The impact of the Metaverse on your business
The impact of the Metaverse on your business
The challenge is to be visible where your customers are
As with social media and many other digital marketing tactics, success is about being where your customers are, at the right time, with the right message.
The year 2021 has been marked by many things – some good ones and, sadly, some sun-kissed ones that our society would rather forget.
But one event late last year may outweigh the attention it has garnered since it was announced: Mark Zuckerberg rebranded Facebook as “Meta.”
And Zuck made this decision at the end of a year that has undoubtedly been the big release party for cryptocurrencies, NFTs (non-fungible tokens), and the concept of metaverses.
Here are the popular responses from opponents to these two topics:
#1. Mark Zuckerberg is a villain who looks like a vampire (this is not a personal opinion, I’m just referring to the famous paparazzi photo of him wakeboarding with a horrible application of sunscreen that everyone has seen). So we don’t care about Facebook and what Mark Zuckerberg thinks!
#2. Crypto, NFTs, and the Metaverse are stupid, dangerous, silly, not going to last, or just a fad, or insert another negative adjective here.
There isn’t enough space in this post to go into the specifics of NFTs or the Metaverse, so I’ll try to do just one thing:
If you are a business owner or a stakeholder in a large corporation, this post was written to convince you that you need to change your mind if you believe points 1 or 2 above.
Why what Mark Zuckerberg thinks and does matters to your business
Let’s say one thing first: Sure, Mark Zuckerberg may be wearing too much sunscreen.
But do you know what Mark Zuckerberg doesn’t do very often?
He doesn’t bet his whole company on things that don’t work. No matter what you think of Zuckerberg regarding technology, he’s often right.
I worry that you don’t care what Facebook or Mark Zuckerberg thinks.
Because if you don’t care what Zuck thinks or what bets Facebook – sorry, Meta – makes, then you can’t tailor their actions to your business. Which means you can’t win big.
If you currently have a negative view of Facebook and Mark Zuckerberg, here’s what you should do:
#1. Forget everything you think you know and everything you’ve seen or read negatively about Mark Zuckerberg or Facebook on social media.
#2. Realize that Facebook has been one of the few dominant players in the tech space since 2005 and that Mark Zuckerberg has led Facebook through several changes and iterations, achieving success each time and, very often, changing the world in some way.
#3. Find out how you can be like Mark Zuckerberg. Read all you can about how it bets on the Metaverse and why it does so, and find as many ways as possible to position your business or company to be involved as well in the Metaverse.
What is the “Metaverse,” and how can it help my business?
Here’s what the brightest people in the world do: they see things from different angles.
For example, the following statement says several things, but it is clear that they are all seen through the same lens (negative one):
Crypto, NFT, and the Metaverse are stupid and just a fad; they will only last for a while.
Someone who is equipped to use different lenses to filter truths may have two thoughts that may seem mutually exclusive but are not:
Crypto, NFTs, and the Metaverse sound stupid, BUT they are growing in popularity daily, and many young people love them. So I will determine how to use these things to benefit my business.
Whatever your opinion on cryptocurrencies, NFTs, and the Metaverse, consider them through a lens that allows you to see their potential use cases in your business. Because these are facts:
The Metaverse may be the next big digital meeting place for today’s young people (high school and college students) and their children.
How digital transformation is shaping the automotive industry
NFTs and cryptocurrencies have many more use cases than you heard on the news (that an NFT was sold for millions and Dogecoin crashed).
As with social media and many other digital marketing tactics, success is about being where your customers are, at the right time, with the right message.
The impact of Metaverse on the supply chain
McKinsey experts expect the economic value of the Metaverse to explode. Companies will then be able to go even further by improving collaboration and communication internally and with various interlocutors worldwide, particularly in the supply chain.
Indeed, according to a recent McKinsey survey conducted with more than 3,400 consumers and executives in May 2022, the Metaverse, this entirely virtual space in which people interact through avatars and live real and virtual experiences, could generate up to to $5 trillion by 2030. In 2022, investments in the Metaverse more than doubled compared to 2021 and reached more than 120 billion dollars.
Companies are constantly going digital, from marketing to sales to customer experience and supply chain. But will the shift to digital products and experiences in the Metaverse change the supply chain as we know it? Will the Metaverse open the doors to new opportunities and potential?
Optimization of collaboration
The Metaverse will facilitate the exchange and transfer of information in a single immersive environment for all stakeholders and all supply chain levels. This connectivity will thus make this supply chain more transparent and allow more innovation and responsiveness. By communicating more easily and on a large scale, companies will have fewer production errors, and they may have better quality products and services and, therefore, fewer customer returns.
Lower costs
The Metaverse, which would make it possible to optimize companies’ production, is also an excellent means of reducing costs. For example, companies would have the ability to digitally simulate products, production processes, and factories to find the most profitable and feasible scenario. With all present in one immersive space, the costs of quality control, or the need to travel to vendors’ physical production sites for inspection and approval, will disappear. Negotiating costs more transparently and efficiently between suppliers and buyers in this space is also possible.
More transparency
According to an IFOP survey conducted in August 2022 among a sample of 1,023 people, representative of the French population aged 18 and over, 86 % believe that the environmental data of French companies and institutions should be accessible to the general public. In the Metaverse, the French, who demand more and more transparency from companies, would have the possibility to see the origin of raw materials, the places of manufacture, and the finishing of components, but also to see 3D images of how manufacturers produce, deliver and market their items. Stakeholders in the supply chain will also benefit from more visibility into delivery times, real-time shipping costs, transit times, and delays. The Metaverse could be an effective way to build trust and supply chain efficiency.
We are only at the beginning of the Metaverse, and over the next few years, new technologies will emerge that will significantly improve the experience of customers and users. Technologies like the Metaverse will be at the center of supply chain decision-makers, enabling new planning approaches, accelerated virtual experiences, and faster time to market for future products.
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