The Impact of Metaverse on Businesses

Abstract

The Metaverse, a dynamic convergence of real and digital spaces powered by Augmented Reality (AR) and Virtual Reality (VR), presents a transformative frontier for businesses to expand consumer engagement. It offers a three-dimensional web-powered realm where users can immerse themselves in real-life scenarios and simulations from the convenience of their own devices, fostering real-time interaction and uninterrupted business operations. Integrating technologies like VR, AR, Cloud, Blockchain, and IoT, the Metaverse has already made significant strides across industries, providing consumers with unique digital experiences. Businesses can leverage this to enhance their brand awareness, establish stronger customer connections, and provide immersive shopping experiences, making traditional advertising appear antiquated. Major global companies have already embraced this technology, and the Metaverse represents an innovative digital platform with limitless possibilities, rapidly evolving with enabling technologies. This chapter delves into the potential of the Metaverse to bolster brand development and its recent growth, exploring the practical applications for businesses in the near future.

Citation

Sridharan, A. and Kumar, S. (2024), "The Impact of Metaverse on Businesses", Krishnan, C., Behl, A., Dash, S. and Yadav, P.D. (Ed.) The Metaverse Dilemma: Challenges and Opportunities for Business and Society, Emerald Publishing Limited, Leeds, pp. 13-30. https://doi.org/10.1108/978-1-83797-524-220241002