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Is Your Small Business Prepared for the Metaverse? Featured

Is Your Small Business Prepared for the Metaverse? "Still frame from a motion work I

 The metaverse came into the limelight in 2021 as Facebook changed its name to Meta and announced an investment of billions of dollars into metaverse. Being an entirely new thing, the term metaverse has entered people’s vocabulary in a big way. The conversation is changing about how metaverse will alter the world by the day.

What is metaverse?

Metaverse is a “real-world” version of the internet that enables virtual environments for people to interact with one another while creating, buying and selling products. This environment is hosted online, and you will need a virtual reality headset to access it. Although Facebook (now Meta) introduced this idea, it has been around for years now. This concept has received widespread attention from other big players like Google and media outlets as consumers and business leaders seek to know how it will benefit them.

According to professionals, the concept of metaverse is not yet mature. According to Meta, it might take a decade or more before it comes of age. In the meantime, small business owners are looking for opportunities that will benefit them from it. Here are some things that small businesses must understand about metaverse.

  1. Metaverse is not here yet

Metaverse is more about an interoperable environment where multiple worlds are connected to communicate with each other and exchange items and assets. Since the idea of metaverse has its roots in science fiction, it will take time before it comes of age. Although there is a lot of talk about this concept, it might take up to ten years for its fruits to be realized properly. For the enthusiasts, they have to wait for some time before they can reap the benefits of metaverse.

  1. Don’t expect profits from metaverse just yet

According to Meta CEO Mark Zuckerberg, Meta will invest $10 billion in its metaverse projects starting from 2021. Despite this massive investment, he advises that it will take years before profits can be realized. In his view, the investment in metaverse will not be profitable any time soon, and it might be too soon to expect instant success. This is the same advice that small businesses need to heed. Although this is the case, small businesses should continue focusing and investing in knowledge regarding metaverse.

  1. Small businesses should consider adjusting their business models

As metaverse continues gaining ground, adjusting your business model in preparation for the future might make sense. This will allow your business to conduct operations in virtual reality. For businesses that are in the tech sector, they should embrace metaverse-friendly models due to the changing trends. Small businesses must change their tactics to develop unique and immersive communication platforms that will allow changes to be adopted.

  1. Conduct customer research

Since metaverse is a new concept, small businesses need to conduct research so that they can understand what this technology involves. Ask yourself if your company will be a beneficiary of metaverse and the consumers' perspectives on this technology. Furthermore, keep an eye on your competition to find out how, when and if they are rolling out the VR tech in providing their services. Consistent market surveys might be the right place to start assessing the time to venture into the metaverse technology and identifying when customers will be ready to embrace it.

  1. Start by experimenting today

As you wait for the technology to mature, you need to try it up. You can do this by visiting virtual worlds like Fortnite or Roblox. With various digital platforms rolling out tools for small businesses to learn the benefits of virtual environments, you can also check on Shopify’s 3D models available on its product pages and allow customers to see products in a virtual environment.

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Scott Koegler

Scott Koegler is Executive Editor for PMG360. He is a technology writer and editor with 20+ years experience delivering high value content to readers and publishers. 

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