According to Meta, the metaverse has “significant potential” to help SMEs in the Asia-Pacific region. To “better manage with disruptions like the pandemic”.
At a virtual press conference on Dec. 3, Dan Neary, Meta’s vice president for the Asia-Pacific region, said, “The metaverse represents the next generation of digital platforms,”. “When you consider how quickly various companies, even entire industries, have adapted to technologies like mobile or messaging, it’s more pronounced in APAC than anywhere else.”
“A series of virtual spaces where you can build and explore with others who are not in the same physical space as you,” he characterized the metaverse as. This includes social media platforms like Facebook and Instagram, where livestreaming allows users to participate in interactive activities.
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According to Meta’s Business Recovery Report from September, 21 percent of operational SMEs in the Philippines that utilize Facebook reported higher sales this year than in 2020.
However, just 60% of the Philippine SMEs polled said they use digital technologies in their operations. Vietnam has the highest rate of adaptation in the area, with 94 percent of its SMEs adapting.
Karen Teo, Meta APAC vice president for the Global Business Group, said, “The power of digital transformation is helping firms withstand the storm”. “They use our apps to set up virtual storefronts and communicate with customers.”
Bee Books, an independent publisher in India, shut down its physical storefronts and refocused its efforts completely on social media. The organization has thrived on a digital following by organizing Q&As, sharing stories on Facebook live. As well as partnering with authors on a series of Instagram videos, according to Teo.
These two-dimensional apps will give way to more immersive 3-D experiences in the future. However, Neary warned, “The truth is that this will be a multi-year process. We’re nearing the start of the voyage rather than the end.”
The developers are cautious because the metaverse is still in its infancy. “We’re building for the metaverse,” Neary explained. “We’re addressing things like safety and security, as well as making sure we anticipate risk and execute things correctly.”
In conjunction with institutions such as the University of Hong Kong, Meta is investing in research on safety, ethics, and responsible design. “In 2022, it’ll be about assisting businesses in becoming future-ready,” he stated.
For MetaNews.