How to conduct business in the Metaverse

The internet has been blowing up with the talks regarding the Metaverse. Major tech companies believe that this is the future of conducting business, and that augmented reality (AR) and virtual reality (VR) are the key elements to invest in. Heavy amounts are being spent on conducting research, to equip corporations with the right tools to enter the Metaverse.

But what is the Metaverse?

In a nutshell, the Metaverse is a virtual world with its own currencies and economies, driven by virtual interactions. It opens up a space for various (if not all) businesses to change the way they traditionally operate.
The likes of gaming (as an industry) are already leading the charge. With VR headsets and options to buy land within games, the gaming metaverse is taking the future head on. Quite the same can be expected from the fields like medicine and EduTech, with both having serious visions for entering the next phase of online business.
Another sector which has large hopes is the travel and tourism sector, where the dream is to make travel an affordable hobby.

To read more about the Metaverse, read our full article.

5 steps to prepare for the Metaverse

1. Establish an online presence
   There must be hardly any businesses today who do not have an online presence. (If you are one of them, I suggest starting today!) Preparing for the Metaverse can only be possible once your business has familiarised itself with the online space. Acquiring and catering to customers remotely is only the first step towards the future of scale of globalisation.
   Learn the current trends in your industry and keep your technology updated, in order to make quick transitions. Furthermore, guide your customers on how to use your technology too, in case you are a service or product provider.
2. 2D models are a must learn
   Web development and App development are skills that are here to stay. These skills are going to grow in terms of their models, from a 2-dimensional (screen based) to a 3-dimensional model (virtual reality based). Learning the basics of web development and/or app development would be a useful skill in equipping for the Metaverse.
3. Learn how to target online audience
   Attracting customers or clients online requires knowledge of SEO, traffic, keyword usage and consumer behaviour. Link your product or service with the right customers now, so that when you make the announcement to go into the Metaverse, they follow you and embrace the experience. For that, have information regarding your plans, ready for them to avail. Help your audience adapt to the new technology along with you.
4. User Experience (UX) and User Interface (UI) are growing
   Businesses rely on ensuring that their customers enjoy the entire experience with them. Right from the onboarding or introduction with a client or customer, to the after-sales service and the follow-ups, all determine whether the client will return to your business. Learning the elements involved in enhancing UX and UI of your online business could be the difference between you and the competition in a few years.
   
   To learn how to enhance UX through infusion of Design Thinking concepts, book our workshop.
   
   
5. Cryptocurrencies and NFTs are your new friends
   Digital currencies and tokens are the ground blocks of the Metaverse economy. Learning how the blockchain works and attempting to deal small amounts in digital (crypto) currencies will boost your confidence as a business-owner in the Metaverse.
   Tokens (NFTs) are going to be the key to a lot of transactions in the digital business world. Trying your hand at them now, would give you a healthy head start over those who are still dealing in cash.

Though the Metaverse is still in its infancy, it is as real as the internet itself. There were doubts regarding the internet and the ability to share data over it too, but we all know what happened to them. The same doubts surround the Metaverse, but surely not for long.

When the economies shift to the virtual reality over time, would you prefer having an edge over the others and draw clients towards yourself, or be the business that waits till the last moment to begin learning? Isn’t it better to be the tortoise who walks slowly but surely towards the goal, rather than the rabbit who took its chances by waiting till the end?

What is your take on conducting business in the Metaverse? Let us know in the comments below.