what does the metaverse mean for small-to-medium enterprises?

The metaverse has been grabbing headlines recently, and for good reason. Virtual worlds may become worth more than $1.8 billion by 2030, and people are already spending jaw-dropping amounts on art, fashion and real estate NFTs (non-fungible tokens). Online interactions are morphing into fully immersive 3D experiences powered by augmented reality (AR) and virtual reality (VR). And all consumers need to join the virtual party is a computer, a smartphone or a game console.

What does this new digital frontier mean for businesses? In a word, opportunity — and not just for the biggest players.

SMEs in the metaverse

Just as the rise of the internet eventually changed business operations for companies of all sizes, so will the metaverse. Nike, Walmart, J.P. Morgan and Coca-Cola are among the many global enterprises doing business in the metaverse. However, you don’t need to have a 12-figure market cap to explore what the future of the internet means for your organization. Small-to-medium enterprises (SMEs) can dip their toes into the metaverse by:

• marketing to new demographics
• creating immersive experiences for sales, education and job training
• selling virtual goods

The development of the metaverse is closely connected to key digital transformation technologies. As such, SMEs need to consider the metaverse as the next step in their digital transformation journey instead of an entirely separate endeavor.

how can SMEs benefit from the metaverse?

Some of the leading opportunities in the metaverse are in e-commerce, advertising, real estate and simulations. Here’s what these virtual ventures can mean for small-to-medium enterprises:

e-commerce

Businesses that sell physical products can explore virtual products, especially if they want to reach the next generation of consumers. According to a recent survey, more than 40 percent of Gen Zers have purchased NFT fashion or accessories for their avatars. You can also drive product or service sales using VR or AR simulations.

advertising

Agencies like LandVault and Bidstack place ads on gaming and metaverse platforms. Users typically see these ads seamlessly without their in-game experience being interrupted. It’s more like passing a billboard on the highway than sitting through a TV commercial.

real estate

If you have a physical store, consider buying a virtual storefront at one of the massive shopping malls being launched in the metaverse. Metaverse real estate investors can also make money by renting out properties, profiting as the value of the digital land appreciates.

simulations, e-learning and gamification

Companies are using VR/AR to train employees in areas like customer service and working safely in hazardous environments. VR technology can also simulate construction and manufacturing projects. With the help of location intelligence technology, organizations of all sizes are developing digital twins (virtual 3D replicas of places, objects, operations and systems) to improve processes and decision-making.

how can companies prepare for business in the metaverse?

Your journey to the metaverse can begin with exploring virtual worlds for yourself. Check out virtual environments like The Sandbox or Decentraland, try a VR headset and set up a crypto wallet. Next, assess the products or services that could be sold or promoted in the metaverse and the skills you need to bring such projects to life.

Of course, the current job market makes it challenging for all businesses to attract talent with experience in AI, NFT engineering, 3D modeling and advanced programming. One of your first steps, therefore, should be to identify current employees with an affinity for technology and virtual worlds. These people will be ideal candidates for upskilling as your business wades deeper into the metaverse.

Ready to take the plunge? Browse our Business Insights section for more insights on digital transformation and why the metaverse is good for business.