How should executives invest in the future of metauniverse?

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The latest data of PWC reveals the current metauniverse plan of the company and provides suggestions on metauniverse investment.

Although people are increasingly interested in the meta universe, like any other innovation, it still takes time and requires great efforts to make the fully immersive multi platform digital world a reality.

Yes, Fortune 500 companies do not hold meetings in 3D virtual reality environment irregularly, and financial leaders do not often use crypto to buy NFT, but this does not mean that enterprises should take a wait-and-see attitude when facing the meta universe.

It is precisely because metauniverse is still in its infancy at present that enterprises can seize business opportunities and lay a good foundation for future success by investing and planning in metauniverse responsiblyใ€‚

People are excited about the arrival of the metauniverse

According to a recent survey by PricewaterhouseCoopers, two thirds of corporate executives in the United States said that their companies were actively participating in metauniverse in some way.

These enterprises are building proof of concept and test cases, and even generating revenue from the meta universe platform or underlying technology. 82% of enterprise executives expect that the metauniverse plan will become part of their company's business activities within a few years.

To take advantage of the business opportunities brought by the metauniverse requires foresight, patience and adventureใ€‚

The following are four things that PwC believes enterprises should do at present to prepare for the arrival of metauniverse and maximize the initial return on Investment:

Define meta universe strategy

Half of the corporate executives said that metauniverse will either become the next incarnation of the Internet or completely change all businesses we know.

At the same time, although most consumers are interested in metauniverse, less than 10% of consumers have used metauniverse virtual environment.

What we need to know is that although the metauniverse is widely publicized, its adoption will be more inclined to an evolution, which will last for many years, and different components will mature at different times.

The metauniverse strategy should strike a balance between the long-term vision and the practical path of investing in today's required technologies, skills, and use cases that can create valueใ€‚ When the completely immersive meta universe becomes a reality, stepping into the future in stages can enable enterprises to gain more experience in the new platform and better predict customer needs.

Establish the foundation of meta universe

Technology is just a driver. Compared with technology investment, organizations need to give priority to metauniverse recruitment, customer research and skill improvement.

Nearly one third of the companies plan to hire or appoint a metacosmic leader, and more than half of the companies have designated at least some roles that focus on metacosmic activities. While focusing on future innovation, it is important to plan for today's limited capabilities.

Enterprises should also adopt flexibility that can be used outside the meta universe in technology investment. Not only that, it also needs to strengthen brand influence by completely rethinking the way we work, interacting with customers, or in the new immersive digital worldใ€‚

Dealing with meta cosmic risks

As with the introduction of all other new technologies, it may be difficult for enterprises to assess risks, determine priorities and decide how to intervene in the best way at first.

Organizations active in the metauniverse need to take rapid action to build trust and reduce risks in order to protect intellectual property, financial transactions, customer data and customer experience.

This may require new processes to better address changing compliance challenges, complex tax requirements, and risks associated with blockchain, crypto, and NFT.

Instead of adding these remedies afterwards, it is better to build them directly into the metauniverse application from the beginning of the development cycle, and contact and communicate with various stakeholders in the company, such as security teams, compliance experts and tax expertsใ€‚

This will enable enterprises to reduce risks in advance, reduce expensive technical debt and improve efficiency.

Promote the achievements of metauniverse

It is not wise to adopt a technology just because of the heat and hype. Like other new things, technology adoption must be consistent with business results.

Enterprises should make customers loyal to the brand by creating personalized meta universe storefront, community with pass threshold and immersive experience, and take this as a way to enhance rather than replace the current marketing and loyalty programs.

Introduce new meta universe specific pricing strategies to encourage and attract user participation to build momentum.

And capture and analyze data from the meta universe interaction to enhance the customer 360 degree strategy (customer 360 strategy is a strategy to build a unified, consistent and controlled data view in all relevant sources to analyze customer needs, impacts and behaviors), so as to identify and predict users' needs and preferences across physical and other digital channels and interactions.

Relevant, useful and purposeful

The metauniverse is the future, but it is also the presentใ€‚

At present, enterprises need to establish a meta cosmic foundation that is flexible and can adapt to anything in the future. Business leaders need to ensure that their organizations are developing the necessary skills and business processes, correctly assessing risks, and aligning metauniverse strategies with business outcomes.

The original text was written by Emmanuelle rivet, head of global technology at PricewaterhouseCoopers, and George korizis, head of customer transformation practice. The Chinese content was compiled by the metaverse hub team. If you need to reprint it, please contact us.

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