Metaverse business opportunities in the travel and hospitality sector

The metaverse is the art of the inaccessible impossible turning into the accessible possible.

As the technology behind the metaverse continues to evolve, it is becoming clear that it has the potential to be a major business opportunity across a variety of sectors.

One of the key concepts that makes the metaverse an interesting business opportunity is the “Datafication of Everything“ This refers to the trend of turning everything around us into data that can be collected, analysed and used to make decisions. In the metaverse, this data can be used to create more personalized and engaging experiences for users.

Another key concept is “immersive Commerce“ (or iCommerce) which refers to the use of virtual reality, augmented reality, and other immersive technologies to create an engaging and interactive shopping experience for customers. In the metaverse, businesses can create virtual storefronts and product displays that customers can explore and interact with, providing a new level of convenience and flexibility.

The “Infinity Marketing Loop“ is also another important concept to consider. It focuses on the continuous acquisition of new customers and the retention of existing ones. In the metaverse, businesses can use this model to create a cycle of customer acquisition and retention that self-finances and self-sustains, leading to long-term business growth.

One sector that can particularly benefit from the metaverse is the travel and hospitality sector.

Virtual tours and experiences can be created to allow users to explore different parts of the world and historical sites, which can be especially beneficial for those who are unable to travel in real life.
Big tech companies, including Disney, Amazon, Microsoft and Meta, are already exploring their own versions of the metaverse. And smaller companies such as Equinox and Delta Reality are interested in working with tourist agencies to develop interactive and even game-like augmented, virtual and mixed reality content highlighting various destinations.
YouVisit (EAB group) Virtual Tours help prospective students explore and experience your campus from anywhere.

In the field of advertising, Virtual billboards and advertisements can be created within virtual reality platform such as VRChat, to promote products and services. This can be especially effective in virtual worlds and gaming environments, where users are already engaged and looking for new experiences.

Immersive commerce is another area where the metaverse can be a business opportunity.
Even if, so far, there are no particularly notable companies developing a unique business proposition that is entirely focused on Immersive Commerce in the metaverse, several companies are selling goods and services that only exist in the digital world. That’s the field where NFTs becoming indispensable. The customer journey could be, in such as cases, an entirely iCommerce experience.  Gucci, for instance, has teamed up with product and entertainment company Superplastic to create a limited series of collectible NFTs. Ralph Lauren is selling clothing for avatars, and Nike is creating an NFT that links to its real-world counterpart. That big-name fashion brands are selling digital-only clothing and accessories, following in the footsteps of gaming platforms that have sold similar items for many years, may point the way to opportunities for the broader business landscape.

In the field of B2A marketing, companies like AltspaceVR provides a platform for businesses to connect and network with other businesses in a virtual setting, through virtual trade shows and networking events.

Virtual training and education are another area where the metaverse can be a business opportunity. Companies like PIXO VR create virtual training and education programs for businesses, such as virtual classes and workshops.

In conclusion, the metaverse presents a wide range of opportunities for businesses across different sectors. While it is still in its early stages, the technology behind the metaverse is advancing rapidly, and the possibilities are truly endless. The travel and hospitality sector can benefit from the creation of virtual tours and experiences, but also many other sectors can take advantage of the opportunities that the metaverse offers.