Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
7 Ways the Metaverse is Changing Enterprises
VentureBeat | Shubham Sharma | Jan 26, 2022
A buzzword among tech buffs, the metaverse can be summarized as a natural evolution of the internet where a network of persistent digital spaces will be populated by people (as digital avatars) hanging out, making a living, and claiming ownership of their digital belongings.
It is expected to take shape over the next decade with technologies such as AR, VR, IoT, 5G, blockchain, and cloud computing coming together and interacting with one another. A few companies are already contributing to the emergence of this virtual space, and they’re big and small and varied in what they do.
See: Inside the metaverse economy, jobs and infrastructure projects are becoming real
On one hand, for instance, tech giants such as Facebook (now Meta) and Microsoft are pumping money into various aspects of the metaverse, starting from AR/VR headsets to communication platforms. Meanwhile, on the other hand, there are smaller players who are working on certain specific elements, like VirBELA for virtual collaboration in work settings, and Second Life for playing around as an avatar in a virtual world.
Here are some functional areas within the enterprise that are likely to be transformed with the metaverse.
Customer support and experience: Organizations that rely on telephone calls and digital-first channels (automated chats) for customer service will be able to leverage the metaverse to pivot to an absolute virtual-first experience, Nancy Pekala, VP for content marketing and strategy at HGS Digital, said in a blog post.
Sales and marketing: According to Pryor, platforms like Zoom do help with sales but the metaverse will make the whole process more lifelike, ensuring effective communication with nuances of body language, tone, and visual cues – while also allowing some level of choice with anonymity at the same time. This would allow customers to be in the virtual outlet and see/experience the product – without actually being there.
See: The Evolving Digital Identity Landscape
Advertising: Organizations, especially those in the retail industry, will also be able to leverage the metaverse for product placement and advertising. Fashion giant Balenciaga, for instance, promoted its real-world collections as digital skins in Epic Game’s Fortnite and launched its own game. Burberry launched in-game outfits for Chinese strategy game Honor of Kings, and fashion-tech startup BigThinx organized a virtual fashion show.
Workforce training: Instead of gathering employees and training them on actual pieces of machinery they could also use the virtual environment to simulate accidents/emergencies and train workers on safety response measures more effectively. Currently, organizations have to rely on monotonous training manuals or videos for such tasks.
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