How the Metaverse Can Impact Businesses

​Meta is one of the world's most successful enterprises, known for being the parent company of the social networking apps Facebook and Instagram. 

Its dedication to building technologies that help foster connection and bolster businesses has made Meta a valuable provider that many people rely on for day-to-day dealings. 

As such, it is no surprise that Meta continues to see significant business growth and is one of the best-performing stocks on the S&P 500 Index, according to Fortune.

In addition to being the parent company of viral social media apps, what makes Meta stand out is its contributions to the metaverse. Described as a virtual space for social connection, it includes tools that can significantly contribute to the growth of businesses. 

With this, it is important to understand how the metaverse impacts the business landscape and the ways it's currently being integrated into consumer products and services.

Metaverse impact on businesses

​To better understand its benefits for business, it is important to recognize what the metaverse actually is. 

The Media Leader defines the metaverse as an inter-connected digital platform that provides experiences mimicking the real world. 

It is essentially a form of virtual reality (VR) and incorporates other technologies, such as augmented reality (AR) and artificial intelligence (AI), to change the way people work, play, and interact. 

The concept itself was not developed solely by the Meta company, but the Facebook Metaverse is an extensive network that has changed social connection and other aspects of how people use the internet.

From a more business perspective, the growth of the metaverse hints at various possibilities, including the creation of new marketplaces, types of businesses, and employment opportunities to complement modern society's reliance on the use of technology. 

For example, the metaverse can use VR and AR to make online shopping a more immersive experience and further entice consumers into buying a product. 

IKEA took advantage of these features to create their Place app, which allows users to select a piece of furniture and use AR to see a real-scale model of what it would look like when placed in a space.

The virtual spaces provided by the metaverse can also provide a unique workplace experience for larger corporations. A case in point is that Microsoft used the metaverse to create a virtual space on its Microsoft Teams app, where workers can do remote work more efficiently and stay connected more effectively. 

All this is conveniently done online and can be facilitated with lower operational overhead and decreased risks.

Integration of the Metaverse into consumer products

While the biggest impact on businesses involves the use of the virtual platform to enhance consumer and worker engagement, some features have been integrated into real-life products to broaden the reach of the Metaverse. 

Case in point, the Ray-Ban Meta Smart Glasses is a collaboration between the two industry leaders as a way to bridge the virtual and real world. 

These glasses marry the "cool" image of Ray-Ban by integrating classic frames, such as the Wayfarer, with Meta-backed technology that makes it easier to stay connected without the need for a smartphone. 

It features an AI assistant that can automatically provide information on the fly, brainstorm ideas, and control features just by saying, "Hey, Meta." The collaboration between Ray-Ban and Meta essentially puts the Metaverse into the mainstream, as most consumers are unaware of what it can do and how it streamlines tech features for them.

Meta also recently partnered with US universities to launch a new program that utilizes VR technology to facilitate new learning methods using the metaverse. The program aims to help college students in institutions such as Stanford University, the University of Iowa, and Arizona State University learn using a new platform for enhanced virtual learning. 

Through this partnership, Meta also hopes to refine the educational resources on the Meta Quest store, the VR headset e-shop it provides for the program. While this teaching program is not a conventional business partnership, it shows how businesses and brands can benefit from the metaverse and provide them with unique opportunities to take advantage of the growing virtual network.

Beyond the Meta company, other industry leaders have also made leaps with the metaverse. Nike collaborated with digital leader RTFKT to create a collection of non-fungible tokens (NFTs) using classic shoe designs. 

These include a collection of the Nike Air Force 1 that consumers can purchase digitally and trade within the metaverse, while their NFT purchase also guarantees that they get a physical version of the shoes to wear. 

Such collaborations not only prompt consumers to engage with the metaverse but also introduce a new way of purchasing items that serve concrete purposes in the digital world and beyond.

Wrapping up

​ All in all, these partnerships present an interesting development for Meta, as brands and organizations utilizing its emerging metaverse technologies can increase customer engagement and loyalty while promoting novel tech features to increase interest. 

Similarly, entities that align themselves with Meta and the metaverse stand to reap the benefits of early adoption, especially with our post "How Brands Plan to Market Themselves Effectively in the Financial Downturn" highlighting how the platform's growing accessibility poses great opportunities for businesses to stake a better virtual presence for growth. 

As of now, Meta has yet to announce any plans for another collaboration. 

However, given the tech giant's reach and the rising interest in virtual worlds, another strategic deal is likely on the horizon.