Unlocking the benefits of metaverses for businesses
In 2021, the metaverses made headlines for attracting billions worth of investments, but that was just the beginning of an epic yet to unfold. Since then, metaverse investments have more than doubled, and this trend is likely to continue in the days to come.
The metaverses have gained prominence because they are location-independent virtual platforms that are equally or more engaging than the real world. If leveraged effectively, they can reduce overheads and optimize profits — the reason businesses are pouring in billions of dollars to create metaverses.
Why is it time to build a metaverse?
Metaverses are hypothetical environments. They lay the cornerstone for an immersive virtual microeconomy where stakeholders with aligned interests can coexist virtually. A metaverse includes customers, employees, brand ambassadors, and investors. So, having them on the same platform enables businesses to streamline processes and unlock more revenue sources.
What metaverse brings to the table
Some prominent benefits that metaverse brings to the table are listed below.
Reduce Customer Acquisition Costs
Businesses thrive on sales but acquiring and retaining customers can be expensive even for reasonably established firms. According to Gartner, Tech companies generating under $250 million in annual revenues spend a whopping $27,000 to acquire a customer. In e-commerce, businesses spend a recurring cost between $21 and $533 to acquire a customer.
These overheads can be considerably reduced by using metaverses to build a community and boost engagement through impeccable virtual experiences. As metaverses facilitate powerful reward mechanisms, businesses can generate much more traction by dedicating just a fraction of their sales and marketing budgets towards rewards or discounts.
Control Employee Turnover
Fleeting transactions don’t build relationships, but a series of interactions between an organization and its employees definitely do. Metaverses fuel that interaction through an immersive platform, increasing employee engagement and reducing employee turnover — a cost driver every organization dreads. According to SHRM, the average cost per hire is around $4,700, followed by training costs and idle time.
Eliminate Physical Infrastructure Costs
Metaverses are versatile and can be architected to mimic real-world assets to reduce physical infrastructure costs and increase long-term profitability. Based on the location, this can vary between $100 and $1000 per employee. Metaverses can help wipe that out entirely or reduce it significantly without disrupting business operations.