Facebook Meta: what it will mean for small businesses

              Facebook Meta: What it will mean for small businesses

                   By Pete Martin

          Late last year Facebook announced its re-brand as ‘Meta’ and unveiled plans to throw the full weight of its corporates might behind “the next evolution of social interaction”, the ‘Metaverse’. We then saw a rather bizarre video of the founder’s avatar (with no body below the waist) enjoying a picnic at the beach in this virtual world.

Chances are, at this stage, you cocked an eyebrow and moved onto the next story. Virtual reality is for kids, right? Right now, maybe. But the Metaverse Facebook is gearing up for will have far-reaching implications, not just for teenagers, but businesses all over the world. This article will examine the impact (and potential) it could hold for yours.

What is the metaverse?

The metaverse refers to a highly immersive online world, such as virtual or augmented reality. It’s a concept well-mined by science-fiction-‘Westworld’ and ‘Total Recall’ being two of the better known examples.

It may seem far-fetched, but it is actually the logical progression from the hybrid mixture of online and offline we have been increasingly inhabiting (especially these last few years). The next step is an entire world where we can socialize, conduct our business and even enjoy immersive entertainment.

Of course, commerce and advertising will be the backbone of its revenue, so any business owner who promotes themselves online should be keeping an eye on the technology as it develops. They can be sure their competitors will.

“So what are the opportunities for me and my business”?

The internet has started this trend with websites as our virtual showcases but imagine the potential of the meeting customers all over the world and being able to demonstrate your product or service as if they were in your bricks and mortar store. Minus the bricks and the mortar, and unhindered by the restrictions of geography.

The idea of owning virtual land might seem abstract and unfeasible but pieces of virtual real estate have already sold for millions of dollars. Flipping, renting and brokering will follow as the mainstream adopt the technology.

Virtual travel will be another huge opportunity- both with simulated worlds and simulations of the real world. People will be able to strap on a VR helmet and visit the pyramids in the morning or the Amazon in the evening. The breath-taking vistas of Aotearoa will be in reach of the globe’s curious, without their environmental impacts taking a toll.

Fashion, entertainment, and adventure tourism…there won’t be an aspect of culture untouched when this Metaverse takes off. The perfect environment for entrepreneurs to prosper, especially early adopters.

And of course, to build this metaverse and keep it ticking over, virtual workers will be needed. Lots of them. Facebook have already got 10,000 dedicated just to developing and fine-tuning the technology. As the Metaverse welcomes more and more users/customers, opportunities for freelance 3D artists, architect, coders, content creators…designers, recruiters. We can make an educated guess to start on that list now but there can be no guessing where it will end.

The first tentative steps have already been taken…

            The Metaverse itself isn’t here yet but some online retailers have already taken advantage of augmented reality (AR)- where digital content, ie images and sounds, are super-imposed over a real-world environment. You can use AR to visualize what furniture and décor will look like in your home. “Try on” spectacles before you order them. Enjoy a virtual make-over to see what shades and products best suit your face.

            Retail isn’t the only sector seeing this early potential. Picture selling your artisan cookies to consumers online and inviting them into your boutique virtual store. Sound far-fetched? It’s already happening. McDonald’s recently filed a host of trademark applications, including one that delivers their food to you at home to enjoy to in their virtual restaurant. Presumably without the queues- twenty-deep- and the symphony of crying kids…

With the technology still in development, it might seem a bit early to jump on-board, but this is actually the ideal time to start experimenting with different marketing strategies to capitalise on what is estimated to be a $20 trillion industry in just 10-15 year’s time.

Ask yourself: who is your target demographic? What behavioural trends have indicated how they might engage in this more immersive landscape/marketplace?

You don’t want to neglect the present, but in business it always pays to keep one eye on the future too.

If you are unsure how to prepare for and prosper from this new technology, the experience and insight of our business mentors can be your short-cut to success.