The future of the metaverse is far from certain, but how consumers are spending their time and money on the platform is already creating exciting opportunities for enterprises. Leaders within each vertical will look for ways to enhance the consumer experience while marketing their own products and services, both physical and digital, in new and unique ways. As the metaverse and technologies evolve, industries will be transformed in ways that can only be imagined right now. From financial services, healthcare high tech, to retail and manufacturing, the metaverse is expected to reshape industries in a big way.
Explaining the Metaverse
Businesses are exploring ways the metaverse will impact their products, services, and interactions. A PwC survey reports that two-thirds of company leaders are actively engaged with the metaverse and most admit their efforts will be fully integrated across their businesses within a few years. For businesses, the top two priorities for capitalizing on the metaverse right now include hiring talent with skills in metaverse related areas and investing in relevant technology
That being said, let’s explore and define the metaverse to a greater extent. The metaverse is a shared virtual environment that can be accessed through the internet. In the metaverse, individuals and businesses will move from a state of just browsing the internet towards a place of participation in a fully virtual world where technologies include augmented reality (AR), virtual reality (VR) and blockchain. For businesses and individuals, social interactions and activities relating to commerce and investments will be regarded as the norm.
According to McKinsey & Company, 95% of business leaders expect the metaverse to have a positive impact on their industry within five to 10 years.
With the metaverse, companies will look to:
- Support metaverse activities by offering applications and hardware
- Collect new data on customers
- Enable metaverse payments and finance
- Introduce virtual products, only available in the metaverse
- Enhance the consumer experience
- Market physical and digital products and services
Below are expectations for how several different industries will be affected by the metaverse.
Metaverse envisions the transformation of automotive dealerships, engaging and selling to connected and empowered consumers. These days are not far away, as digitalization has made self-driven cars a reality. The online marketplace has added great value in the digitalization of the auto industry. It has become much easier to visit a virtual reality showroom and interact with the collections in the metaverse before taking on real-time driving experiences.
Are you ready to take a virtual test drive at a metaverse car dealership? Check out this video from Apexon to experience the future of the automotive sector.
Goldman Sachs and Morgan Stanley estimate that the metaverse economy could be worth as much as $8 trillion. Within the metaverse, banks can extend their presence and communication style to connect with clients and employees in a greater way. In lieu of text messages or alerts via apps, banks can connect utilizing technologies, including AR/VR. Some 47% of bankers believe that customers will use AR/VR as an alternative channel for transactions by 2030.
Within healthcare, the new concept meta-medicine, combines users, technology, and information for a new dimension of care. Digital twins will allow everyone to have their own digital identity. Metaverse in Medicine can be defined as the medical Internet of Things (MIoT) facilitated using AR and VR glasses. VR and AR tech with the support of haptics sensors enables healthcare providers to improve the health functions of their patients in relation to the following practices including cognitive therapy, support groups, psychiatric evaluations, rehabilitation, and even physical therapy.
Medicine is being primed to reach higher levels within the metaverse as diagnoses and procedures will be made and performed via robotics and AR. As medicine already utilizes robotics and smart glasses, the growth of each will continue in this new world. The new technologies set to emerge within the metaverse are projected to aid with complicated medical procedures and help to ensure a better patient experience.
The metaverse will continue to take shape based on the technology being utilized for access. Right now, VR, AR, and brain-computer interfaces (BCI) are the leading technologies within the platform. With an ever-changing landscape and increased demand, major players in the tech field including Apple, Google, Meta Platforms (Facebook), Microsoft, Niantic, and Valve are in the process of developing technology that will further enhance the metaverse.
What makes retail so interesting within the metaverse? The metaverse has already been named as a top ecommerce trend amongst distinct brands including Shopify and Contentstack. Companies are looking to all elements of the metaverse including VR, AR, gamification, and personalization to create captivating shopping experiences for their customers. Within the metaverse, different ecosystems will be populated with retailers. Businesses are banking on avatars to heighten this experience for consumers.
Virtual gaming environments have already proven to be exciting and worth taking a bet on as many consumers are already dipping their toes in the pool of virtual reality. visiting retail stores within this platform, participants already try on virtual clothes or buy virtual merchandise to enhance their virtual gaming environments and experiences.
The metaverse is helping to shape an exciting time for the manufacturing industry as experts look forward to the possibilities relating to design, training, onboarding, decision making, and production. Immersive experiences, simulations, and visualizations will all play roles leading to better decision making within the industry. VR headsets and modeling tools are just a few of the technologies expected to elevate the digital experiences for both employees and customers. VR headsets will also allow companies to troubleshoot issues with physical equipment, manage quality, and improve the pace of production. These technologies can elevate visual experiences and enhance the overall design process for new products.
Apexon and the Metaverse
The metaverse is yet another path toward digital transformation, and as we know, companies are still driven to transformation in this digital-first world. With our verticalized expertise here at Apexon, we know how important it is to understand the impact the metaverse will have on industries. The financial services, healthcare, high tech, retail, and manufacturing sectors are particularly interesting for their potential to augment customer experiences and improve operations using the metaverse. To increase digital transformation strategies, organizations will need to explore how, within the virtual world, they are going to address customer engagement and implement brand, business, and financial strategies related to the metaverse.
Apexon is focused on creating human-first digital experiences in both reality and the virtual universe. We are actively engaging with the metaverse to deliver innovative solutions to accelerate business transformation. Currently, we are working within the automotive industry to develop virtual dealerships for some of the biggest car manufacturers in the world. Stay tuned for exciting announcements about Apexon and the metaverse.