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-thinking organizations.

When I asked Emma what the Metaverse meant to her, she said that she imagined the Metaverse as everything we do online today – through our smartphones and computers – but that she could do it all in immersive 3D, via virtual and augmented reality.

In the metaverse, we will be able to move seamlessly between worlds to work better, play better and communicate more freely. Emma says: “This technology allows us to interact with multiple senses at the same time, 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 Metaverse, and we discussed some unique use cases that companies are already launching.

For example, companies are already using augmented reality and virtual reality to deliver consumer experiences and engage them like never before. When a new Star Wars movie was released in Japan, clothing retailer H&M set up a designer booth in its Tokyo store. Shoppers could wear Magic Leap augmented reality glasses to transform plain black t-shirts into personalized clothing they could actually take home.

Other companies are finding ways to use augmented reality and virtual reality to let customers try or test their products. The luxury car company Ferrari, for example, presents its models in augmented reality, so that car buyers can “walk” around the cars and even dive into the cars’ engines and braking systems.

Many retailers are also looking to offer virtual 3D versions of their products. More and more consumers will be interested in buying NFT clothing that mirrors physical clothing and accessories.

Companies can also add value by integrating storytelling into their immersive experiences for customers. A whiskey company partnered with a hotel to create a new cocktail, then created an immersive experience that transports the consumer to Scotland to fly over the Highlands, give them an insight into how whiskey is made, and take them to a virtual distillery. After the virtual tour, you remove your VR glasses and your whiskey cocktail sits in front of you. These types of immersive brand storytelling experiences are a great way for businesses to connect with customers in innovative ways.

Emma adds: “From a consumer perspective, you’ll have so much more information about the brand and the product you’re buying – because it’s the first time you’re not limited to a 2D printed ad. You can really work with the product… like to interact with a normal ad, but to make it come alive in 3D. »

What forward-thinking companies should do to prepare

When I asked what advice Emma had for companies looking to get into metaverse technology, Emma replied:

“Every company should start thinking about using VR for their own store or staff training. Businesses can experience the metaverse through virtual and augmented reality and use it to practice things you already need to practice in the business – and you reap all the benefits of lower costs and better retention. .

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

“Have as your end goal whatever you can imagine with this technology, but start with a very small project and see how it goes,” adds Emma. “You emerge in a completely new way, but then look at how technology can solve a company’s problem.”

Companies should also bring diverse voices to contribute to projects. As companies enter the metaverse space, companies don’t just need tech-savvy people—they need people who understand human behavior so we can create safe and secure metaverse spaces where people want to be.

A bigger vision for the metaverse

In her work with Warpin, Emma takes a broader look at 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 conversations with leading industry experts.

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