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Metaverse News

The metaverse presents large business opportunities and challenges

Ivan Sutherland’s 1968 “Ultimate Display” vision foresaw augmented and virtual reality “. The Ultimate Display used the kinetic depth effect to create two-dimensional graphics that moved with users, creating a three-dimensional effect.

The metaverse, coined by Neal Stephenson in his 1992 book Snow Crash, is larger than virtual reality, which exclusively creates three-dimensional settings.

Science and technology reporter Matthew Sparkes offers a good metaverse definition. Metaverse means “a shared internet world with 3D images on screen or in VR.” Since its invention, the metaverse has been more fantastical than scientific. Recent technical advances have made the metaverse more tangible.

After Mark Zuckerberg renamed Facebook to Meta, the buzz increased. Many retailers now use metaverse.

Nike registered many trademarks to make and sell shoes and clothes online. JP Morgan’s first virtual branch opens. Samsung launched new goods and hosted events in Decentraland, a browser-based platform.

Many businesses are profiting on the metaverse early, but it’s unclear if it’s the future of retailing or a fad.

Metaverse debunking

Technology perplexity fuels metaverse uncertainty. On Google Trends, users searched for “what is metaverse” and “metaverse meaning” most often. Dispelling metaverse myths helps clear up uncertainty.

Myth 1: The metaverse requires a VR headset.

VR headsets provide the best metaverse experience, although anyone can use a computer. Customers can build avatars and explore Decentraland’s metaverse without a VR headset.

Myth 2: The metaverse will replace real-life interactions.

The Metaverse offers more participatory communication rather than replacing it. Physical interactions always end with new technologies.

Comparing the metaverse to smartphone growth is helpful. Smartphones enable social media connection, but they haven’t replaced face-to-face conversation. Metaverse remains unchanged.

Myth 3: The metaverse is for games.

Gaming is the principal activity in the metaverse (97 percent of gaming executives think so), but there are others.

McKinsey & Company surveyed customers about their metaverse activity of choice in five years. Shopping online was most popular, followed by healthcare appointments and virtual synchronous classes.

Realistic expectations

The metaverse lacks the technology to meet market expectations. The metaverse may be compared to the 1995–2000 dot-com bubble, which was fueled by online business speculation.

The technology’s existing capabilities are also hyped and expected. 51 percent of 1,500 consumers expect metaverse customer service to be better, 32 percent expect less aggravation and anxiety than phone conversations, and 27 percent expect metaverse virtual avatar assistants to be more effective than online chat-bots.

Metaverse technology is still establishing infrastructure and processes for the future, thus such expectations are reasonable. As reality fails to fulfill expectations, metaverse bubbles may form.

Retailer issues

Retailers must anticipate metaverse issues like any new technology. Challenges include:

Data security and privacy: Cyber-hackers will target the metaverse due to its novelty and quantity of personal data. A trustworthy metaverse requires new methodologies.

Experienced talent: Engaging with the technology requires personnel that can build, manage, and maintain metaverse experiences. The technology’s novelty makes locating such expertise difficult.

Rules: Without clear jurisdictions and regulations, metaverse virtual places may be unsafe, driving customers away. Retailers must secure these areas.

Managing customer expectations: Retailers must inform customers about metaverse capabilities and expectations.

Despite these obstacles, merchants can create new metaverse purchasing experiences with the right talent. Retailers can overcome these problems with proper planning.

Retailer opportunities

Technology will increase shops’ metaverse usage. The metaverse gives retailers three ways to improve online buying.

First, brand exposure. Virtual billboards and interactive ads can help retailers develop without the cacophony of web and mobile platforms. Cloud Nine, an IT services company, was one of Decentraland’s first virtual billboard advertisers. Marketers should consider virtual billboards.

Second, metaverse events, contests, and game-like elements give customers fresh ways to interact with brands. Such encounters may boost brand loyalty and engagement. Retailers can use Metaverse Fashion Week to engage customers. Retailers including Tommy Hilfiger, Perry Ellis and Dolce & Gabbana all participated in the pilot event, leading the wave for immersive and distinctive customer-brand interactions.

Finally, the metaverse lets retailers customize customer experiences. Similar to how shops may modify customers’ online experiences through data collecting, businesses can tailor customer experiences in the virtual environment. Meta’s Horizon Worlds lets users construct, invite, and personalize virtual worlds. (Chat)

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About MahKa

The metaverse presents large business opportunities and challengesMahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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