Facebook Metaverse: How Does It Affect Small Businesses
On October 28, 2021, Facebook launched its new company brand, Meta, at its headquarters in Menlo Park, California. Following this announcement is to the effect that Facebook is to be rebranded. The goal is to create a virtual reality world where people can interact in 3D spaces, and it is called a Metaverse.
And in fitting, it was announced at the Facebook Connect virtual reality conference. Zuckerberg champions this as the step to the future. People are naturally anxious about changes, mainly social and economic changes. With such mega technological change on the way (estimated to be launched in 2022), small businesses are worried. What would be the impact of these on their businesses? Here we hope to allay such fears and show opportunities in a technological future.
What is Facebook Metaverse All About?
The Facebook Metaverse is sought of a virtual video game on a larger scale. People in their avatar state can access this virtual reality no matter where they are in the world, and it will take online socialization and commerce to a whole new level.
What is the impact of Facebook Metaverse Means on Small Businesses?
With millions being invested into the creation of the Metaverse, it could be here sooner than later. You must know how this affects your business. Facebook Metaverse, like every change, would have both positive and negative angles. Let us look at the opportunities it offers your businesses for more profit.
THE POSITIVE ANGLE
REMOVING THE DISTANCE BARRIER AND OPPORTUNITIES FOR Global INTERACTION WITH CUSTOMERS. One of the positive effects of Facebook Metaverse is that it would allow you to meet customers no matter where you are in the world. As a result, the distance would be less of a barrier to your business, and this would allow reaching profits at lower costs that come with business expansion.
ESTABLISHING STRONGER CUSTOMER RELATIONSHIP
With Metaverse, you will overleap the non-personal interaction with customers. Since it is a virtual reality, it would allow you to serve your customers better on a more interactive level giving a human face to your business.
IT COULD MEAN MORE CUSTOMERS
With Facebook Metaverse eliminating the problem of distance, it means that anyone anywhere in the world could visit your virtual stores and purchase as they like.
The Negative Angle
The Long Duration For Market Formation
For Metaverse to be up and running, there would need to be excellent availability of VR technology. But, of course, at first, demand would be high and the price. So it could be a while before potential customers occupy the virtual space.
Weighing these pros and cons, small businesses should be open-minded to change to adapt to coming changes. You could start researching virtual reality and the Metaverse and how to integrate them into your business. The Facebook Metaverse does not necessarily mean the end of Twitter, Instagram, or WhatsApp. So don’t be too worried. Like all changes, Facebook Metaverse would need time to take effect. That is an excellent time to prep your business. Keep an eye for opportunities.