According to the Boston Consulting Group, the metaverse market is currently worth $250 billion and is projected to reach an incredible $400 billion by 2025. As the metaverse continues to grow, there is no doubt that the future of every industry will be affected.
In fact, investment into the metaverse across varied sectors is already taking place. Recent data indicates that the top ten industries investing in the metaverse are computer and IT, education, finance, marketing and advertising, medical and health, technology and innovation, travel and hospitality, construction, transportation, and customer service. With the wide variance of industries that are taking the plunge into metaverse investments, it is easy to imagine a future in which the metaverse touches every business and brand in one form or another.
For this reason, companies must begin thinking today about how and why the metaverse will play a role in future operations. To start with, take a look at the top reasons why the metaverse is poised to impact businesses across every industry.
It Will Improve Global Collaboration
One of the critical lessons businesses learned from the pandemic is the interconnectedness of commerce. The world has become increasingly intertwined, with a growing demand for the convenience a global system provides. When the pandemic struck, businesses saw just how much reliance there is between companies across the globe. Supply chain impacts showcased the need for cross-border collaboration.
This is a key area where the metaverse will help improve global innovation. Through the metaverse, businesses will be able to collaborate closely in a shared augmented reality. Companies are already starting to test the waters, using metaverse worlds to host conferences, team-building events, and even virtual happy hours.
As more worlds are built out, and the technology powering the metaverse continues to improve, businesses can expect to enter a new era of virtual collaboration. Teams working on projects will be able to meet in a shared digital space that mimics the real world. Regardless of pandemics or issues with travel logistics, companies from around the globe will be able to continue to operate as one unified unit, something that can benefit businesses in any sector.
It Will Allow for the Expansion of Sales
Any business that sells a product or service will have a unique opportunity to expand its reach as metaverse worlds grow. Similar to how ecommerce disrupted the retail market, the metaverse looks to change the landscape for sales.
Recent data from JP Morgan shows that the sale of virtual goods has already reached an annual value of $54 billion. With more people opening up their wallets to make virtual purchases, brands will need to become innovative in their approach to future marketing strategies.
This shift is already starting to make waves across numerous industries. For example, luxury brand Gucci recently drew in 19.9 million visitors in a matter of two weeks by launching a metaverse version of its Gucci Garden on Roblox.
In another example, Chipotle used a clever marketing campaign to bridge the gap between the metaverse and the real world. Through its campaign, the company launched a Chipotle Burrito Builder on Roblox. This simulation challenge invited players to roll virtual burritos to earn Burrito Bucks. The first 100,000 players to successfully complete the challenge would earn enough Burrito Bucks to make a real-world purchase of a food entree on the Chipotle app.
These are just a few examples of many that will continue to pop up as companies rethink their strategy around reaching customers. With more users joining metaverse worlds every day, the opportunity is prime for forward-thinking companies to expand their sales globally.
It Will Provide a Unique Way To Learn
For those working in the educational sector or responsible for corporate training, the metaverse holds incredible potential for changing how students and employees learn. Through metaverse worlds, learners can be fully immersed in a learning experience, increasing their ability to interact with a virtual learning module.
The benefits of learning through the metaverse are already being proven. In a recent study, a group of middle school students was taken on a virtual field trip to Greenland to learn about climate change intervention. Another group was provided the same learning material through a 2D video. The group that took part in the immersive experience scored significantly higher on enjoyment, interest, and retention.
This will be incredibly powerful in sectors where hands-on learning is difficult or limited by scarcity factors. For example, medical students will be able to practice important in-depth tasks, such as surgery, as often as they want without necessitating a physical cadaver.
The applications for learning are immense. Whether it is a language school that offers an immersive Spanish class while students virtually stroll the streets of Madrid or a corporate training course that allows employees to test out their driving skills in augmented reality, the metaverse will empower learners and educators alike.
It Will Make Remote Interactions More Personal
Today, interacting via the internet is limited in the level of realism it can portray. Even with video tools such as Zoom or Teams, a human element of interaction is still missing. In future metaverse worlds, this gap will be bridged through much more realistic person-to-person interactions.
One sector, in particular, that is poised to benefit from this is the healthcare industry. Before the pandemic, only 43% of healthcare facilities offered remote treatment to patients. Now, that figure has reached 95%. As more patients desire remote treatment options, the metaverse will help add a more personalized approach. Through VR experiences, patients will feel closer to their healthcare provider, and their provider will be capable of conducting an in-depth diagnosis from thousands of miles away. This will also open the possibility for patients to seek the ideal specialist for their needs. No longer limited by geographical bounds, patients will be able to engage in a highly personalized experience, all through virtual reality.
For other organizations, increasing the personal feel of virtual interactions will help with everything from customer service to virtual sales calls. Companies that invest in the right technology will be able to outpace competitors that are still relying on the tired Zoom calls of today.
It Will Transform the Workforce
Beyond how the metaverse will change how industries interact with their customers, it will have a transformative effect on the workforce. The pandemic already showcased how successful remote work options can be. As employees become increasingly expectant of remote or hybrid work options, metaverse worlds look to transform how virtual working takes place.
In a recent article by Yahoo Finance, Sarah Willersdorf, BCG’s global head of luxury, shared how her company is already transforming its work team interactions through the use of virtual reality. According to Willersdorf, she sees the metaverse as the answer to the exhaustion employees feel from Zoom and Teams meetings. Through a virtual setting, employees feel more connected and engaged.
In the workforce of tomorrow, the metaverse will allow companies to hire the best candidate regardless of their geographical location. Virtual shared spaces will allow for the high level of collaboration that in-person offices once provided. Additionally, through these virtual spaces, employees will be able to partake in work events, happy hours, and team building. Rather than the impersonal feeling of logging onto a Zoom meeting, the metaverse will provide employees with the feeling of “being there.”
How Will Your Brand Prepare?
As the impact of the metaverse grows, savvy brands should begin to strategize today. Regardless of what business sector your team operates within, now is the time to think creatively and innovate to expand your reach. If you’re ready to explore the possibilities, start by joining The Verse. Designed by Ally, The Verse allows businesses to interact with their customers wherever they are through an immersive virtual experience. In The Verse, users can interact with and make purchases from businesses via in-game currency, DRCT, and cryptocurrency. This will allow brands to quickly grow their reach, expanding to interact with customers around the globe.
Stay tuned to learn more about how Ally is empowering brands to tap into the incredible potential of future metaverse worlds.