What Do AI and the Metaverse Mean for Small Businesses?

Artificial Intelligence and the Metaverse are dramatically shifting the global marketplace. How do these technologies effect small businesses? Read on to find out.

The metaverse and artificial intelligence (AI) are technologies that are dramatically shifting marketplace possibilities. 

Both technologies have been around for some time, but AI was the one that the world implemented first. The metaverse, on the other hand, has been a little more difficult to build out and apply. 

In this blog, we’ll talk about the potentials and possibilities that exist for small businesses because of the advances in metaverse and AI technology. 

1. AI for small businesses 

It might come as a surprise to learn that your business most likely already uses AI to some extent, even if you don’t recognize it as AI.  

Here are a few commonplace technologies that your business may use that are actually a form of AI: 

AI in its simplest form is technology that’s designed to learn and detect details and information through analyzing patterns online. It then uses these learned details to create streamlined strategies and solutions for us! 

For example, if you’ve ever browsed for a new car online and then started to see ads for the cars you were interacting with during your search, you’ve experienced Google’s AI serving you specific ads based on your past online actions. 

Additionally, if you’ve ever called a company and been met with a talking bot that can transfer you based on your voiced responses, you’ve interacted with AI! 

AI has many more capabilities that are still being explored for businesses. If your small business isn’t yet taking advantage of this tech, investing in a digital marketing plan is an excellent way to get started. 

Digital marketing runs on AI in many ways; but that doesn’t mean that real people creating unique strategies aren’t involved. Equipping your small business with a digital marketing agency that understands how best to leverage AI is vital for growth! 

Hiring a digital marketing partner that you trust can improve your business’s online reviews, boost its social media presence, create targeted ads and improve its search result ranking, all using the power of AI! 

2. The metaverse for small businesses 

It’s been said that we are in the 1970s of metaverse innovation. The internet was just starting to take shape in the 70s, and no one quite knew how to describe it or what all it could be used for. That’s a little bit like where we find ourselves today with the metaverse: it’s coming, but all of its value and possibilities aren’t completely clear.  

One way to understand the metaverse is to start with video games like Second Life or The Sims. Both games involve creating a virtual avatar with which the user interacts with a virtual world. The avatars can have jobs, relationships, acquire and trade goods, build homes and engage in a whole host of other activities like people do in the real world. 

The metaverse differs from these kinds of computer games in three main ways: 

  • The metaverse is a decentralized technology, meaning it’s a digital space that can be accessed anywhere you can access the internet and it’s not confined to centralized programming
  • Real value exists in the metaverse. Video games might have a native monetary system, but they historically haven’t yielded real economic value in the world. The metaverse has real economies where users can transact with cryptocurrencies and acquire wealth which can be used in the real-world economy, not just the virtual economy
  • While not absolutely necessary to access the metaverse, virtual reality headsets and technology is currently the primary gateway to accessing and interacting with the metaverse 

Think of the metaverse as a further, more integrated layer of the internet. We all enjoy looking at social media profiles on a two-dimensional screen, but what if you could “step into” a virtual, social media landscape?

What does all of this mean for small business? As of right now, it’s too early to tell just how integral the metaverse will be to business, but there are a few examples we’re seeing today as to how it could be commercialized. 

While not a small business, McDonald’s plans to open restaurants in the metaverse where users can order and then real food can be delivered to the user’s real home. Additionally, Walmart has filed for several trademarks indicating its intent to create and sell goods in the metaverse. These are just two ways that the metaverse economy will grow. 

As the technology progresses and more adoption occurs, it’s expected that more real world businesses will begin to set up value exchanges in the metaverse and offer services and goods and operate in the metaverse as they continue to operate in the real world. 

For now, investing in your business’s “real world” impact and growth is the smartest move. 

Final thoughts…

The metaverse and AI offer business and the world exciting new possibilities, some of which small businesses are already leveraging! Digital marketing is one of the powerful tools which utilizes features of AI to get your business in front of the right customers at the right time.

If you’re interested in learning more about how RevLocal can handle your business’s digital marketing, contact us today!

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