All the private Indian telecom operators including Reliance Jio, Vodafone Idea (Vi) and Bharti Airtel are jumping into the metaverse world and investing a significant sum of money into it. Several local, as well as international tech companies, have also poured in billions of dollars into the metaverse. In fact, Facebook rebranded itself as Meta to align with the future. But there are many who think that Metaverse is just a bubble waiting to be popped. However, it doesn’t seem like it when you see what’s actually been happening.
The value of Metaverse could grow to $5 trillion by 2030 – this is what the GDP of Japan is. McKinsey and Company recently published a report saying that Metaverse is shaping to be the biggest new growth opportunity for several industries in the coming decade and it will be hard for businesses to ignore it given its potential.
The report mentioned that nearly 60% of consumers using Metaverse today are looking forward to transitioning daily activities to it. Moreover, around 95% of the businesses are upbeat about Metaverse bringing a positive impact to their operations.
But Metaverse becoming a part of a consumer’s daily life is still quite far away. Businesses developing solutions and technologies around Metaverse will have to test it, constantly tweak it based on user feedback, and then ensure the value is created for the enterprises as well as consumers.
Workers and employees across industries would require training in Metaverse and then security is also something that’s a big part of the technology which is not very clear right now.
The potential of the Metaverse is too big. One of the many ways it will affect the industries is that it will redefine the way businesses conduct marketing operations.
Brands Will Look to Redefine Experience
Marketing is a big part of any business that is trying to scale online today. Metaverse can enable these brands into delivering a strong, precise and effective experience to their customers. It will be a completely new platform for the brands to do marketing and drive the value of their products/services to the sky.
Big fashion brands such as Gucci have invested heavily into Metaverse. Gucci Garden was launched by the brand on the Metaverse and it drew over 19.9 million visitors in two weeks. With Metaverse, brands can easily deliver more immersive experiences to consumers.
But Metaverse is about a wide set of use cases. There will be plenty of more things that will come to the virtual world of metaverse than just marketing. Big tech companies such as Microsoft have been investing billions of dollars into building a Metaverse ecosystem.