The global pandemic brought about a seismic shift, propelling the virtual world into the spotlight and redefining the balance between physical and virtual spaces. This virtual landscape has emerged as a tool that is reshaping the future of the business ecosystem.

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By harnessing the power of virtual reality, companies can unlock new possibilities and pave the way for a more innovative and connected future. Hence, concepts like the metaverse and virtual events are emerging, according to VOSMOS, a tech start-up focused on the metaverse and virtual experiences.

These platforms provide opportunities for brands to connect with their community of customers and engage them through immersive virtual experiences. This not only improves efficiency but also fosters creativity and innovation within organizations. The metaverse is expected to experience significant growth, with a CAGR of 34.98 percent and reaching a total market size of $485.8 billion by 2030 as per a report by Statista, Vosmos said.

Metaverse is making its impact felt in India's diverse sectors, from entertainment, gaming to education and automotive. In the retail sector, virtual stores have emerged as a tool to provide immersive product showcases and collect valuable customer data. This technology bridges the gap between physical retail and e-commerce, providing a unique and convenient shopping experience.

“For instance, Gucci’s 100th anniversary was marked by the launch of a virtual exhibition showcasing art installations through Roblox, entitled “Gucci Garden. Using augmented reality, IKEA showcases how its storage solutions can make clutter-free living a reality. The Swedish retailer has partnered with Snapchat to launch an augmented reality ‘escape room’. Point your camera at a blank space and a messy 3D room will pop up. To get rid of the clutter, simply drag and drop one of the IKEA items into the room to visualise a room of your dream, " Piyush Gupta, the CEO of VOSMOS said.

Gupta is quite optimistic about the diverse prospects that Metaverse offers across industries. He highlights the immense potential it holds for transforming the e-commerce landscape.

He said, "Sustainability in the e-commerce industry is a big issue. Metaverse will lead to a more informed buying decision, which will, in turn, reduce the return ratio."

Simultaneously, virtual events have their own advantages over offline events: greater accessibility, as participants can join from anywhere in the world, reduced travel expenses, elimination of geographical barriers, cost-effective and environment friendly. Sectors like IT, manufacturing and Automotive are implementing it already. Virtual fairs and conferences are now in full swing, allowing participants with virtual avatars to meet, converse, play games, or collaborate on projects. With the capacity to converse and communicate, there are numerous intelligent features that each technology company is introducing as a distinct feature to their virtual spaces.

First Published:Sept 16, 2023 1:21 PM IST