Why the Metaverse Could Be the Next Big Opportunity for Business

Since Meta released its vision for the Metaverse, I have had many conversations with friends and colleagues about what this will look like. What people ask most is, what new opportunities will the Metaverse bring to businesses? My answer is that the Metaverse will bring huge and exciting business opportunities.

( Liang Youmei, President of Meta Greater China )

When I joined Meta 11 years ago, it was the beginning of a major transformation in which applications were migrating from PCs to mobile devices. Few of us could have imagined that the digital transformation that would have taken a decade could be achieved in just one year. Of course, the changes in consumer habits caused by the pandemic in recent years have accelerated the entire digitalization process.

In the past two years, the hybrid model of online and offline has penetrated into all areas of people's lives, from remote work and collaboration of teams, to online instant messaging, to online shopping for all kinds of daily necessities. Next, the Metaverse will take over the mobile Internet and open a new chapter of digitalization. This is a grand ecosystem that cannot be achieved by a single company, so for every company, this will be the biggest opportunity we have encountered since the birth of the Internet.

The future is promising and the scene is emerging

The creation and popularization of new technologies often starts with consumer adoption, which then creates a domino effect and eventually leads to new business models and application scenarios. At Meta, we have witnessed this happen time and time again.

Take corporate communications as an example. When we get used to instant messaging with friends, we begin to expect companies to provide the same convenience. Affected by the epidemic, various places have introduced social control measures, making the need for convenient and timely information communication with companies more important. As far as we know, there are many flexible small businesses that run their entire business through instant messaging software.

Our platform and technology are also helping customers of businesses large and small to easily experience products before they buy. Current augmented reality ( AR) applications, including Spark AR, are great examples. We've seen companies use AR technology to help users virtually "place" furniture products they're interested in in their homes to see if they match their home environment, or use AR to let people try on makeup or glasses directly in a company's Facebook Store.

Beyond sales, we’re also seeing early signs of Metaverse applications, including new virtual meeting experiences enabled by Horizon Workrooms , virtual games being created around the world, and a variety of virtual spaces being built in the tech industry.

Building a “bridge” to the metaverse

For a while, people will mainly experience the Metaverse through 2D applications. Currently, Meta is focusing on building a "bridge" to seamlessly connect 2D applications to a more immersive virtual 3D Metaverse. In the long run, there will be many such applications suitable for commercial use, and they are very exciting.

Looking at the bigger picture, how much room for innovation will this bring to companies?

Companies can turn their Facebook or Instagram stores into virtual stores within the Metaverse, allowing people to experience their products and brands as if they were in a physical store. For new product series released offline, companies can design some limited edition digital products during the promotion process, allowing some hardcore fans to convey their love for the brand through the Metaverse.

If car dealers can provide virtual test drive services in the Metaverse, they may be able to open up more new customer groups. Various organizations can cooperate with content creators to hold virtual online events in the Metaverse to enhance the interaction between consumers and brands.

Although many aspects of the Metaverse may take a decade to take shape, companies can take action now to interact with their customers using technologies that support the Metaverse. Companies that can truly leverage the creativity of Meta's platforms will not only improve their customers' experience, but will also be in a very advantageous position in the future Metaverse.

Meta's vision is that the Metaverse can reach 1 billion people in the next decade. In order to achieve this goal and enable people to have a fully immersive experience in the new virtual space, we need to work with experts from industry and academia. I believe that by working with the industry, not only can Meta itself reap the economic and social benefits of the digitally connected world by taking the right measures, but we can also jointly create an exciting new world that will benefit everyone.

(Author: Liang Youmei, President of Meta Greater China )

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