How will the metaverse impact the industries of the future?

What the arrival of the metaverse means for your business and the future of your customer experience (CX).

When Mark Zuckerberg announced the creation of Meta in October of last year hopes were high. He promised a new and exciting world that would represent the unique blend between digital and real, incorporating virtual (VR), augmented (AR) and mixed reality. Although the hype around Meta has dropped significantly in the past six months, Zuckerberg’s ambitious project is far from being the be-all and end-all of this very much present technological opportunity. In fact, more innovative companies are now recognizing the metaverse’s potential and are working around the clock on their strategies to take advantage of the endless possibilities.

Considering this, here are the important takeaways of the metaverse’s characteristics.

The metaverse is…

Accessible – You will be able to access the metaverse by using different hardware, so entering and immersing in these spaces will be easy as a breeze. The only things you will need are your mobile phone, laptop or tablet and a virtual headset and you’re in.

Persistent – The metaverse won’t disappear when you’re not engaging in it. Quite the opposite, you can enter whenever you like, add upon, reconstruct, or create from scratch different virtual objects or buildings, and, when you’re back, it will all be waiting for you.

Interactive – The metaverse is a social space and users will interact with each other through their custom avatars. These interactions will involve work-related meetings and activities or even virtual coffee breaks. Meanwhile, artificial intelligence (AI), virtual agents and bots will be a commonplace.

Vibrant – Crucially, fully functional, and properly equipped businesses will and already are embracing the metaverse. NFTs and cryptocurrencies will continue to gain prominence and will open a new world of possibilities for purchases, sales, and investments.

Diving deeper into the sea of opportunities, here’s how the metaverse will reshape key industries of the future.

1. High-Tech

High Tech will play a major role in the metaverse. According to a report by Accenture, 86% of High-Tech executives believe that the metaverse will have a positive impact on their businesses. Hardware such as devices and components enabling the metaverse development and entry will be fundamental components. High-Tech companies will also benefit from venturing out and taping into new markets including platforms and experiences.

2. FinTech

AR, VR, and mixed reality accelerate the convergence of traditional and digital financial services. Visiting an immersive bank in the metaverse is certainly no longer a futuristic idea. FinTech will continue to develop in this 3D environment by implementing checking balances, paying bills and money transfers as virtual services. FinTech apps operating in the metaverse will also include virtual assistance, lending technologies and more.

3. E-commerce

Last year, the Metaverse in E-commerce Market report predicted a growth of the metaverse in the E-commerce market by whooping $60 billion in the years between 2021 to 2026. Hyper personalization and seamless shopping experiences will become even more prominent in the metaverse. For example, virtual try-ons enabled by artificial intelligence (AI) options and virtual avatars will make it easier for customers to find exactly what they need, whenever they need it.

4. Games and Entertainment

The gaming industry is constantly growing as people are more drawn to virtual escapism in the form of entertainment. The expansion of immersive gamification will be the benchmark of players’ experiences in the metaverse. Players will be able to connect and interact with each other in real-time and in different parts of the 3D world without any latency or lag time issues. Meanwhile, Web 3.0 will create new opportunities for developers as the metaverse enables the creation of even more elaborate and realistic worlds and characters with more customizable options.

5. Logistics

Logistics will be one of the industries that will be most transformed within the metaverse. Process optimization, cost overrun reduction and centralized connectivity will all improve production, transportation, and delivery processes. Testing new products will happen with ease but also checking customer interest to ensure that there aren’t any extra development and production costs. Furthermore, logistics will become a highly centralized business with concentrated storage and high customization, while simultaneously serving large geographical areas.

Last but definitely not least, an overarching trend that will permeate all industries in the metaverse will be the omnichannel, immersive and highly personalized customer experience (CX). Customers will expect from brands to deliver experiences that will resemble real-life interactions, considering their individual wants and needs. This will also be a great opportunity for companies to not only recreate their brick-and-mortar stores but also develop innovative and unique services. Those will have the potential to reach new audiences, skyrocket customer engagement and bring CX to a whole new level.

Ultimately, high quality CX can greatly improve the relationship between brands and their customers. We at Pontica understand this perfectly well, therefore if you want to get a head start and deliver exceptional CX, get in touch with us today.