A whole new world? The metaverse and what it could mean for you.
Metaverse technology & its implications for business An overview of future possibilities (and pitfalls) of the metaverse in 5-10 years.
What is the metaverse?
The metaverse is the popular term used to describe what many expect to be the next significant paradigm for how we use digital technologies and networks to interact and collaborate with others and have virtual experiences of all kinds. It’s not a single technology or device, and it’s not a service of any one company. It’s the convergence of several separate technologies, all of which are quickly maturing for mainstream use. Together, those technologies can create the experience of an immersive, three-dimensional environment in which users interact with their surroundings and other users as if they are in a shared space.
What can executives do today?
While the future of the metaverse is still unknown, there are several actions executives can take now:
Don't underestimate the potential: Formulate a metaverse strategy but keep it flexible enough to adapt to changes in technology and consumer preferences. Adopt a “test and learn” approach for both consumer facing and enterprise functions.
Take the long view: Given the mainstream metaverse and corresponding revenue generation are likely several years out, companies should take a long-term view on investments and consider KPIs around consumer and employee engagement in addition to ROI. Consider investments in the context of broader digital transformation agendas.
Focus on demand and what motivates users: Organizations should focus on how to create captivating content and engaging experiences (e.g., exclusive partnerships, user generated content tools, robust data and insights collection) in order to establish share and remain competitive.
Commit to a “responsible metaverse”: Organizations will need to manage a range of complexities and risks in the metaverse (e.g., privacy/security, accessibility, sustainable energy consumption) and ensure they are proactively building a responsible metaverse and effectively maintaining consumer and employee trust.
The complete report here and the pdf