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The Metaverse , initially dubbed the ‘ Next Big Thing ’, has been subject to criticism lately by those who think it is aiming too high and falling short of expectations . However , the Metaverse , which is still in its infancy , is rapidly developing and is projected to only further infiltrate the tech space . In fact , the global Metaverse market size was valued at more than US $ 100 billion in 2022 and is projected to grow to US $ 1,528 billion by 2029 .
Despite its early stage , companies would be wise to start generating value from Metaverse concepts and technologies today , giving them an advantage when usage becomes mainstream throughout businesses .
The Metaverse has high potential when it comes to improving customer engagement and collaboration among employees and clients , as well as streamlining operations . From employees being able to work on projects while based in different locations together , to utility companies who can create detailed simulations and digital twins to develop and test renovations or modifications remotely before they are turned into reality , there are endless ways that businesses can look to utilise the Metaverse to benefit their business operations .
Building stronger customer relationships
Showing sustainability with AR
Consumers are becoming increasingly sustainabilityfocused , consequently becoming more demanding of companies to demonstrate their sustainability measures . A study showed that 72 % of those surveyed indicated that a brand ’ s values affected whether they purchased something or not . Therefore , companies need to be able to show consumers that they ’ re being more sustainable and socially responsible – but displaying that kind of information can be difficult .
Using the Metaverse , it ’ s easier to do this . For example , information about product origin , its journey to you and its overall carbon footprint can be visually presented . This allows consumers to physically engage with the information and gain more in-depth information if they
Duncan Roberts , Senior Manager at Cognizant
Estimates suggest that by 2026 , about 25 % of people will spend at least an hour a day in the Metaverse . This presents a huge opportunity for businesses to meet and engage with new customers . By using Virtual and Augmented Reality ( VR / AR ) tools , companies can put their products into the virtual hands of consumers . This way , users can get a concrete idea of the touch , feel and scale of potential purchases .
For example , rather than merely measuring furniture and spaces in their home to see if they fit , customers can now virtually see how their rooms will look with the products already inside . The convenience of seeing the product virtually versus having to go through lengthy processes of measuring , buying , delivery times , returns and more will improve customer relationships and in turn increase sales . The Metaverse makes discovering new products an accessible , modernised threedimensional experience .
The Metaverse makes discovering new products an accessible , modernised three-dimensional experience .
want . In this way , companies can show the steps they are taking and position themselves as environmental and social leaders .
Improving working from home
Working from home has become a norm for many companies since the pandemic struck . However , it does pose its problems , such as decreased social interaction which makes it more difficult for workers to connect with their colleagues and work collaboratively . The Metaverse can help reduce these problems , with companies being able to support their staff remotely with virtual training and social interaction .
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