Because of the digital transformation, the focus on commercial and business relationships has irrevocably shifted towards users and customers. Responding to the needs and preferences of buyers has always been important, but the increase in potential contact channels, the omni-channel nature of modern life, open dialogue with brands – without intermediaries –, as well as our multi-device lifestyles have only increased that importance. What’s more, a hypothetical future reality where a fully functional metaverse exists will only further transform that relationship.

One of the main appeals of the metaverse is the possibility of shifting that relational paradigm and, above all, ostensibly changing the digital experience of users. The ‘inhabitants’ of the metaverse will be avatars, virtual representations of the people interacting with it. Selling products and services, creating events and enhancing experiences that are only possible within the metaverse itself will be a wide open field for companies to take advantage of. Personalisation just took a giant leap forward.

The work companies still have to do before entering the metaverse

Although the commercial potential of the metaverse is enormous, the private sector still has a long road ahead. Above all, it’s about structuring that journey around two key areas:

• The technological facilities for users to make that leap to the metaverse, standing out beyond other fields related to the necessary hardware for experiencing it, the quality of experience that equipment offers, as well as cost to the average pocket.
• The products, services and appealing experiences that will serve as the call to action and ‘hook’ for the metaverse itself. This will require a major ‘chip change’ in the minds of entrepreneurs, investors and service providers, who still see the metaverse as a place only appealing to the digital entertainment sector, gamers and satellite companies within these markets.

But there are still significant barriers to entering the financial metaverse for the average user. The amount of energy, effort and technical knowledge required to immerse yourself in virtual reality, with all the financial costs the required technology involves, can put potential customers off, instead of bringing them closer. The greater the investment by the private sector, the more that distance will be reduced.

All stakeholders in a potential economic market in the metaverse must, for now, do their best to reduce potentially frustrating experiences and the predictable complexity of the user experience. Not forgetting, over the last thirty years, technological developments have shifted towards progressive simplification, and the metaverse shouldn’t be any different. After all, the more frustration, the fewer users.

A new mindset for the metaverse. The work starts now

The first area of focus, the technical side, remains the responsibility of companies in the ICT sector, but not exclusively. All companies, from all sectors, must invest in R&D and innovation so they can truly take advantage of the metaverse. Without accessible technology, there’ll be no metaverse. This path is – to a certain extent – a long one. But there’ll also need to be a consensus – which won’t be easy to reach, it must be said – on legal protections, limits, rights and obligations in the metaverse. The legislative landscape in the virtual world will also require strong development and significant effort in the longer term.

What all companies can start doing from today is to work on the second area of focus: altering their conceptual focus, reorienting it towards the metaverse. When the metaverse becomes a reality: what products, services and experiences will it be able to offer? how will we improve, enhance and personalise the user experience? what technological investment will be needed and how can we facilitate the customer journey? Embarking on a disruptive exercise that puts them in the metaverse, as if it were already a reality, could facilitate the work of pivoting structures, strategies, product catalogues and more.

The metaverse offers virtually endless possibilities, that’s for sure. But it’s something you have to seriously believe in. The technology required has yet to evolve, and it won’t come about without business support. And it also means thinking about how users will interact with the metaverse, from direct and organic relationships to appealing products and services, safe spaces and practically instant satisfaction in terms of customer demand for action from brands.