Businesses adopt technology in various degrees to enable sales growth. We, salesPeople do make use of stuff like, social media apps, messaging / chats, zoom meetings etc. to some or large extent in our sales process. Lately, the word “Metaverse” is a buzz in technology and it’s expected to touch us sooner or later be It from our customers or we using it to get customers.
- Little Background –
- What is Metaverse?
- How does it work?
- A few use cases and trends in Metaverse
- Who are existing users of Metaverse and how is it growing?
- How does it affect us?
- Additional Info Tech & Non Tech
- Avatars
- Assets & Payments in Metaverse
- Technologies behind Metaverse
Background –
The word Metaverse was coined in 1992 in the novel SNOW CRASH by Neal Stephenson. While the concept is a common practice in some video games, it is under limelight(for good reasons) due to interest & investments from big tech companies like Meta( formerly Facebook), Microsoft, Apple,etc. Need not mention the origin for this momentum is the Pandemic led changes like Work From Home ,Social distancing, E – commerce, Virtual meetings or Concerts, etc.
What is Metaverse?
A parallel universe developed with a combination of AR, VR, AI & Blockchain creating scalable and correct virtual worlds. In the virtual worlds, real businesses and real people through their Avatars can participate in doing business digitally in real time in a much more immersive way without any geographical boundaries. A business could be a product (Goods /Service), Art, Games, Music, Content ,etc.
How does it work?
With Metaverse, customers can be offered immersive(engaging) experiences through augmentation of the physical real world or simulating a virtual world, and help them make purchase decisions more effectively. Sellers or product creators can complete iterations even before investing in a prototype which increases accuracy and minimises cost of such a product. It’s a win-win for business and consumers.
A few use cases and trends in Metaverse –
i) Someone taking a virtual tour of Europe in Metaverse can actually spot a virtual shop of mCDonald, place an order by paying through NFTs/crypto and get that delivered to their physical address. They enjoy the mcDonald stuff while continuing through the virtual tour without shifting between two environments – virtual (the tour)and the real (operating your phone app for the order or payment)
ii) Similarly, you can try clothing and other accessories of online clothing stores using your own Avatar(replica) and can even interact with other customers in metaverse for reviews or feedback in live before completing the purchase.
iii) Metaverse and RealEstate – The above mentioned trends have fuelled the demand for some buyers owning a virtual land in Metaverse that can be used for various real estate purposes like in real world.
iv) Metaverse and Financial Services – Companies like JP Morgan too entered this space with intentions to support transactions around lending, mortgage,etc.
v) Needless to say, Brands use it for advertising and digital campaigns.
Notable point here is – Some of the businesses are trying to use it as an Acquisition & Customer service channel.
Who are existing users of Metaverse and how is it growing?
If you are one of those players for games like Roblox or Fortnite from Epic games, then you have experienced metaverse in its initial form. While most of the early users were teens & kids, Businesses are trying fast to embrace its application in driving revenues in the next digital era. With huge investments from tech giants the user base(customers) is expected to grow exponentially.
Some of the businesses from Retail, ecommerce, education, automobile, banking, music workplace, travel & tourism, Events & Conferences, wellbeing,etc. Are already using Metaverse either for customer acquisition or for customer service and engagement.
To name a few brands –
Nike, McDonald, JP Morgan, Chingari, Disney, Hyundai, Coca-cola,Gucci,etc.
How does it affect us?
( As an individual and as a Sales person)
We are not detailing the pros and cons yet as Metaverse is in its nascent stage. However, any good invention with all good intentions would still have some challenges and the one seen right now is how the user’s (individual) data and confidentiality is protected in the new virtual world.
More so, MetaVerse is not another sci -fi movie, it’s getting real now. So, some day in the near future we too will be part of it.
Don’t be surprised by scenarios like VR headsets and AR glasses becoming part of the sales kit that sales people carry to offer a MetaVerse experience to prospects & customers.
Additional Information –
Avatars
The image of you that you select to use in the virtual world.
Assets & Payments in Metaverse
Every investment in Metaverse is a digital asset. Payments in Metaverse are held through cryptocurrencies and crypto wallets. Currently, a good number of crypto exchanges are operating in the market. There are some forms of digital assets that can have a price tag via NFT and the same can be traded using cryptos.
Technologies shaping Metaverse
- VR – Virtual Reality
- AR – Augmented Reality
- AI – Artificial Intelligence
- Blockchain
- Crypto currencies
- NFT – Non Fungible Token
- Avatars
VR – Virtual Realty
virtual reality is a computer generated simulation that alters user perception of reality and allows them to interact with a three dimensional environment.
Hardware
While the existing products like computers & smartphones do some part of the job, the actual immersive experience can be rendered only through VR headsets & AR glasses. However, tech companies are working on a way to cut down hardware dependency through new software applications. We have to wait & watch for that day so that we make best use of the new tech in a much comfortable way during our customer demos.
Distinctions between VR & AR
Distinctions between VR & AR come down to the devices they require & the experience itself.AR uses a real world setting while VR is completely virtual.VR requires a headset device, while AR can be accessed through a smartphone. AR enhances both virtual & real world while VR only enhances a fictional reality.
Some Examples –
| VR | AR |
| Tilt Brush App | IKEA Mobile app |
| Oclus Quest | Disney Coloring book |
| HTC Vive Pro Eye | Loreal Makeup App |
| Palystation VR | Weather Channel Studio effect |
Concluding Thoughts –
As sales people, we love things that help us engage our prospects better with a good amount of product detail via the Metaverse that could shorten the deal cycle and augment revenues.
Very good info. Keeps us prepared to be part of it either as a user or a listener to our tech savvy customers. Thanks.