The word metaverse was not known to all even a year ago, except for the crazy science fiction lovers. Now, it has become the buzzword. Though it is still somewhat conceptual, at least the term at present conjures visions of a larger and better future world. Most big companies have already stepped into the world of metaverse business to connect to their customers uniquely. But the small companies may have been sceptical about using the metaverse for business; before discussing how the metaverse companies are growing and the potential for small companies in the metaverse, it is essential to know what metaverse is.
What is metaverse?
It can be described in more than one way. Meta means beyond, and verse means universe. So it is, in simple terms, a virtual reality world or an intersection of the virtual and the real world. The word came from Snow Crash, the sci-fi novel of 1992 written by Neal Stephenson. The word became trendy when Facebook brought it to light.
Now it is the other name for an emerging technology that experts describe differently. But its main aspects are:-
Technologies like extended reality, digital twins, artificial intelligence, digital twins, edge computing and smart objects like factories and cars.
The meta-universe gives a purely virtual world experience and a blend of the real and virtual worlds.
Business applications, models and consumer experiences are entirely new to the meta-universe, and the companies in the metaverse are transformed and reimagined.
Decentraland is one of the metaverse platforms introduced initially, and it allows people to buy items, attend events and communicate with others in the virtual world using AR, VR and NFT technologies. Some other platforms like Decentraland are The Sandbox and Mirandus.
The platforms can be broadly divided into two types, one is like the Decentraland, which deals with virtual real estate properties, including cryptocurrencies and NFTs, and the other is the gaming platforms Minecraft offers for attending virtual events.
Metaverse for business
Ecommerce and retail sectors can benefit significantly if they emerge as metaverse companies to engage more customers in the long run.
The current digital marketing methods can be taken to the next level, with metaverse business allowing brands to communicate with customers in new ways.
Companies in the metaverse can quickly implement community building by organizing virtual events, live programs, 3D webinars and virtual tours. It is a cost-effective, easy and highly interactive way to engage more customers in a small business.
The meta-universe technologies have high personalization capabilities allowing businesses to make their customers feel special, every customer can be engaged, and the partnerships or bonds will be more profitable and substantial.
How small businesses can be benefitted
Small businesses can connect to a broader audience in a short time using the virtual meta platform.
Customers may find an event’s environment more comfortable when it is a virtual platform, and they can interact more freely than on a real platform.
This virtual platform is more suitable for small companies as it is low-cost.
Social media platforms, gaming platforms, education and entertainment, sports and fitness sectors and the fashion world will find it more worthy of becoming metaverse businesses.
Virtual goods, AR/VR showrooms and online gaming adventures by reputed brands are some of the tools that the meta platforms use to attract the audience quickly.
A customer may not always be interested or free to attend an exhibition gallery physically, but he can easily have a look at the virtual gallery. Thus, selling a product becomes more manageable, especially for a small business that can gain the maximum profit by even saving the cost of renting or buying space for the event.
How businesses can get into the meta-universe
Small companies can adopt metaverse for business by collaborating with meta platforms, improving brand access in mobile devices, building AR and VR experiences, incorporating virtual or hybrid business models, focusing on connectivity and expanding their marketing strategies.
