The term “Metaverse” was first heard when it was mentioned in a 1992 science fiction novel. Then, in 2014, Facebook CEO Mark Zuckerberg started building Facebook’s virtual world and later proclaimed that his company would step into the metaverse, and in October 2021, he changed Facebook Inc. to Meta Platforms Inc.
His first step towards the metaverse gave a lot of attention to this word and till April 2021, Facebook had no real competition.
But a year later, a report from McKinsey & Company stated that investment in the metaverse was double the total investment in 2021. Obviously, the COVID-19 storm helped increase people’s interest in the metaverse because of the demand for online tools for businesses.
“According to Statista, the global market size of the metaverse touched $65.51 billion in 2022, and it is expected to rise to $1030.57 billion by 2024.”
Plus, a leading digital currency investment firm, Grayscale, believes that the metaverse could open a $1 trillion annual market in the coming years. And that’s the reason why every company should be investing in the metaverse now!
Read on to know more about it and why your business too should invest in the metaverse.
Why are big companies like Facebook and Microsoft investing in the metaverse?
As everyone knows, both Facebook and Microsoft have invested a hefty amount of money in the metaverse. In 2021, Facebook that’s now called “Meta” announced plans to invest $10 billion in the metaverse.
Since 2016, Microsoft has already been working on Hololens, a metaverse product. It is a mixed-reality platform that enables users to interact within virtual 3D space with stereoscopic 3D audio and hyper-realistic avatars. The company has released the Hololens 2 and now their goal is to build an enterprise metaverse.
Not just Microsoft and Facebook, there are many other companies that invested heavily in the metaverse too. For example, Apple has created AR products and VR devices, while game developer Epic Games raised $1 billion back in 2021 for the metaverse.
These are proof of the fact that big companies see the metaverse as worth their investment. There are several reasons as to why.
The very first would be that Facebook and Microsoft, both rely on communication for their business and take the metaverse as an important part of it for the future.
why?
It allows their employees to collaborate with each other, right from the comfort of their home and feel like they are just sitting beside their fellow colleagues while providing them an immersive environment. They have expanded their reach by creating social VR spaces where people can chat with friends on Facebook or work together on a PowerPoint presentation.
These billion-dollar companies and many other businesses see the potential of the metaverse for marketing, advertising, product development, collaboration, training, and much more.
Top 3 Reasons to Invest in a Metaverse Platform
1. Establish a New Revenue Stream
Today, you can shop through a website or in a physical store. With the emergence of the metaverse, retailers can generate new revenue streams, especially the ones that have the potential to bring in more sales and profits.
Shopify revealed that customers’ interactions within 3D environments show a whopping 94% higher conversion rate. It allows customers to make better purchasing decisions, touching higher profit and sales margins for brands.
2. Increased Demand for Virtual Experiences
After the pandemic, how people do business, consume entertainment, and interact with others has changed. Today, more people are attracted to virtual experiences that they can enjoy without leaving the comfort of their homes. The metaverse provides businesses with an excellent opportunity to unlock the power of virtual experiences.
By investing in the metaverse, businesses can offer their customers a unique, more engaging, and immersive experience.
3. Lower Return Rates
There are some products that are traditionally difficult to evaluate and make a decision whether to purchase or not; those products tend to see higher return rates. Showcasing those products in a virtual environment can give the buyers a lot of time to immerse themselves in the specifications and features of those products, which will make users come back to you and build brand loyalty.
The metaverse is not just replicating your store into a virtual one. It is about thinking out of the box and embracing the opportunity to provide a one-of-a-kind brand experience to your customers.
Closing Thoughts
If you want more clarity before making an informed decision about stepping into the exciting world of the metaverse for business opportunities, then connect with us. As a pioneer metaverse solutions provider, we help businesses with their unique metaverse requirements.
Don’t hold back any longer- reach out to us today for a demo and understand how Metaverse can make a difference in your business growth.
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