How small and medium entrepreneurs ought to put together their enterprise for the Metaverse

In 2021, Facebook announced its name change to Meta and decided to invest in technologies for Metaverse. With the recent announcement, the new concept was popularized and other companies, such as Nike, Google and Microsoft, also made investments in the construction of the virtual environment. The promises of the virtual universe, however, should not be limited to large corporations, as it is increasingly accessible so that small and medium-sized entrepreneurs can take advantage of the new tech.

The Metaverse is a virtual, immersive, interactive, collective and hyper-realistic reality. It can be defined as a network of virtual worlds that try to replicate reality through digital devices, with a focus on social connection.

According to research by Analysis Group, one of the largest economic consulting firms in the world, the Metaverse could represent 2.8% of Global GDP in 2031, if it evolves similarly to smartphones. In Brazil alone, more than 130 national companies profit from insertions in virtual and augmented reality, in addition to other innovations related to the new resource.

The speculations allow some insights into how technological innovations can impact economies and even Brazilian entrepreneurs. Having overcome the idea that new tech is essentially for games, companies and corporations can bet on new purchase and sales formats, in addition to advertising and a sense of originality.

Dozens of companies have invested in stores, products and experiences involving this new technology. Walking around the store in the 360° space in an interactive way, buying online and receiving at home was an idea to expand the e-commerce of Lacta, a chocolate maker. Or, buy a piece of land in Metaverso and open your virtual store, exclusively for online users. There is also the option of giving visibility to the brand through sponsorships and advertising within other events in the virtual environment.

The novelty of the Metaverse brings with it the originality; the first store, the first show, the first purchase in the virtual world. Online businesses can provide a feeling of exclusivity by offering special coupons, brand new items and unique online content. This was the case of the streaming platform Spotify, which created an interactive space with materials accessible only to exclusive users.

Entering the Metaverse may seem like a challenge for small and medium-sized entrepreneurs, but the simple realization of corporate meetings and presentations in 3D spaces already includes them in this environment. Likewise, avatars don’t have to be hyper-realistic, characters with basic characteristics are enough – after all, the goal is to be part of the universe, not to be a technology expert.

The constant technological development, especially in the Metaverse, indicates the path along which companies should plan to travel. For this, the ideal is to study the subject, observe the practices of other companies; map the opportunities that your segment can get, test, fail and hit.

It is impossible to say that those who do not adapt to the metaverse will be digitally excluded, as the novelty is still in its first phase. However, it is certain that those who are at the forefront of this evolution and position themselves as a reference will be able to take advantage of the new technologies.

Source: TI Inside