The 5 best business cases of the Metaverse
With the rise of digital avatars, blockchain, virtual reality and augmented reality, the metaverse is going to revolutionize the way we work, play and live. From owning a land to setting up a virtual shop, the possibilities are infinite. In this article, we are going to explore the 5 best business cases of the Metaverse.
Use Case 1. On-boarding
Familiarizing a new employee to organizational goals, culture and teams can be a cumbersome task, especially for those who work remotely. Without an effective orientation process, new joinees may feel isolated. Apart from that, too much paperwork can make the entire onboarding seem monotonous and boring.
The Metaverse provides the opportunity for organizations to reimagine their hiring process. It not only allows new employees to step inside a digital 3D spatial office but also take a 360 degree virtual tour of their workplace. Moreover, they can get a sense of the entire organizational structure from conference room to reception or break room.
Examples of onboarding in the metaverse
Global Hospitality and Entertainment company MGM Resort is using virtual reality technology to facilitate an immersive onboarding process and train staff workers.
The VR process includes VR training modules such as dealing with troublesome customers, where the training scenarios help inform potential hires of their required responsibilities when performing their duties at MGM locations.
Mondelez India has launched a pilot VR onboarding initiative to offer an immersive experience to new recruits.
Using the Meta’s VR headsets, the joinees can witness how chocolates are made and getting packed. Additionally, they will get a chance to visit and get a virtual tour of Mondelez global R&D innovation centers.
Use Case 2. Events
Brands can host virtual events in the metaverse to market their products or services. Brands can use virtual events to connect with their audience in a unique way and offer immersive experiences.
One of the main advantages of hosting a virtual event compared to a physical one is that there is no limit to hosting a large gathering as the metaverse can be expanded. Moreover, brands do not need to worry about logistics such as parking space, electrical equipment or decor items. Within a few clicks customers can step inside a giant virtual space, interact with others in their own Avatars and explore various products and services.
Examples of events in the metaverse
The Fabricant, a Netherlands-based digital fashion company joined hands with international fashion NFT collection World of Women and metaverse event company RLTY to hold a global metaverse fashion event in Decentraland.
Synpulse, an international consulting firm, achieved an innovative feat by hosting its inaugural global leadership town hall in the metaverse. Held on a virtual “land,” the event boasted leadership speeches, an exhibition hall, festive dancing on the (meta) beach, and simulated fireworks.
The metaverse enabled individuals to generate a 3D representation of themselves, known as an avatar, which can participate in virtual gatherings and engage with colleagues’ avatars.
Use Case 3. Product Launches
Brands are now leveraging metaverse technology to launch their product in a much more immersive and interactive way, allowing people to get immersed in the story rather than just touch and feel.
The metaverse environment allows brands to add a 360-degree functionality to the product for consumers to explore its dimensions and fully understand its features. Additionally, brands can add digital survey forms for those who have tried the product virtually to get an initial feedback.
Examples of product launches in the metaverse
KIA (Germany) is using a Metaverse platform to showcase its crossover SUV, Kia Sportage inside a virtual showroom. Once the users are teleported inside the showroom they will get a glimpse of the car, its interiors and exteriors, and get answers to their questions about the car.
Apparel brand, Lacoste has opened up its virtual store in the metaverse. The customers are taken through crocodile’s mouth, into the showroom where they can see some shoppable virtual clothes which can be purchased.
A few members who are part of the Lacoste UNDW3 Web 3.0 community and in possession of Lacoste NFT will get a chance to step inside a special room inside a store.
Use Case 4. Testing and Design
The metaverse allows designers to design the products in 3D and visualize it as they look in real life. Instead of creating the prototype on a piece of paper or computer, designers can display it virtually, pay attention to the minutest of details and make adjustments accordingly.
Additionally, the metaverse allows different engineering teams across the globe to come together inside a virtual environment and test out various products before launching it in the market. Not only it avoids the organizations from creating multiple prototypes but also saves money and improves time to market.
Examples of testing and design in the metaverse
Automotive company Honda, has been designing its newer car models in the metaverse. This kind of an approach has led to many efficiencies such as time savings from faster iterations and model development.
Honda’s adoption of VR technology could be contributing to the sustainability of its design team, as it reduces the need for executive air travel and minimizes the production of physical prototypes that could eventually end up in landfills.
German automaker BMW is using NVIDIA’s Omniverse platform to create a digital twin of its factory floor and optimize production time and cost.
By creating a digital twin of its factory, BMW is able to simulate virtually what it’s like to have 300 cars running on a conveyor belt and identify which paths around the factory are safest for employees to use during a shift.
Use Case 5. Virtual Showroom
With the metaverse, retail owners have the opportunity to create highly realistic digital replicas of their physical stores, offering customers interactive experiences that closely mimic those found in the real world. Customers can simply walk in inside the virtual store in the form of virtual avatars, pick & explore the product and get it delivered to their doorstep.
Examples of virtual showroom in the metaverse
A premium men’s apparel brand, Saxx has opened an immersive virtual showroom that allows shoppers to browse 3D items in a 360 degree digital environment.
When customers enter the virtual store, they are immediately transported to a metaverse environment featuring snow in the desert. A pathway with shoppable product displays guides customers to an open-air digital showroom.
An American luxury departmental store chain has opened up a virtual store which contains unique spaces for brands such as Chanel, Ralph Lauren, and Nespresso to commemorate its 150th anniversary.
The metaverse experience consists of nine floors. Apart from high-end brands, there are other virtual experiences such as party-ready, games & gadgets and vacation-bound.
In conclusion, the metaverse offers infinite possibilities for businesses. As technology continues to advance, we can see more use cases emerging that can expedite organizational productivity and growth.