Volvo Cars’ Schroder on the business benefits of the Metaverse

The business world is on the cusp of a digital revolution as the Metaverse emerges as a lucrative investment opportunity. With a current valuation of $47.5 billion, industry experts predict that the Metaverse could skyrocket to a $680 billion industry by the end of this decade. While the concept of the Metaverse may be new to many businesses, the potential benefits are vast and transformative. To delve deeper into the corporate applications of the Metaverse, Lone Fonss Schroder, CEO of Concordium and Vice Chair of Volvo Cars, shared valuable insights in a recent CNBC Africa interview. Schroder highlighted the untapped potential of leveraging blockchain technology in conjunction with the Metaverse to create innovative real-world applications. One such example is the automotive industry, where customers could interact with digital versions of their purchased vehicles for educational purposes, customization, and community engagement. By seamlessly integrating the Metaverse into various sectors, businesses can unlock new opportunities for customer interaction, product development, and brand engagement. As a board member of Volvo Cars and IKEA, Schroder emphasized the importance of letting companies themselves dictate their Metaverse strategies. While major corporations like Volvo and IKEA are exploring Metaverse applications, Schroder stressed the need for a customer-centric approach to drive innovation and enhance user experiences. By embracing the Metaverse, businesses can revolutionize traditional practices and differentiate themselves in the digital landscape. Despite the potential benefits of the Metaverse, the cost of entry can be a barrier for many businesses, especially in regions like Africa. Major investments from tech giants like Facebook have yet to yield significant returns, leading to questions about the viability of Metaverse investments. However, Schroder remains optimistic about the gradual evolution of Metaverse technology and its accessibility to a wider audience in the future. When assessing the investment landscape within the Metaverse value chain, Schroder refrained from offering specific financial advice but underscored the importance of corporate agility and digital transformation. In a rapidly evolving business environment, organizations must embrace new technologies like the Metaverse to avoid becoming obsolete. By experimenting with digital tools and platforms, companies can discover novel ways to engage with customers, drive innovation, and stay ahead of the curve. In conclusion, the Metaverse is poised to reshape the corporate landscape, offering a gateway to enhanced customer experiences and innovative business practices. By harnessing the power of blockchain and virtual reality, businesses can unlock a new realm of possibilities and chart a course toward sustained growth and relevance in the digital age.