It’s been all over the news: metaverse. But, what is the metaverse and why should you care?

The metaverse is a virtual, shared space that allows people to fulfill their desires on a cerebral level. It is a massively scaled network of real-time rendered 3D virtual worlds. These worlds are experienced persistently and synchronously making it the natural home for extended reality (XR). It’s a game-changer.

The metaverse will redefine what businesses are and how they operate. It is not and will not be owned by a single company or entity. Instead, it is owned by everyone, and it will revolutionize human interaction and life. By 2035, it is estimated that 80% of consumer activity will happen online. Therefore, it is crucial to develop a strategy on how to transition your activities to the metaverse. Those who plan and execute now will be a part of the multi-trillion-dollar metaverse tomorrow.

The metaverse will result in an explosion of user-generated content. And it is predicted that we will need as many as 3 billion content creators. This is illustrated by the growing number of original content creators we see on social media platforms today. The metaverse will encourage collaboration between people and brands. Collaboration that will lead to immersive experiences and new levels of interactivity. Additionally, the side effect of digital fashion in the metaverse will help drive sustainability initiatives that have been hard-pressed to gain ground.

How then, can your business prepare and leapfrog the competition in the metaverse?

1. Make customer-centricity a focus. Customer centricity has been a buzzword for the past decade, but it is more important than ever in the metaverse. Business leaders who understand their customers on an intimate level will have a massive advantage. Customers want to connect with their circle, places, and businesses alike and there cannot be a meaningful connection without an understanding of the customer. What are their preferences? How do they act digitally versus in real life? What are their desires? Active relationship building and maintenance with customers are key to using immersive experiences to build deeper relationships.

2. Establish a lead entrepreneur. Fresh ideas and nontraditional avenues of revenue generation will propel businesses into a market leadership position in the metaverse. This is outside the traditional structure for most larger corporations. So, it is important to create an unobstructed department that will lead the exploration of how to evolve. The lead entrepreneur should have the autonomy to establish a team or business unit. The team should be well funded allowing for iteration of ideas in the marketplace. Further, collaboration with supporting entities, innovative startups, and even competitors should be embraced. Most importantly, ensure the team understands and operates within your brand archetype.

3. Fail fast, fail forward. Too often we see businesses move slowly for fear of making a mistake. This was a sound strategy in the past, but the world moves at such an accelerated pace — moving slowly is now a detriment to success. It is important to stay abreast of industry changes and customer evolution. Businesses must accelerate to meet customers where they are, in a meaningful way. Small and large stumbles alike, are quickly forgotten, especially, if there’s movement to correct the wobble. Businesses that are slow to evolve risk alienating customers. Analysis-paralysis is a nail in the coffin. Using an agile mindset works masterfully if done as an organization-wide digital transformation effort. Every department should embrace this mindset.

The emerging metaverse will be the most critical development of the decade, if not a generation. This cannot be overstated. It is crucial that businesses spend the necessary time and budget to position themselves for fiscal and cultural success in this new immersive frontier.

Dedrick Boyd is an international e-commerce strategist and the founder of TechSparq, an e-commerce and immersive experiences consultancy. For over 23 years, Boyd has been at the center of e-commerce working with Fortune 500 clients on everything from marketplaces, to procurement, to B2B, and finally B2C e-commerce. 

https://www.bizjournals.com/portland/inno/stories/inno-insights/2021/11/18/column-decoding-the-metaverse-and-3-keys.html