Metaverse opens new opportunities for businesses Jesse N. March 29, 2022
Metaverse opens new opportunities for businesses

Metaverse is slowly becoming the next step of the internet, and global companies and startups are focusing on developing related technologies. Metaverse exactly has very high business potential and is therefore attracting many businesses to enter this market. In this article, we provide guidance to help you open a store in metaverse and start a business there.

What is the metaverse?

Metaverse is a live version of the internet where users can have a real-life experience. Instead of interacting with content from “outside” as it is today, the metaverse makes users feel like they are immersed inside the content. For example, when talking to other people, users will feel that they are really there with the other person.

Metaverse is made possible by technologies such as virtual reality (VR) and augmented reality (AR). With VR, users simply need to wear a headset to feel like they are in a fully artificial digital environment. Meanwhile, AR creates digital layers that overlay the real environment. Users see the real world through the smartphone screen, like in Pokemon Go, or use digital glasses.

Market potential of metaverse

According to estimates by Morgan Stanley, the metaverse has an amazing market potential of $8 trillion. With such large sums of money, many of the world’s top brands are taking bold steps to develop and announce their own version of this futuristic world of commerce and entertainment.

For illustration, Facebook made no secret of its ambitions and even changed its name to Meta Platforms in October 2021. The company has invested at least $10 billion in a metaverse division called Facebook Reality Labs to create AR and VR hardware, software, and content. In addition, Microsoft made the largest merger in the metaverse by spending $69 billion to buy video game company Activision Blizzard.

Market Potential of Metaverse

How to open a store in metaverse?

Define your targets

When you want to open a store in metaverse, think about how your audience and target customers are spending time in the metaverse and adjust your attack speed appropriately. For example, brands often focus on young customers who have the opportunity to sit in the metaverse for a long time. Who are your target demographics and what behaviors are trending with your current and future consumers right now, indicators of how fast they are moving into the metaverse? This will be something you need to consider as you proceed to open a store in metaverse.

Market and competitor research

Before entering any field, you must conduct market research and opening a store in metaverse is not an exception. You need to research the market along with the competitors in the same industry. Much of the metaverse space is too broad especially when seemingly indecipherable concepts, such as NFT or blockchain, are involved. You need to consider whether it is possible to become a champion for these topics to provide tangible examples.

Business plan

To open a store in metaverse, you should have a business plan. First of all, you need to start building a perspective on how your brand should show up in the metaverse and when it might make sense. Parent companies and independent agencies are both interested in monitoring media behavior and emerging trends, so this is a great opportunity to ask them what they see in the client section. 

Development

If you have opened a store in the metaverse, you need to prepare to grow your business. First of all, be prepared that all new spaces are risky so you need to be prepared. Besides, to develop a business on the metaverse, you need to regularly update the market and apply appropriate marketing strategies.

Conclusion

Opening a metaverse store isn’t easy, and it’s even harder to thrive in this competitive market. However, you can have positive expectations for your business store on the metaverse. 

Contact us for support to open a store in metaverse.

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