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A trip to the future of business in the Metaverse


The metaverse: the latest buzzword that has not only taken technology companies by storm, but every business out there. While we’re yet to see how will the new “phygital” era change the world as we know it today (a term so new that my Word file marks it as a misspell as I write this article), one can begin to anticipate some changes in our business context. Let’s take a mental trip to the future and imagine where this takes us.


A new chapter in consumer behavior

Call me old, but I’ve witnessed the world before social media. The digital age has not only enabled us business owners to better understand and track consumer behavior, it has also actively participated in altering it. Now, imagine a virtual world where consumers get to create their own aspirations of where they want to be, how they want to look like and have power over every detail of their experience. This means new possibilities, shifted interests and completely new journeys that finally arrive at your product or service. One that will entail a completely new approach in product development and communication funnels.

A golden era for experiential e-tail

Brands have been relentless in creating experiential retail in their traditional stores. Similarly, e-commerce has been reliant on data science to create efficient shopping journeys for consumers. What if you can get the best of both worlds? A fully sensual store experience where consumers get to touch, see, and interact, with the agility to instantly customize into their data-driven preferences and needs. Perhaps a facial recognition AI that can detect their level of interest in a category and assort display accordingly or even meet them with a promoter avatar that appeals to their specific persona.


Consumers will no longer consume content, they will live it

Communication strategists will need to re-think their narrative in 3 dimensions. Brand messaging will become highly contextual with sophisticated consumer targeting. Brands will not only get to build-connection with their consumers, but actively blend-in with them creating immersive brand experiences.


These are just some of the business dynamics that will possibly be transformed by the arrival of the metaverse, with the evolution of the technology, implications on manufacturing and business management practices are on the horizon as well.


How do you think the metaverse will impact your business?

 

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