Companies on the fence about the metaverse must determine where they fit in and how they can balance the risk-reward equation.
A metaverse experience is any internet-based digital experience that is continuous, immersive, three-dimensional (3D), and virtual. While metaverse allows consumers to play, work, communicate and shop, companies looking to enter and navigate the metaverse must first understand the concept.
As games like Fortnite normalise interacting and socialising in virtual environments, the metaverse provides commercial prospects ranging from training surgeons to launching new products. Microsoft, for example, is pitching its cloud services to be the metaverse's fabric, as its Mesh platform offers avatars and immersive places.
Understanding what is possible in the metaverse and new customer behaviour around buying products based on social interactions can provide companies with ideas and help them test their early projects. To benefit from the metaverse experience, marketers may develop virtual showrooms, fashion shows, and test out new business models, with social commerce taking a larger share of the US ecommerce market. Businesses can connect, interact, and transact more efficiently by experimenting and learning with new marketing tactics in the metaverse.
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