Could the metaverse be the next big thing for B2B enterprises?
It is no secret that the business world is changing. The growth in eCommerce and the metaverse are disrupting traditional business models. By allowing businesses to establish a virtual presence that is cost-effective and more immersive than conventional methods, the metaverse could soon become a key player in the global economy.
In the metaverse, businesses can create their own, trade with other companies, and form partnerships in new and innovative ways.
And although there are still some uncertainties about how exactly businesses will use the metaverse, it is undeniable that this new technology has the potential to revolutionize the B2B space.
Here is a look at what the metaverse is and how it could impact enterprise-level operations.
What is the Metaverse?
The metaverse is an interactive 3D space where people can create, share and explore virtual worlds.
Businesses can have their virtual storefronts, digital employees, and virtual currency in the metaverse. Think of it as the internet of virtual reality – a place where people can come together from various corners of the universe to interact, trade, and do business.
This digital space is still in its early stages of development. However, there are already a few metaverse platforms that businesses can use to establish a presence. These include Sansar, Somnium Space, and Decentraland.
As the metaverse continues to advance, it is likely that more and more businesses will establish a presence in this virtual space.
How Can the Metaverse Transform B2B businesses?
1. Increased collaboration and networking opportunities
Research featured in Harvard Business Review revealed that face-to-face communication is 34 times more effective than any text-based exchange. This finding comes as no surprise given the power of nonverbal cues in building rapport and trust between two people.
With the rise of metaverse technology, B2B businesses can now explore opportunities to build client face-to-face relationships. They can also cooperate in ways that seemed difficult before.
For instance, two non-competing brands can run co-branded experiences in metaverses to target the same audiences and leverage each other’s reach across different channels. Some of the branded experiences could include:
- Product announcements
- Educational sessions and conferences
- Product showrooms
- Company updates
- Networking events
2. More immersive customer experiences
Eighty-six percent of buyers are ready and willing to pay a premium for excellent customer service, and 49% of them have made impulse purchases after receiving a more personalized experience.
In the metaverse, B2B sellers can create more immersive buyer experiences, and these enhanced interactions could make them easier sales than traditional forms of advertising like logos or billboards.
It may not be long before many enterprise firms are using the metaverse for immersive sales presentations.
Kaon Interactive, the developer of LiveShare, a metaverse-platform specifically designed for enterprise sales meetings, believes that companies are currently trapped between two realities. Sales isn’t going back to the old fashioned face-to-face meetings of before and video conferencing on platforms cannot effectively communicate value either. “Enterprise sales teams struggle to consistently communicated value when the solution is complex,” says Kaon’s CEO Gavin Finn. “However, when sales teams bring customers into visually immersive workspaces there is a much better opportunity to more effectively communicate complexity.”
3. New opportunities for marketing and advertising
As the metaverse continues to grow, B2B businesses will have access to new marketing and advertising opportunities. For example, companies can sponsor metaverse events or create targeted ads that are more likely to attract potential customers.
And because the metaverse is still in its early stages, businesses that establish a presence will now have a first-mover advantage. They will be able to build a loyal customer base and become a thought leader in their industry.
4. Increased sales and ROI
Ultimately, the goal of any business enterprise is to increase sales and revenue. And the metaverse provides a unique opportunity to do just that. By establishing a presence in the digital space, B2B enterprises can reach new markets and tap into new sources of revenue.
The metaverse also has the potential to increase sales productivity. For example, a B2B salesperson can host multiple meetings with buyers from different parts of the world – all without having to leave their metaverse office!
5. Improved employee productivity
It’s not just sales teams that can benefit from the metaverse. Other departments like HR, customer service, and R&D can also use this technology to increase productivity.
With metaverse-based training simulations, employees can learn new skills faster. And customer service agents can use avatars to provide assistance in real-time.
This technology also has the potential to improve communication and collaboration between employees. Remote workers can now meet face-to-face in the virtual space to discuss projects, share ideas, and provide feedback.
6. Reduced travel costs
B2B enterprises that have a global clientele can use the metaverse to reduce their travel costs.
With metaverse meetings, there is no need to book airfare or pay for hotel rooms. And instead of flying employees across the country (or world) for meetings, they can now meet virtually.
This is not only cost-effective but also environmentally friendly. And it frees up employees’ time so that they can focus on other tasks.
The metaverse offers much potential for B2B enterprises. From improved customer experiences to increased sales and productivity, this technology can help businesses of all sizes improve their operations and bottom line.
And while there may be some uncertainties associated with entering into the metaverse, the potential benefits are too great to ignore.