How to Drive Digital Transformation in the Metaverse

What is the Metaverse?

The Metaverse technology is essentially a merger of our actual world and its virtual counterpart. It is a reality that is not real. The Metaverse is a cutting-edge and ground-breaking platform for online interaction supported by cloud and real-world data. It consists of Augmented Reality (AR), Virtual Reality (VR), mixed reality, and a 3D virtual world meticulously built.

The Metaverse is a super-platform that combines social media, online gaming, practical data delivery, and convenience apps. It is accessible through a single digital and physical location and is connected through mechanisms for commerce and content. Businesses need to be involved in the Metaverse for a variety of reasons. The Metaverse appears to be the way we shall communicate in the future. Our digital identities will develop there as well. Whether you like it or not, this is the world we’re moving toward. 

The pandemic pushed a ten-year backward shift in the economic and industrial digital transformation. The growth of block chain, NFTs, and AI-powered tech tools and applications has fueled the Metaverse’s expansion from a simple virtual reality platform to a place with a rich eco-system and infrastructures, as well as a plethora of service providers in place to improve user experience.

The good news is that in the Metaverse, there are no restrictions on what your brand could accomplish, even though there are still many questions about how the technology will advance. You just need to decide on the best course of action.

Metaverse is the Future

Utilizing novel digital business assets and value exchange mechanisms, the Metaverse will offer economic prospects. Organizations must investigate virtual world financial flows, customer interaction, brand positioning, and product creation to strengthen their digital business transformation strategy. Current digital interactions (websites & applications) will not entirely be replaced by the projected environment of the Metaverse, in which communication protocols are not yet established, but new sorts of interactions & economic models are likely to arise. 

Technology that affects strategic business developments is the Metaverse. Identification, analysis, and tracking of emerging technologies are essential for assisting in the creation of new goods and transforming the industry. Although the Metaverse is still in its infancy, the move to it is anticipated to be as significant as the one from analogue to digital. 

Emerging Metaverse Opportunities in Different Industries

Education	Create practical hands-on learning environments using VR, AR and other technologies Deliver immersive gamified learning experiences using virtual environments and 3D simulations
Hospitality	Deliver virtual tours & itineraries using VR Create engaging experiences at hotels and other locations using AR
E-commerce	Reduce waste and achieve sustainability objectives by selling digital rather than physical products
Fashion	Launch virtual fashion collections Engage with customers through new channels
Banking & Finance	Using VR to train the staff Creating customer applications using VR
Marketing	Native in-gaming advertising Offer limited edition digital collectibles Create virtual venues and hosting virtual events
Food & Beverages	Conduct in-game campaigns Use Artificial Intelligence (AI) to solve problems such as reducing food wastage Create and sell NFTs, including signature dishes and ingredients
Healthcare	Provide training to first responders using AR Assist in design and assembly of surgical tools and operating rooms Provide surgical training and assistance through AR
Manufacturing	Communicate instructions in a step-by-step manner using AR Reduce risk and increase productivity using simulation and modelling tools

 

Thus, according to analysts, businesses should formulate long-term strategies. Businesses must prioritize their key digital transformation services and a feedback-based system in order to get ready for the Metaverse and its effects. In the meanwhile, let’s have a look at the impact of the Metaverse on businesses: 

• Improved Marketing & Better Engagement: The days of print advertisements in marketing and customer engagement are long gone. In order to engage a customer today, you must allow them to enter your world and connect with your brand. Marketing and engagement will take on new meaning thanks to Metaverse. The Metaverse will further improve the shopping experience by providing brands with what could be described as a distinctive and profitable location to effectively engage with their audience. Increased examination of digital insights and traffic will also be required in light of this transformation.
• Immersive Shopping Experience: Today, shopping is more about the story and experience of purchasing from a certain brand that speaks to you personally than it is about the need or the goods. The Metaverse will be at the forefront of developing novel and valuable interactions as Q-commerce and E-commerce grow.
• Accelerated manufacturing: Before a product is sold, it must go through a number of steps, including the acquisition of raw materials, prototyping, testing, etc. This process takes a long time. This manufacturing process could be sped up with the Metaverse at work. Stages like trial production testing, operation management, marketing, and other operations can be validated within the online community to hasten the process. 

Conclusion

The Metaverse is more than just a place for entertainment. It gives businesses a chance to leave their mark in wholly unanticipated and novel ways. All industries, including yours, will have significant business transformation prospects as a result. As technology develops, businesses from many sectors can benefit from one another’s experimentation and test out novel Metaverse uses. With the correct approach, marketers can leverage the Metaverse to interact with customers and develop truly original experiences. It is anticipated that Metaverse would significantly overtake other industries by bringing enterprises from other silos under its wing. 

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About the Author

Prabhjinder Bedi – Chief Growth Officer – Tech Mahindra Business Process Services. He has over two decades of experience involving launching start-up ecosystems, scaling-up businesses, taking product and services to market and exposure to industry verticals spanning Telecom and Media, Financial Services, Retail and Consumer Goods, Manufacturing to Lifesciences. He has spent over 15 years with Tech Mahindra, responsible for taking our existing and new age service offering to markets and launching new service locations across Americas, Europe, MEA and Australasia. Bedi is bachelor’s in engineering from IIT, Benares and a Master of Business Administration (MBA) from IIM Calcutta.