To receive the Luxiders Newsletter, sign up here.
Value Creation In The Metaverse is the report made this year by McKinsey & Company. It shows that metaverse is an element that can impact all stages of a business. From employee engagement to the customer experience, it examines the potential of the virtual world for great development. It is a balance between technology and human effort to drive economy, innovation, commerce, imagination and accessibility.
According to this report, in 2022, investment into the metaverse space is more than double what it was in all of 2021, reaching more than $120 billion. And by 2030, the value of the metaverse could be of $5 trillion. This means that the virtual transition is closer than people think. New technologies are adaptable to all sectors therefore they represent an area of opportunity of great interest to companies and consumers. The metaverse has many advantages of its own, such as immersive sense, real-time interactivity, interoperability, simultaneous interaction, etc., it is not limited to just one sector. Which are not limited to only one platform or device.
Although, there are still many people who do not understand and are skeptical of the metaverse because of real situations such as lack of digital resources, technological insecurity, distance from nature, inaccessibility to the internet, lack of privacy, no legal liability, mental health, among many others. There are also others that are increasingly unfolding within it. Some of the benefits that the metaverse can bring to consumers are entertainment, tourism, gaming, travel, shopping and even socializing. While for businesses it benefits campaigns, marketing, initiatives, employee analysis, events, conferences, product design and website promotion.
However, a question around the metaverse is how can businesses get more involved with it? Where should they start? McKinsey & Company answers this with three simple steps to capture the value of the metaverse.
DEVELOP A VALUE-FOCUSED STRATEGY
You need to have a plan in order to determine your goals and objectives for the future. If you have a clear perspective on what you want to achieve, then it is easier to include the metaverse in this plan. And thus create that leap into the virtual world. This point also refers to the fact that there must be a strategy dedicated to take advantage of the competitive advantages that the metaverse can provide. All this based on services or products that generate value.
TEST, LEARN AND ADOPT
Practice makes perfect. Fortunately, the metaverse is a zone of opportunity in many ways. One has the ability to test, monitor, launch, invent and refine. It is a virtual zone where everyone can test to define the capabilities to be used and the way forward. Just as businesses have physical challenges, it is time to open up to virtual challenges. This step is an important point for reflection on trying new changes internally and externally in career advancement.
PREPARE TO SCALE
It must be taken into account that the business talent is aligned with the tech tools. Within the value-focused strategy, a model must be established where the workforce and the virtual world are in sync. Preparing to scale must necessarily identify the competencies of those who manage the metaverse in their operations. With this it is possible to explore how a user and worker, who can ultimately help achieve much more accurate results that satisfy the consumer experience. And build a much stronger channel with the public.
Finally, this report highlights a very important message. The metaverse is a possibility to complement our lives. Whether with a formal or informal approach, in the age of globalization, connectivity is crucial. The time is ripe for hybrid collaboration between the tangible and intangible world to flourish. This technological phenomenon has the potential to increase social and economic well-being. At the same time that we are developing a virtual community, new ways of coping with life are also emerging. For example, the metaverse is starting to be used in the medical field so doctors are able to detect and diagnose problems and diseases much earlier. All thanks to the increased visibility that the metaverse provides.
*Highlight Image: © Minh Pham via Unsplash