The metaverse: Opportunities and strategies

The future of the internet has begun: The metaverse is the next milestone in the digital transformation. The real and virtual worlds are merging.

The metaverse is a walk-in, virtual internet in which people move around in the form of their avatars in a 3D infrastructure, access information, communicate with each other and trade virtually. The metaverse is a decentralised, blockchain-based World Wide Web that is no longer controlled by powerful platforms, but by the users themselves. The metaverse includes both virtual worlds and the underlying technologies such as virtual and augmented reality (VR/AR), blockchain-based technologies (e.g. cryptocurrencies, NFTs, Proof of Attendance Protocols POAP), artificial intelligence, digital twins, holograms and avatars, robotics, big data and decentralised autonomous organisations (DAOs).

Companies can benefit from the metaverse in a variety of ways. For example, they can open virtual 3D shops to offer their products. They can organise virtual events where visitors can "touch" virtual goods thanks to VR equipment and walk through the halls just like at a real trade fair. Since this "trade fair tour" is completely virtual, it delivers a wealth of data in real time that was previously unimaginable and therefore provides completely new insights into user behaviour - for all industries and sectors.

Some companies have already launched metaverse projects. For example, companies from the financial services sector are currently testing the opportunities offered by the metaverse to shift essential services completely into the virtual world and thereby improve customer satisfaction and loyalty. This is because the "metaverse branch" is open non-stop - seven days a week. It also works faster than analogue work processes and can be accessed from any location.  

Thanks to Metaverse, retail companies can greatly reduce expensive returns, as a walk-in store with a haptic product presentation (using a VR glove) can present the products much better than conventional catalogues and websites.

In the Industrial Metaverse, companies create a digitally identical twin of their entire production, including the supply chain, infrastructure and value creation processes, which enables them to run millions of simulations at the touch of a button. This enables them to increase the efficiency of their value creation and the resilience of their supply chain.

In the real estate sector, interested parties can view properties of their choice from home, walk through them virtually and even organise space planning in real time. Planning can be extended to entire shopping streets and shopping malls.

The metaverse works at the intersection of immersive experiences, customer engagement, meta-economics and digital assets. A successful metaverse initiative requires careful consideration of each of these activation pillars and can be a differentiator for companies looking to capitalise on new opportunities to engage with their employees and customers.