Since Facebook officially became Meta in October 2021, backing its vision with an investment of $10 billion, the term Metaverse has become commonplace. For more than a year, insiders have been trying to understand (and sometimes create) the benefits for their business. End users are intrigued by what promises to be the next Internet evolution.
Perhaps there has been an excessive focus on the Metaverse over the past year, with the result that companies today are not fully aware of its potential, the challenges required to derive real value from it and the steps needed to become part of it. In such cases, the risk is that an extraordinary opportunity can be relegated to a secondary role while waiting for more certainty, leaving the field open to competitors.
Metaverse for companies: helpful information
We have created a brief Metaverse vademecum from the specific perspective of a company of any size that intends to focus on innovation and that, rightly, demands reliable and direct information to assess whether or not to 'enter' the Metaverse.
What is the Metaverse?
Metaverse originates from the cyberpunk novel Snow Crash by Neal Stephenson, published in 1992. All the definitions given in the last year delineate the next evolution of the Internet, aimed at leveraging the most innovative technologies (Virtual Reality, Augmented Reality, AI, Blockchain, NFT...) to create an immersive and interactive experience. Metaverse is an evolution of the Internet, passing from the concept of browsing to living a persistent and shared experience that extends from the real world to an entirely virtual one.
Is there only one Metaverse?
No. Metaverse is a concept, not a technology or a platform. Depending on their business model and objectives, companies may decide to establish their presence on an existing platform (Roblox, Decentraland, High-street) or develop a corporate Metaverse to benefit employees, customers, efficiency and stakeholders in general.
Why is Metaverse an opportunity for businesses?
In the B2C universe, creating a corporate presence in a Metaverse (populated by a specific type of user) means developing new modes of interaction with target audiences, using innovation to intercept new customers and retain existing ones. It is also possible to sell directly in the Metaverse by creating virtual shops that are, for all intents and purposes, the 2.0 evolution of current e-commerce.
For companies, the Metaverse is a broader concept than a mere 'presence' on a third-party platform. Here are some opportunities:
- The enterprise Metaverse can be a realistic virtual environment in which companies interact with various subjects by replicating human interaction with all the benefits of the virtual. Such a Metaverse could be a replica of the enterprise or an environment impossible to create in reality - fostering sustainability.
- The Metaverse is an extraordinary opportunity to create new ways of relating to customers and suppliers. Agile work can be supported by organising innovative training courses. The Metaverse can be used to create Virtual showrooms, support lead generation, make Customer Care more interactive and engaging and much, much more.
- In addition, the Metaverse enables acceleration, simplifying and optimising business processes. In manufacturing, it is possible to refine production through the Digital Twins, supporting remote use. The only limit is our imagination.
How much does it cost to 'enter' the Metaverse?
Costs depend on the platform, or in the case of the Enterprise Metaverse, on developing and hosting the system. In the latter case, prices can be more than affordable, thanks to low-code platforms provided as a cloud service, including hosting, for a single monthly fee.
Are the timelines long?
No. In the case of a low-code platform, a company can release its first virtual environments in a few weeks. The project can then continue in successive phases.
Is a virtual reality visor necessary?
No, a web browser is sufficient to make the most of a corporate Metaverse.
How do you measure and maximise ROI?
ROI calculation depends on the purpose of the project. Some KPIs may relate to the level of adoption, customer satisfaction, participation in events and the occupancy level of virtual environments, retention and increased turnover. It is always essential to optimise costs, which is an irreplaceable ally in low-code platforms provided as a SaaS service.
