The metaverse and the future of our society in the digital age are hot topics. There is still much misunderstanding about what the metaverse is at this time.
Although the idea of the metaverse is still in its infancy, B2B companies would be prudent to consider this technology for their upcoming advancements and plans. This blog explain the impact of metaverse over B2B ecommerce in the future.
What is Metaverse?
The metaverse is a term for a virtual world online that people from all over the world can access. It’s a made-up world with many virtual elements and experiences that connect with each other and the real world.
To enter these worlds, users use a virtual reality headset, moving around the metaverse with their eyes, controls, or voice commands. The headset makes users feel fully present, simulating the real physical experience of being there.
Affect of Metaverse on B2B E-commerce
Even though the internet has been around for a long time, technology is still in its early stages. The internet’s significant usefulness became evident during the recent digitalization prompted by the pandemic.
The vastness of the metaverse opens up numerous possibilities for its intersection with e-commerce. As the metaverse evolves in different forms, e-commerce will adjust and grow alongside it.
Currently, it seems that the metaverse is bringing only positive effects to B2B e-commerce. In reality, metaverse-related technology can offer various opportunities for B2B sellers. Here are some top options.
- New ways to communicate with customer
- Models of flexible services
- Improved business operations
- Increasing the depth of digital marketing
- Increased client satisfaction
As if the advantages weren’t compelling enough, another important reason you should join as a B2B seller is that your rivals are already doing it. You must do the same if your competitors are advancing and embracing development.
New Innovations in B2B business and metaverse
The metaverse and related technology are gradually making their way into B2B transactions. But there’s a good likelihood that those technologies will eventually spread throughout the B2B sector.
The three digital advances that manufacturers and distributors should follow to protect their companies’ futures are:
Virtual Reality (VR)
Virtual reality technology seeks to make computer visuals and films more lifelike than what regular computer monitors or smartphones offer. VR systems achieve this by adding depth to static 2D images and videos, using computer vision and advanced graphics to reconstruct scale and distances.
VR technology is becoming important in both industry and business-to-business trade. It’s great for hosting online events, allowing attendees from around the world and making it easier for suppliers to build fruitful relationships with buyers, whether nearby or distant.
To enhance manufacturing, augmented reality (AR), a type of virtual reality, can be used for simulations, remote collaboration, and more, boosting productivity while cutting costs.
NFT Market
Imagine purchasing digital art online and getting a special digital token confirming you own that artwork. Thanks to NFTs, that opportunity is now possible.
NFTs, or Non-fungible Tokens, are usually created using the same code as cryptocurrencies and rely on blockchain technology.
Some NFTs have a ‘Utility’ feature, acting as an access key or membership for something. NFTs and B2B commerce might intersect in this aspect.
For example, a B2B seller supporting an exclusive group could offer an NFT that grants the buyer membership. This could be for a marketplace, a networking group, or some other arrangement.
Cryptocurrency
Another metaverse-related trend, cryptocurrency, has the potential to change B2B trade, especially in exporting.
Cryptocurrencies are encrypted data forms that can be exchanged for money. Unlike traditional money, there’s no specific governing body or control over cryptocurrencies.
Using blockchain technology, cryptocurrencies manage digital assets in online databases. Digital wallets, secured with unique credentials, allow access to this cash.
B2B exporters can conduct business without worrying about exchange rates or foreign exchange fees because cryptocurrencies are not tied to any specific country or government. Also, since bitcoin transfers are quick, less time is wasted waiting for payments to be accepted.
Conclusion
Live broadcasting creates virtual experiences that mimic in-person interactions. B2B sellers can connect with potential customers worldwide through this technology, offering product demos, tutorials, Q&A sessions, and tours of manufacturing facilities.
Undoubtedly, the B2B Metaverse will bring changes to B2B sales and business. It already exists and presents significant possibilities! Therefore, companies should see this as a chance to launch new sales channels, lead generation tools, as well as new customer experiences, insights into ecosystems, collaborative working, and product development processes. It will positively impact your B2B business in various ways!
