Step 3 – Don’t reinvent the wheel
The potential benefits of the metaverse for businesses are numerous, including strengthening customer retention and attracting younger generations, establishing new revenue streams and keeping employees engaged and motivated.
Early movers are already pursuing various use cases, such as customer support, sales and brand-building, internal and external collaboration, human resource applications in recruitment, onboarding, and learning and development.
Across all activities, 60% of business leaders insist that the experiences they build will have clear protocols for reporting discriminatory behaviour, but 62% also say they would launch a metaverse application even if it was clear that the design would exclude some groups. Although efforts to deliver social equity in the metaverse are top-of-mind, innovating at pace continues to be of chief priority, particularly within sectors where there is an abundance of early movers. Despite understanding the importance of creating equitable digital spaces, it appears businesses are willing to take risks with their DE&I strategy in order to establish an early presence in the metaverse.
Many early movers already have experience of giving their customers great experiences using technologies such as AI and social media. To strengthen trust in new metaverse experiences, businesses should adapt and extend their current governance approaches, rather than inventing new ones, to ensure that they take a holistic approach to the entirety of their online presence. When innovating, it’s also important to take a fresh look at relationships with regulators, industry bodies and not-for-profit organisations to learn from and influence the standards for operating in the metaverse.