Some people think that the metaverse was created for gamers, leading other corporations to believe that it has no bearing on their industry. While, in reality, it can present them with a brand-new opportunity. Think about it, it is already essential for companies to have a well-thought-out digital strategy and to look for ways to enhance their online presence – the metaverse could be the ticket to expand many business opportunities.
Even while the metaverse is still in its infancy, businesses have a ton of opportunities to change everything from how they engage with customers to the products and services they offer to the production and distribution procedures, organizational structures, and more.
However, everything also depends on the requirements of businesses and how it may help them. Let’s look at several ways that businesses can participate.
From what we’ve been told so far, the metaverse promises to be a stunningly realistic 3D virtual environment where people can engage in activities such as buying and selling products and services, signing and enforcing contracts, hiring and training employees, and interacting with clients and communities.
What business opportunities can be grabbed in the metaverse
By using virtual reality (VR) headset, people might travel to a factory on the other side of the globe thanks to the metaverse. Customers could switch between competing virtual vehicle dealerships and take test drives at each one. Many younger shoppers nowadays already purchase virtual goods for their virtual gaming surroundings or try on virtual clothing at virtual retail establishments.
Others may be debating whether or how to participate in this new environment, while other well-known brands like Adidas, Gucci, Louis Vuitton, Nike, and many others, have already made their presence.
Look at it this way – if a company has a presence on the metaverse, especially if they were among the first, their name will be known worldwide, and they will be able to reach a much larger audience. On the metaverse, customers will talk about their interactions with the company’s brand while businesses can talk about the company’s approach, both of which can increase visibility.
In short, this is promoting the brand, and the company can provide its very own virtual advertising in the metaverse.
Singaporean business professionals are ready for the metaverse
Having said that, it is encouraging to see that business professionals are prepared for the metaverse. Ciena recently commissioned a survey to find out how prepared business professionals are for virtual collaboration. The results show that 98% of Singaporean business professionals value virtual meetings, and that four out of five (80%) would choose to use virtual meeting spaces over traditional video conferencing solutions for business meetings.
The study, which surveyed 15,000 business professionals in 15 countries, found that more than half (57%) of Singaporean business professionals agree that virtual meetings offer greater convenience than in-person meetings, and 44% think that virtual meetings can foster a more collaborative environment. Virtual meetings, according to 33% of those surveyed, are less expensive than in-person meetings.
Furthermore, over half (56%) of Singaporean business professionals believe their workplace will transition from static work settings to a more immersive/virtual reality-based environment within the next three years, and 71% believe the metaverse will become a part of present work practices. Similarly, 88% of Singaporean business professionals say they’d feel at ease holding more official HR-related work meetings online.
Challenges that businesses face
Despite a growing interest in adopting augmented reality tools, survey participants listed virtual meeting fatigue (31%) and the inability to read facial expressions and emotions (35%) as the two main downsides of using virtual collaboration tools at work.
When asked to name the top obstacles to business adoption of virtual reality platforms, 39% cite associated expenses as a concern, 43% of respondents worry that the technology is not easily accessible, and 41% believe their firms lack the reliable network needed to support these virtual experiences.
While network reliability is currently perceived as a barrier to working in the metaverse, Dion Leung, Regional Managing Director, Ciena ASEAN, noted that Singapore has been making progress in strengthening its digital infrastructure to support the development of a digital economy, especially with significant progress in making island-wide 5G coverage a reality.
“As businesses and employees here opt to retain their present hybrid work arrangements, enhanced reality tools will provide a whole new dimension for collaboration and innovation in the new world of work. But its exciting use cases can only be achieved with a robust and always-on underlying network,” said Leung.