VR-based immersive training program for every financial center in its network, focusing on strengthening client relationships, navigating challenging conversations, and fostering empathy. Walmart, unexpectedly, found that its VR training played a crucial role in saving lives during a challenging situation at one of its stores.
In essence, metaverse development services pave the way for a dynamic landscape with vast potential for value creation, encompassing innovative marketing strategies, immersive consumer experiences, and transformative applications for various industries.
What can Businesses Do?
The metaverse holds immense potential to disrupt various sectors, including banking, manufacturing, media, professional services, retail, and telecommunications. CEOs in these industries may need to take more proactive measures than their counterparts in other sectors. However, leaders in any field can adopt three strategic steps to ride the metaverse wave and strategically position their companies for the eventual widespread adoption of the metaverse.
- Define the Purpose
Instead of solely focusing on “what can we do in the metaverse,” CEOs should ask a crucial question of “why does the metaverse align with our growth and innovation agenda?” It is imperative for CEOs to understand how the metaverse integrates into the existing business model and identify the aspects that excite their customers about engaging in the metaverse. The key is not to reshape core objectives to fit the metaverse but to align the metaverse strategy with existing business goals.
- Prioritize your Use Case
While seeking external inspiration is beneficial, businesses should also undertake the task of identifying and prioritizing practical use cases that align with the company’s overall strategy. The development of concepts, business cases, and roadmaps for these identified use cases should be treated seriously, avoiding any perception of them being mere gimmicks. This is when businesses can seek assistance from an experienced metaverse application development company. By prioritizing these efforts, CEOs can dispel organizational scepticism and emphasize the seriousness of their commitment to metaverse integration.
- Leadership and Implementation
CEOs play a crucial role in championing the cause of metaverse integration. This involves setting the vision for the metaverse strategy and selecting leaders for each use case and initiative. Functional leaders can take the lead to ensure close alignment with functional agendas, and appointing a chief metaverse officer can further reinforce commitment. Consideration should also be given to the operating model and team setup required for effective implementation. Many companies may find it beneficial to partner with specialized providers of metaverse development services. Testing, learning, and asking the right questions along the way are essential components of bridging the gap between expectations and results in the metaverse journey.
Why Choose Antier for Metaverse Development?
Antier combines technical proficiency with a deep understanding of the evolving metaverse landscape to offer enterprise-grade metaverse development services. Our seasoned developers are well-versed in the intricacies of metaverse technologies, including smart contract integration and blockchain integration. We have real-world experience delivering tailored metaverse solutions for diverse industries, such as finance, e-commerce, telecommunications, real estate, fashion, gaming, and more, enabling clients to unlock the full potential of this transformative technology.
Our commitment to staying at the forefront of metaverse advancements, coupled with a client-centric approach, has helped us emerge as a leading and trusted metaverse application development company.
Connect with our subject matter experts to discuss your business use case.
