How to Move Your Business to the Metaverse

When retailers like Walmart announce they are entering the metaverse, other businesses will follow suit. But is moving your business to the metaverse the right move? We’ll explain the benefits of the metaverse and how you can adopt metaverse technology to reach a global customer base through this new channel.

The metaverse is a new channel for your business to reach more consumers, regardless of where they live in the world, through a virtual medium. The potential for business applications in the metaverse is almost limitless. You can sell clothing, see a concert, play a video game, sell real estate, meet with a therapist, or conduct business meetings, tradeshows, and events, etc.

As businesses catch the vision of the metaverse’s potential, the adoption will grow exponentially. The global metaverse market should reach $1.5 trillion by 2029, with a CAGR of 47.6% from 2022. By creating a realistic environment for new consumers to interact with your business, your business is no longer bound by borders to reach an international customer base.

A recent survey identified the leading benefits of moving your business to the metaverse:

• Breaks down barriers, disabilities, and obstacles to doing business that exists in real life.
• Enables creativity and imagination.
• Traveling the world without leaving home.
• Advancing technological skills and literacy.
• Facilitating connection with other people without feeling awkward.
• Creating new job opportunities.
• Connecting with loved ones regardless of location.
• Advancing educational possibilities.
• Enabling self-expression.

Want to build a custom metaverse experience or game that represents your brand? Contact us to get started.

Related: How the Metaverse for Brands is Revolutionizing Shopping

You’ll want to do significant research and analysis before you move your business to the metaverse. Here are some of our best evaluation tips for deciding whether the metaverse is right for your business:

1. Define on Your Target Audience
The audience is key when deciding whether to migrate your business to the metaverse. First, you’ll need to know if your audience is in the metaverse. Are your current target markets exploring and growing in the metaverse?

The metaverse is still in the early adoption phase, where many different platforms are competing to provide the best virtual environment to facilitate your business. Some platforms focus on different demographic markets, such as:

• Gaming
• Entertainment
• NFTs
• Real estate
• Consumer goods
• Finance
• Remote work environments

You’ll want to identify which platform makes the most sense for your business. To do this, you’ll want to focus on your audience and identify which metaverse platform they prefer.

2. Choose the Right Platform (Metaverse)
The metaverse isn’t a single platform created by Meta. While many people associate the metaverse with Zuckerberg, in actuality, it’s much more ubiquitous. Several companies are creating metaverse platforms for you to buy or lease virtual land to establish your business.

You’ll want to research which platform makes the most sense for your business. Different platforms will attract different customer bases, so you’ll want to assess the platform’s target demographic and decide if it aligns with your target customers.

The metaverse platform’s underlying blockchain technology is equally important to research and evaluate. Some blockchains like Ethereum (ETH) and Avalanche (AVAX) are more expensive to run transactions than other blockchains like Binance (BNB) or Polymatic (MATIC).

3. Consider Augmented (AR) & Virtual Reality (VR) Tools
Because the metaverse isn’t bound by the laws of physics, you can create augmented or virtual reality tools that can enhance your business offering. Depending on your business, you may want to consider how you can incorporate AR and VR into your metaverse environment.

Keep in mind that AR/VR technology needs to become more affordable and accessible before customers will expect this type of experience. Most metaverse users use their mobile or desktop devices to experience interactive metaverse worlds. At Emeraude Escape, we enable businesses to enter the metaverse by helping them build interactive games and experiences.

4. Strengthen Your Online Presence
Before investing in a metaverse marketplace, you’ll want to boost your current online presence. This means bolstering your branding strategies for your website, social media, and other product-selling platforms. You’ll want to update your brand so that it can incorporate a virtual presence that aligns with your traditional brand.

You will also want to identify real-world utility that you can attach to non-fungible tokens (NFTs). NFTs enable businesses to offer customer exclusives, discounts, or even products that the user can access if they own the specific NFTs. You can sell NFTs or offer them as free promotional items.

Want to move your brand to the metaverse? Learn more about our process and how we can help make that happen quickly.

Related: Technologies Used in the Metaverse for Business

5. Be Flexible to Grow with the Metaverse
Because the metaverse is still in early adoption and development, you’ll want to be flexible to adapt to the volatility of the new channel. Some businesses are buying land on multiple platforms to test and see which metaverse platform allows the most freedom, creativity, or profitability.

6. Migrate to the Metaverse Slowly
Unless you are solely a metaverse business, you’ll want to take it slow as you move to a virtual environment. There is a lot of changing and evolving technology in the metaverse, so it will take some time before the virtual dust settles, and customers will expect you to be there.

Now is a great time to test, trial, and experiment with different immersive customer experiences your business can create and offer in the metaverse. Find what speaks to your customers and audience, and then develop a more robust experience. We can help you make it happen.

7. Focus on the Experience
You want to identify the core feelings you want your target audience to experience with your brand in the metaverse. Then create an immersive experience that has them interact with your brand, products, or services in a new and rewarding way that will invoke strong positive emotions.

Customers that have a positive experience with your brand are more likely to stay loyal customers in the future.

The metaverse is projected to be as ubiquitous as the Internet by 2040. But until then, businesses need to adapt and adopt metaverse technologies that can benefit their business now.

To be ready for this Web3 shift, you should consider moving your business utilizing Emeraude Escape. We can help you efficiently design and customize an interactive metaverse experience and develop a strong strategic position in this new customer channel.

Related: Marketing in the Metaverse for Brands and Businesses