The promising impact of metaverse on businesses and the workforce

Just as Web 2.0 completely transformed our lives, experts predict that the Metaverse will usher in the same magnitude of change, reshaping not only our personal relationships but also our careers and livelihood. Meta CEO Mark Zuckerberg even claims that humans will soon live in the metaverse, and the physical limitations of work will be a thing of the past.

By creating virtual workspaces, the metaverse offers a much more immersive and exciting future of work. Here’s how the metaverse will change the way we do business.

A brand new experience

The metaverse allows brands to create fresh brand experiences that will bring more customers to their (virtual) shopfront. Take Walmart for example — one of the biggest retailers in the US is preparing to enter the metaverse. According to reports, Walmart plans to create its own cryptocurrency and use non-fungible tokens (NFTs) to power its metaverse shop. Reports also say that clothing retailers like Ralph Lauren and Abercrombie & Fitch also plan to put up shop in the metaverse.

In the future, meta-shoppers might be able to enter these stores through their VR headsets and browse virtual shops, just like they would in a regular brick-and-mortar. The difference is, they don’t have to leave the house.

Increased brand visibility

The metaverse adds a new dimension to advertising and marketing. Expect marketing teams and ad agencies to expand into virtual worlds, where they compete for precious virtual ad spaces. Just like the boom of social media marketing, metaverse marketing will be the new frontier. And as more people join the metaverse, companies will pour more investment into brand visibility in virtual environments.

There are two ways businesses can make the most of metaverse marketing:

• A new marketing channel. A company can add metaverse marketing to its existing campaigns, like its Google Ads or social media efforts. The metaverse will have its own ad formats, like virtual reality billboards, ad spaces in VR social environments, or product placements in VR games.
• Immersive brand storytelling. A company can use the metaverse to build all-immersive brand experiences, where people (or rather, their avatars) can use their products without leaving the metaverse.

As with all types of marketing, a company needs metaverse marketing specialists to get the most out of their budget.

Talk anywhere about anything

As businesses shift to the metaverse, so will the workforce. The pandemic ushered in the era of Zoom, but the metaverse will take employees one step further — into virtual environments with virtual whiteboards and 3D models they can change in an instant. In the metaverse workspaces, anything can be turned into a 3D model, from architectural projects to vision boards to product prototypes.

The metaverse also succeeds where web conferencing fails. Unlike video calls, virtual workspaces allow for spontaneous collaboration and interactions. Microsoft Mesh, for example, allows you to exist as an avatar or project a life-like hologram of yourself onto a highly customized virtual workspace. There, you can meet your co-workers, tinker with 3D models together, collaborate on virtual whiteboards, and discuss critical decisions like you’re right next to each other in a boardroom.

Generate new job titles

As the metaverse becomes mainstream, job titles will evolve, and some new job titles will emerge, too. Tech-forward companies will need metaverse ecosystem architects with a deep knowledge of blockchain technology, artificial intelligence, cryptocurrency, and even NFTs to build their virtual worlds, either for their customers or workforce.

The good news is that the metaverse also empowers talent acquisition teams. HR departments will no longer be encumbered by geographical limitations. The Zoom era has given companies a taste of talent acquisition without borders, but the metaverse will bring it into full force because even job titles that need face-to-face interactions can be accomplished in virtual workspaces.

Preparing your company for the Metaverse

While these all seem overwhelming, companies still have a lot of time to prepare for the future of work. Zuckerberg says it might take up to 10 years before the metaverse becomes mainstream. And a lot could happen in a decade, so it’s best to start preparing your company for the future today.

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