Ladies, have you heard about the Metaverse?
It’s a buzzword creating lots of excitement (and confusion) in the tech world. The question is, are you (and your business) ready to transition into this immersive virtual world? Read on to find out more!
What the Metaverse Means for Small Businesses
We’ll admit, it may sound like something from a Steven Spielberg movie, but beyond the talks and speculations, you’ll find an interconnected tool that could transform your business into something unimaginable!
So, what exactly is the Metaverse?
While the concept of the Metaverse is one that is constantly changing with the influx of new technologies and business models, the Metaverse can be described as a place where virtual worlds will meet through Virtual Reality and Artificial Intelligence. Here, users can interact with each other (and businesses) through apps and services in a way that is far more immersive than we’ve ever experienced.
Ok, but what’s the hype?
To understand the Metaverse it’s helpful to reflect back on just how much social media and technology have changed the way we do business. Chances are, you’re already using some form of an integrated online network, whether it be on social media, using digital ads or doing collaborative work online (cue the “you’re on mute, Mike”).
When it comes to the Metaverse, however, users will be given a digital life where they can socialise, work, and shop, all within one cyberspace. Think of it as the internet brought to life through 3D rendering.
This may be challenging to comprehend, but getting your business Metaverse-ready could help you to create major competitive advantages for your business, and as we find ourselves in an ever-changing world with technology that will continue to develop exponentially, it’s really a matter of “adapt or be left behind”.
How to get your small business Metaverse-ready
As a founder, having an open mind and embracing change and innovation will get you far! Building an extension of your business in the Metaverse will ensure that you stay relevant and competitive. That’s why we’ve listed some of the ways you can achieve this below:
1. Rethink how you connect
That’s right, it’s time to rethink how you connect with your audience. You need to have a clear idea of who you are as a brand, and how you’d like to communicate that digitally. This could be anything from incorporating AI into your communications, like chatbots, to creating virtual assets for your business.
2. Leverage pre-existing structures
You don’t need to be a tech genius to be in the Metaverse. You do, however, need to keep tabs on initiatives by key players and take advantage of tools that have already been created. Tech giants have the capacity to create forward-thinking services in the metaverse. Stay in the loop and try emerging services like Amazon Web Services for example.
3. Selling in the Metaverse
The Metaverse will open new doors to retail. Think of ways that you could make purchasing more immersive for your customers, imagine virtual customer service avatars, or a virtual store!
4. Real estate
It isn’t called “the new frontier” for nothing! The Metaverse will allow business owners to create real-world properties for users to explore. This holds endless possibilities for marketing real-life properties, to renting out virtual spaces for online events.
5. Marketing in the Metaverse
Continuing with our previous point, just think of all the marketing possibilities the Metaverse holds! From online concerts to virtual sports matches, the Metaverse is rife with advertising opportunities when it comes to sponsorships, and partnerships, you name it!
6. Crypto Crazy
While you may be wondering if cryptocurrency has seen its end after the recent Bitcoin crash, think again! More than ever, businesses are accepting crypto as a form of payment, and this practice will be sure to follow suit in the digital world. Keep an eye out for digital currency trends and payment systems.
Ok, we know, it’s a lot. The good news is that it will likely take another 2-5 years before the Metaverse really takes shape. For now, it’s key to stay adaptable as a business owner and see how the Metaverse can work to slowly but surely transition your business!
This much is true, a transformation is coming our way. Are you ready?
Sources:
Collins Ayuya, “What the Metaverse Means for Your Business”, Small Business Computing, 24 April 2022
Alex Rosenberg, “What Is the Metaverse? 5 Things Small Businesses Need to Know”, Nerdwallet, 25 January 2022
Zaheer Dodhia, “6 Ways to Get Your Small Business Ready for the Metaverse”, Entrepreneur, 7 February 2022
Are you a female business owner looking to expand your network? Join XENA and start building your female empire today. The community is 100% free to all female South African founders. Apply by clicking on the JOIN XENA button in the upper right navigation.
