There are about three people on the internet today. Those people who are into F1, those who are fascinated by the idea of Metaverse, and lastly, those who are looking to find a onnection between the two. However, there are other sets of people who don't even know what these two phenomena are.
Are you new to the world of Formula one and Metaverse? Do you get fascinated by fast cars, but you have been wondering how the metaverse can be infused to make a spectacular blend of all time?
Imagine a virtual world where billions of people live, work, shop, learn and interact with each other -- all from the comfort of their sofas in the corporal world. In this world, the computer screens we use today to connect to a worldwide web of information have become portals to a 3D virtual realm that's tangible -- like real life, only bigger and better. Digital facsimiles of ourselves, or avatars, move freely from one experience to another, taking our identities and our money with us. This is known as the metaverse.
But don't worry, whether you have been acquainted with F1 and Metaverse or not, this article will bring you up to speed about both worlds.
WHAT IS F1 ABOUT?
Formula 1 is a type of motorsport. Teams compete in a series of Grand Prix races, which are held in different countries around the world. Monaco, Singapore, Italy, and Britain are some of the most popular places where races are held.
The cars are undoubtedly very fast hence their uses for racing. They reach speeds of up to 350 km/ hour (220 mph). The championship has been won by many different teams like McLaren, Ferrari, and Williams. Teams can have as many as 600 people. The teams all come together every race weekend. They use the expertise of each member to try to win the race. The winning driver and team each get twenty-five points towards the Drivers' and Constructors' Championship. Teams consist of drivers, test drivers, team principals, mechanics, engineers, and designers. Winning a race is affected by a good starting position, strategy, skill in pit stops, and of course a fast car.
THE EMERGENCE OF THE METAVERSE
WHAT IS THE METAVERSE?
The metaverse is a vision of what many in the computer industry believe is the next iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.
Some of the technologies that provide access to this virtual world, such as virtual reality (VR) headsets and augmented reality (AR) glasses, are evolving quickly; other critical components of the metaverse, such as adequate bandwidth or interoperability standards, are probably years off or might never materialize.
WHY IS THE METAVERSE IMPORTANT?
In October 2021, "Metaverse" became a household word when Facebook rebranded its corporate identity to Meta and announced plans to invest at least $10 billion in the concept that year. Furthermore, tech giants including Google, Microsoft, Nvidia, and Qualcomm are also investing billions of dollars in the concept. Management consultancy McKinsey & Company has predicted that the metaverse economy could reach $5 trillion by 2030. E-commerce is expected to be the dominant engine, with gaming, entertainment, education, and marketing in the metaverse also becoming important sectors.
Today, companies use the term to refer to many different types of enhanced online environments. These range from online video games like Fortnite to fledgling virtual workplaces like Microsoft's Mesh or Meta's Horizon Workrooms to virtual dressing rooms and virtual operating rooms. Rather than a single shared virtual space, the current version of the metaverse is shaping up as a multiverse: a multitude of metaverses with limited interoperability as companies jockey for position.
HOW DOES THE METAVERSE WORK?
Because the metaverse is largely unbuilt, there is little agreement on how it will work.
But generally speaking, the metaverse is a digital ecosystem built on various kinds of 3D technology, real-time collaboration software, and blockchain-based decentralized finance tools. Factors such as the degree of interoperability among virtual worlds, data portability, governance, and user interfaces will depend on how the metaverse pans out.
EVOLVING E-COMMERCE THROUGH METAVERSE
The metaverse is already taking shape, with commerce as a key part of its purpose. To prepare for what the new e-commerce realm will look like, brands can prepare for the following developments:
INNOVATIONS OF AR AND VR: Augmented and virtual reality are the latest iterations of interactive content that brands are exploring to provide innovative experiences. Predictions place the CAGR for the global augmented and mixed reality market at 79.2%. Amazon, for example, introduced a Room Decorator tool allowing customers to visualize furniture in their own spaces. Charlotte Tilbury created a virtual store that consumers can explore at their convenience.
BROADENED SOCIAL COMMERCE: Purchasing products directly on social media platforms is increasingly popular and is predicted to reach $1.2 trillion worldwide by 2025. Just like brands are adopting the tools to enable purchasing directly on Facebook, Instagram, and TikTok, the metaverse will likely include new platforms where brands will have the opportunity to sell.
HYPER-PERSONALIZATION: The request for personalized customer experiences is rising. 71% of customers, according to a survey in 2021 expect personalized experiences from brands, and 76% will be frustrated without it. Every day, brands are finding ways to offer targeted promotions, relevant product or service recommendations, one-on-one interactions with staff, and engagement opportunities like live shopping.
The metaverse will take personalized customer experiences to a new level. In a digital world, consumers can interact with brands without the barriers of the physical world – time, gravity, and geography, for example. They can visit virtual stores at any time they choose to
SIMILARITIES BETWEEN F1 AND METAVERSE.
We can't help but notice some similarities between F1 and METAVERSE as both have started majoring in the same aspect or yet, one has started including some of the feathers of the other. For instance, some of the things that are peculiar to Metaverse include artificial intelligence, the internet of things, extended reality, brain-computer interfaces, 3D modelling and reconstruction spatial, edge computing, blockchain, etc.
But let's take a step back. The above technologies have been and will be used to establish a new, future, powerful and experiential engagement of customers or employees with your company. The mix of technologies, implementing and trying them out with the target groups, measuring the impact on costs, sales, process efficiency, or customer and employee satisfaction can be well compared to the development teams of Formula 1. Last but not least, Formula 1 is also known as the fastest research and development laboratory in the world. Every day, numerous teams from different areas try to optimize individual parts of a Formula 1 car but also of team tools and to adapt them to changing conditions. The result of these efforts often ends up in series production and is installed in our "everyday cars" for increased safety, more economy, and more driving pleasure.
Virtual Commerce - the Metaverse variant for retail - is hardly any different.
WHAT CAN TRADERS LEARN FROM THE METAVERSE HYPE AND OPTIMIZE THEIR BUSINESS ALREADY TODAY?
In a bid to put the metaverse in place, there is a need for a lot of tools and platforms like room, glue, etc to form a toolbox for accomplishing metaverses.
Consequently, there are two crucial conditions to ensure the overall success of your metaverse.
How keen and ready is your clientele before moving into the virtual world?
According to a study of National Retail Federation, 66% desire a shopping experience that is technologically inclined and has an entertainment character. This result is basically due to the generational shift - toward digitally affine generations. Worthy of note is the fact that even though analog generations still make up the lion's share of retailers' target groups today, now is the right time to address the issue of shopping and entertainment, both stationary and online.
Already, the metaverse is an existing vision of how we will shop in the future. Whether it will happen that way, no one knows. However, while making our way there, there will inevitably be some adjustments to the vision. But, as of today, attaining the much-needed initial experience with the technology today as to how your clientele is dealing with the issue and how they can be utilized, there is no reason not to do it.
New trade channels through seamless access to the metaverse without special hardware
Once it becomes easier for customers to access the metaverse, they will ultimately be more willing to use it. Many people, especially older ones, can't exactly get their heads around the idea yet. Imagine asking a septuagenarian to put on glasses to go shopping from home. It would look weird to him. And to worsen the matter, he might be hesitant to make a fool of himself in a store in front of strangers with virtual dance moves.
For this reason, it's important to give all customers simple access to metaverses with the hardware they're already familiar with, such as smartphones, tablets, or PCs.
Today the store or online shop - tomorrow the metaverse.
The market for starters doesn't have to be an entire metaverse as there are already platforms that allow you to use individual functions in today's reality. Some retailers, such as Porta, IKEA, etc, are already using this successfully. Customers use these functions without knowing that this is a micro-metaverse. With these minor micro-metaverses, retailers can subsequently gain initial experience around the challenges while providing an Improved shopping experience to their customers.
Cases that can already be found in practice today:
Haptic experiences in the digital sales channel
3D views of products in the online store. With this, the customer can view the desired item from all perspectives and discover every detail.
Virtual placement of products in your own four walls: By taking the desired item from the online store with my smartphone and placing it in my home in real size, I can immediately see whether the item fits or how it looks.
Virtual try-on of clothes: This will especially be interesting as customers virtually try on sweaters, pants, dresses, etc, to see how it fits. This works online as brick-and-motor.
Bicycles can be projected into the living room and check if the height of the frame fits you.
Virtual experiences in the stationary sales channel
Making the Endless Aisle Visible. Customers do not see products that are not physically available in the store and therefore do not know that they can buy them. With a virtual shelf on the smartphone, these products can be made visible to the customer.
Show color, pattern, and fabric variants of furniture items onto the display item via smartphone and the customer can immediately check how the desired selection looks on the item.
Show products that have not been assembled into the aisle in real size to get an idea of the size and volume.
GAIN EXPERIENCE AND MORE.
Initial evaluations of the applications of these mini-metaverses show that not only do experiences stick for the retailer, but they also have a positive impact on business. Thus it can be determined that
The dwell time of the customers has increased by up to 360%
This has increased the likelihood of purchase by up to 30%.
And non-transport damage returns have been reduced by up to 70%.
And then, in addition to creating a new, positive shopping experience for customers and differentiation from the competition.
Ultimately, the utilization of all metaverse promises will not only project commerce to a higher degree of productivity but more than that, business owners will experience a trajectory change in their economies.
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