Seven ways the Metaverse will transform business

More Metaverse Stories to Come

A very popular and hot topic in tech right now, the Metaverse can be summed up as the natural evolution of the internet, a continuous web of digital spaces where people’s digital avatars will hang out, work, earn a living, and claim their digital possessions. 

Over the next decade, technologies such as AR, VR, IoT, 5G, blockchain, and cloud computing are expected to converge and interact with each other. Several companies have contributed to the emergence of this virtual space, and they vary in size and in their work. 

Seven ways the Metaverse will transform business

On the one hand, tech giants like Facebook (now Meta) and Microsoft, for example, are pouring money into every aspect of the Metaverse, from AR/VR glasses and headsets to communication platforms. Meanwhile, there are smaller players working on certain elements, such as VirBELA for virtual collaboration in work environments, and Second Life for avatars in virtual worlds. 

The exact impact on businesses will take some time to develop, as the smartphone revolution started 15 years ago. In the beginning, smartphones had no app stores, 3G networks sucked, and batteries sucked, and a similar evolution will happen in the Metaverse as well.

So for enterprises, what changes will be brought about under the new wave of the Metaverse? The following are the opinions and many wonderful cases provided by a number of company executives or senior experts engaged in related businesses, hoping to bring some inspiration for reference.

▌Customer support and experience

Nancy Pekala, vice president of content marketing and strategy at HGS Digital, mentioned in a blog post that in this experience, the digital twin of a customer service agent can assist customers in an immersive shared digital space, helping them assemble, repair or replace products. 

Seven ways the Metaverse will transform business

Not only does this allow customer service agents to do their jobs better than ever, it also builds long-term trust between the organization, brand and customers.

For example, if a customer is having difficulty assembling a piece of furniture, a virtual help desk can directly guide the consumer through a virtual and actionable version of the furniture, giving them a clear path to resolve and assemble the purchase. On the customer side, it’s a lot like getting help from a service agent in person. 

▌Sales and Marketing

Like customer service agents, sales and marketing executives within an organization can leverage the power of the Metaverse to recreate the fidelity of real-life communications and visualizations, and market their products, services, and sales, said Michael Pryor, principal at Atlassian Trello. to potential targets. 

According to Pryor, platforms like Zoom do help with sales, but the Metaverse will make the whole process more realistic, ensuring effective communication with nuances of body language, tone and visual cues, while also allowing for a degree of anonymity to choose, This will allow customers to view and experience products in a virtual store without physically being there.

Seven ways the Metaverse will transform business

A good example is Ralph Lauren’s virtual ski shop and Drest, an interactive game that lets people try on different outfits to decide what suits them best, then connect to an e-commerce platform to buy in the real world these garments.

Various automakers, including Nissan and Mercedes, have also created virtual showrooms to give potential buyers a good inside-out look at their vehicles and drive sales.

▌Advertising

Organizations, especially those in the retail industry, will also be able to leverage the Metaverse for product placement and advertising. It’s hard to imagine what these ads will look like in the future, but some fashion brands are already working in this space, giving some examples worth considering.

Seven ways the Metaverse will transform business

For example, fashion giant Balenciaga advertised its real-world series as digital skins in Epic Game’s Fortnite and launched its own game on Unreal Engine to showcase its fall 2021 collection.

Similarly, Burberry launched in-game clothing for the Chinese strategy game Honor of Kings, and fashion tech startup BigThinx organized a virtual fashion show featuring designs from Rebecca Minkoff, Alivia and multiple other brands.

Many retailers, including Gucci and OTB Group (Diesel’s parent company), have also established their Metaverse divisions to take advantage of this opportunity.

▌Large events and conferences

From press conferences to major trade shows, the Metaverse will play a key role in making major events truly immersive and virtual for businesses. That’s because, when the technology matures, tens of thousands, possibly even millions, of people may be able to see and interact with each other in virtual worlds. Imagine Travis Scott concert Epic Games inside Fortnite, only bigger and better.

Furthermore, the Metaverse is not bound by the physical constraints of the real world. Businesses can easily have an event venue with as many meeting rooms and stages as they want without any issues.

▌Engineering and Construction

Businesses can also use the Metaverse to create digital twins that aid in engineering and development efforts.

Seven ways the Metaverse will transform business

For example, Boeing plans to use Microsoft Hololens and 3D digital avatars to enhance aircraft engineering and prevent manufacturing defects. Airbus is also working with Microsoft to use Azure Mixed Reality and Hololens to reduce design validation time by 80% and speed up complex aircraft assembly tasks by 30%.

In addition to this, businesses can create immersive digital simulations of their production lines and identify bottlenecks that may affect the quality or delivery of their products. In this way, they can fix problems, whether mechanical failures or human error, before they affect the actual production process.

Automaker BMW is using Nvidia’s Omniverse to simulate every aspect of its manufacturing operations. According to a report by TrendForce, the Metaverse could drive global “smart” manufacturing revenue to $540 billion by 2025.

▌Workforce training

Another important application of the Metaverse will be in the area of ​​skill development. Rather than summoning employees and training them to use actual machines that can be used in production, organizations can build virtual factories where trainees learn to perform all the basic operations from startup to shutdown.

They can also use virtual environments to simulate accidents, emergencies, and train workers more effectively on safety responses. Currently, organizations must rely on monotonous training manuals or videos for such tasks.

“Immersive learning and training has been a common use case for the corporate Metaverse,” said a Deloitte spokesperson.”During the COVID-19 pandemic, we virtualized Deloitte University and created an immersive space where colleagues from around the world meet and collaborate in a natural way: in the first three months alone, we hosted more than 50 Events. We built a Hololens 2 experience that brought William Deloitte to life, and an AR experience that showcased 3D and 2D art on a dedicated wall at the new Deloitte University in India.”

In addition, through Deloitte Studio, an immersive onboarding experience has been created for new employees, the spokesperson said.

In the long run, these (and many others) collaboration systems and technologies will be used in consumer or enterprise use cases, allowing people to interact in a more personal and engaging way than Zoom calls.

▌Scenario Planning

Since virtual worlds have no physical constraints, businesses can also use the Metaverse as a way to ensure effective scenario planning and problem management. For example, an e-scooter company can simulate operational problems caused by bottlenecks on the supplier side, such as shortages of specific components, and develop strategies to address those problems in advance. 

“Solving highly complex and mission-critical operational improvement challenges is an area where Metaverse can provide exceptional solutions. The convergence of artificial intelligence, digital twins and 3D design creates groundbreaking use cases,” said a Deloitte spokesperson.

“Deloitte has helped some of the world’s busiest airports optimize airline movements through a 3D digital twin application,” they noted. A digital twin has also been created for the Hong Kong International Airport to help authorities streamline design reviews for new construction projects and deploy resources efficiently for maintenance. 

▌More Metaverses are coming

We don’t know exactly what the Metaverse will look like in the next five or six years, but these applications could be a good place to start. As the system evolves, the use cases and applications within the enterprise may also become more comprehensive.

Tuong Huy Nguyen, senior principal analyst at Gartner, noted that these applications are based on what we know today, but in the future, it will all come down to how businesses can leverage key features of the Metaverse.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/seven-ways-the-metaverse-will-transform-business/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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