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Written by our CEO, Peter Rabey.

I’ve had the opportunity to speak to multiple leaders within the Metaverse space to learn more about how it will transform how we work, entertain, and socialise. I am by no means an expert on the matter, but I have learned some fascinating things from guests on The Leadership Learns Podcast.

The metaverse presents new opportunities for brands to develop virtual products and services and enhance the customer experience, as well as develop new ways to market to their existing and future customers.

With such new and exciting possibilities, I think it’s a great time for business leaders across all industries to learn more about what this space has to offer. I’ve taken my top three learns from conversations Karen Lellouche Tordjman, Managing Director at Boston Consulting GroupJanosch Amstutz, Founder and Chief Executive at Beem, and Jennifer Esposito, Vice President at Magic Leap.

What does the Metaverse mean for businesses? – Karen Lellouche Tordjman

The Metaverse has the potential to change how businesses and consumers interact with products, services and each other. There is a multitude of options for businesses to evolve in this space, and as the Metaverse progresses and definitions become clearer, these areas will become more segmented.

Take time to learn and understand the Metaverse and how your company wants to enter it. The space creates chance to reimagine what your company becomes in this virtual world.

How can you unlock the Metaverse? - Janosch Amstutz

Augmented reality allows consumers to unlock an extension of their physical world filled with the data that they require. The Metaverse unlocks a new paradigm that your consumers can use to interact with technology, experiences, and data.

The ways in which the Metaverse can benefit your company:

  • New ways to engage with users
  • Discover opportunities to host virtual events
  • Showcase and sell your products
  • Innovative forms of advertising
  • Easier transactions through E-wallets

Expect trial and error within the Metaverse and an evolution of learning how to understand what you’re measuring whilst having a clear idea of what success within the Metaverse means.

The Metaverse’s biggest challenges – Jennifer Esposito

One of the biggest challenges deriving from the Metaverse is how well your company can tame commerce revolution to deliver a unified customer experience, regardless of the dimension.

Space in the Metaverse will have no boundaries—meaning creators and developers will have far fewer restrictions to build products and experiences. This could mean your consumers are expecting more than your current capacity or understanding of the metaverse can give them.

Do your research into the Metaverse. Educate yourself on the market and each ecosystem – which Metaverse do you want to enter? Create prototypes to help consumers understand how your product can add to their experience of the Metaverse and build a team that can help you achieve this.

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