Metaverse For Businesses: Unlock New Revenue Generation Possibilities
Tags: webdev, web3
Published: 2024-01-09 11:37:20

A few years back the word “Metaverse” was known only to the big fans of science fiction. Now, it has become the talk of the business world

**Why?**

Because, now the idea of Metaverse is more than just a passing fad for businesses.

As per a recent survey, 90% of businesses adopting Metaverse in their business solutions are seeing increased revenue. Not just that, Metaverse business has the power to bring massive economic opportunities to the table, including over 75 million jobs across the world by 2027.

That’s how big it is and yes, you can’t take it as another trend or flavour of the week.

Companies of all sizes are already making profitable use of Metaverse, from food corners like McDonald’s and Starbucks to fashion brands like Prada and Gucci. The Metaverse is the future of how we socialize, create, innovate, and experience things in ways we have never imagined possible.

But what really is Metaverse? How do businesses use it to generate revenues? These questions must be answered before you step into this cutting-edge tech world. So, let’s break down what decision-makers should know to understand the Metaverse better.

**Defining Metaverse**

To put it in simple words, the Metaverse is one of the biggest innovative evolutions of the internet. It’s an immersive and interactive virtual space where people can interact with each other and digital objects in a 3d environment.

Metaverse offers users boundless possibilities to experience entertainment, connect with others, and purchase products virtually. Sometimes known as Web 3.0, it has the potential to be even more transformative than the Internet.

**How Metaverse Can Help Your Business Generate More Revenues?**

A known research firm, Gartner, estimated that 25% of people will invest at least one hour a day in the Metaverse by 2026. This statistic clearly shows how much it can help you connect with customers in a more immersive and personalized way, building trust and a customer base. It has the potential to deliver many more benefits, some of which are:

**- Enhanced User Experience:** Customer experience is the top priority for every business. If your customers are satisfied with the experience, the chances of them being loyal to your brand increase. 80% of customers spend more on a brand when they are getting a great customer experience in return.

The Metaverse will give you endless possibilities to connect with customers personally through an immersive experience. It offers customers plenty of interactive options to find their own resources. With Metaverse, you can also generate more data that you can use to customize your customer experiences and upgrade your marketing strategies.

**- Discover New Marketing Opportunities:** In this evolving world, marketing strategies also need to be evolved to remain competitive in the industry. Using the same marketing tactics as used earlier, will give you the same results. However, if you want to step up the growth ladder, you must upgrade your marketing strategy using cutting-edge technology and trends.

The Metaverse opens the gate of a new world where you are offered a virtual space of connection and interaction, changing your marketing game.

By using a Metaverse approach, businesses can solve business problems plan live & virtual events, launch products and so on. This will attract more audiences, leading to more potent and profitable collaborations.

**- Increases Brand Authenticity:** 8/10 customers prefer doing business with authentic brands. The Metaverse could be your big asset in creating an authentic brand with trust, creativity, and support from credible resources. It can open up more opportunities for giving customers insights into where you stand in the industry, and how your products are produced.

These bits of information can improve your sales drastically as customers tend to shop more from brands that align with their personal values.

Still not convinced of the power of the metaverse? Below we have something more to share with you. So, keep reading, because now you are going to read something that has never happened before.

**World’s First Metaverse Convocation Hosted by ibentos**

Yes, you read it right, “Metaverse Convocation”. On 19th November 2023, ibentos hosted the first-ever Metaverse convocation for BITS Pilani on its newly launched metaverse platform, MegaSpace. The event was a resounding success, with over 7,500 working professionals from around the globe participating in the virtual ceremony. The convocation was a groundbreaking event that showcased the potential of the Metaverse to revolutionize education and communication. Participants were able to experience a fully immersive virtual environment, complete with realistic avatars and lifelike interactions.

ibentos designed the convocation in an extraordinary way that truly provided immersive experiences for participants. Upon entering the virtual world, participants were greeted by a replica of the BITS Pilani campus, complete with lush greenery, iconic buildings, and a bustling student population.

We made sure that all traditions related to the institute’s convocation were followed, while groundbreaking technology and interactive features like selfie wall and social share were built to create it an unforgettable experience.

The Metaverse convocation is just the beginning of what is possible in the Metaverse. This revolutionary technology has the potential to transform the way we learn, communicate, and work. ibentos is committed to being at the forefront of this exciting new frontier.

**Summing it Up**

The possibilities of what you can do with the Metaverse are boundless and endless. You just need the right platform to guide you and a willingness to explore its potential. As we are entering this new tech era, decision-makers must be willing to welcome this technology with open arms and take all the advantages it has to offer. If not, they risk falling behind their competitors.

So, ready to enter a new Metaverse world of marketing and customer engagement? Let MegaSpace help you with your next project.

_**Originally Published At:** https://megaspace.ai/blogs/metaverse-for-businesses-unlock-new-revenue-generation-possibilities_