What is the business impact of Metaverse?

Wondering how the metaverse will impact business value in the future?

I recently spoke with Emma Ridderstad, CEO of Warpin Media, an immersive technology solutions company focused on bringing the Enterprise Metaverse to forward-looking organizations.

When I asked Emma what the metaverse means to her, she said that she imagines the metaverse as everything we do online today—through our smartphones and computers—but we can do it all in immersive 3D, through virtual and augmented reality.

In the metaverse, we’ll be able to move seamlessly between worlds so we can work better, play better, and communicate more freely. Emma says, “This technology enables us to engage with more senses at once, so it’s a much richer experience.”

What is the future business value of Metaverse?

Warpin Media works with innovative companies that already recognize the potential power of the metaverse, and we discussed some unique use cases that companies are already launching.

For example, businesses are already using augmented reality and virtual reality to deliver experiences to consumers and engage them in ways they have never done before. When a new Star Wars movie premiered in Japan, clothing retailer H&M set up a designer booth in its Tokyo store. Shoppers could wear Magic Leap augmented reality glasses to turn plain black T-shirts into custom clothing they could actually take home with them.

Other companies are finding ways to use AR and VR to allow customers to try or experience their merchandise. Luxury car company Ferrari, for example, showcases its models in augmented reality so that car buyers can “walk around” the cars and even delve into the cars’ engines and braking systems.

Many retailers are also figuring out how to offer 3D virtual versions of their products. More and more consumers will be interested in buying NFT clothes that reflect physical clothes and accessories.

Businesses can also add value by incorporating storytelling into their engaging customer experiences. A whiskey company teamed up with a hotel to create a new cocktail, then created an immersive experience that transports the consumer to Scotland to fly over the Highlands, allows them an inside look at how whiskey is made, and gives them a virtual tour of a distillery. After the virtual tour, you take out the VR glasses and your whiskey cocktail sits in front of you. These kinds of immersive brand storytelling experiences are a great way for companies to connect with customers in innovative ways.

Emma adds, “From a consumer perspective, you’ll have a lot more insight into the brand and the product you’re buying — because this is the first time you’re not limited to a 2D printed ad or commercial. You can actually work with the product…like interacting with a regular ad, but making it come alive in 3D.”

What forward-thinking companies need to do to prepare

When I asked what advice Emma has for companies looking to get started with metaverse technology, Emma said:

“Every company should start thinking about using virtual reality for their own in-store or staff training. Companies can experience the metaverse through virtual and augmented reality and use it to practice things that you already have to practice in-house — and you get all the benefits of cost savings and higher retention.”

He also recommends having a policy of thinking big, starting small and testing often.

“You have the end goal of what you can imagine with this technology, but start with a very small project and see how it goes,” adds Emma. “You’re emerging in a whole new way, but then you look at how the technology can solve the problem that a company has.”

Companies should also attract diverse voices to contribute to projects. As they enter the metaspace, companies don’t just need tech experts – they need people who understand human behaviors so we can create safe and secure interconnected spaces where people want to be.

A bigger vision for the Metaverse

In her work with Warpin, Emma has a larger vision for the metaverse.

“I hope we can use this technology to enhance the human experience… to build bridges between people. I want us to work with empathy and creativity and use the metaverse to bring people together.”

To learn more about the future of technology and business, visit my blog or head over to my YouTube channel to watch more discussions with leading industry experts.

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