Why Are Restaurant Businesses In A Rush To Move Into Metaverse?
December 27, 2022
The ongoing revolution in the world wide web is opening up new opportunities for businesses in various sectors worldwide. Restaurant businesses are jumping on this tech revolution bandwagon to explore new business opportunities and redefine customer relationships.
During the COVID-19 pandemic, the restaurant business worldwide struggled a lot. From joining on-demand food delivery apps to redefining menus and cloud kitchen concepts.
The food industry left no corner unturned to take things back to normal and establish an engaging way to connect with customers. This is probably one of the biggest reasons why restaurant businesses are in a rush to move into the metaverse.
Are you excited about the ongoing developments in the technology world? If you want to launch a virtual restaurant in the metaverse, then reach out to our experts at RisingMax Inc. As a trusted IT consultancy company NYC, we assist clients in different business verticals to securely start the metaverse journey and explore new opportunities. Schedule your FREE consultation call with our experts today.
What Is A Virtual Restaurant In Metaverse?
Virtual restaurants in the metaverse are a replica of real-world restaurants where users can visit to order food, book a table, play a game, or other. Restaurant businesses can leverage these platforms to drive more footfall, sales, and engagement.
Food chains and restaurants are hopping on the metaverse journey and establishing themselves in the virtual world. While most perceive it to be merely expanding its digital footprint, businesses can leverage these next-gen platforms to offer unmatched services to customers.
The Metaverse And Restaurant Business
There are multiple definitions of metaverse available on the internet:
While some call it the internet on steroids, and others mention it as a combination of virtual reality and mixed reality worlds. The Wall Street Journal describes the metaverse as a virtual world where users can work, play, trade, or shop with the help of a digital avatar.
Metaverse will play a major role in creating a digital economy where users can buy and sell goods. Proponents believe that the metaverse will provide a platform for businesses to offer a personalized experience to their customers.
For a normal reader, it is easy to understand how eCommerce businesses will flourish in the metaverse. But the same concept might be a bit hard to understand in the case of a restaurant business.
If you think setting up a restaurant business in the metaverse will only allow users to book a table or order food, then you are up for a surprise.
The amalgamation of the restaurant business and metaverse will be revolutionary and open up new business opportunities for the food industry. We have discussed them further in our post in detail. So keep on reading to know more!!
Facts And Statistics Related To Restaurant Business
In 2021, the global market size of ghost kitchens was 56.71 billion US dollars, and the trend is likely to grow in the future. (Statista)
In 2021, the global metaverse market stood at 38.85 billion US dollars and is expected to reach 678.8 billion dollars by 2030. (Statista)
The Food industry is expected to grow annually at a CAGR of 6.72 percent between 2022-27. (Statista)
Thirty-four percent of millennials and thirty-eight percent (with existing experience in the digital domain) are willing to make purchases in the metaverse. (PYMNTS)
With the above statistics, it is safe to conclude that moving into the metaverse is a futuristic business opportunity for restaurant businesses. Setting up a virtual restaurant enables businesses to expand their digital footprint and engage with customers more meaningfully.
Although these virtual platforms are currently employed to take orders, book seats, interact, have a virtual dining experience, and others. With time its use cases will expand and allow restaurant businesses to explore new horizons in the metaverse.
Opportunities For Restaurant Business In Metaverse
Without a doubt, setting up a restaurant business in the metaverse will assist in expanding the digital footprint and tapping new growth opportunities in the metaverse. If you are thinking about how your digital avatar in the metaverse will enjoy a meal, then the answer is pretty simple, a big NO.
You can’t enjoy food in the metaverse, but it allows the restaurant business to connect with customers uniquely and engagingly.
Setting up a restaurant in the metaverse allows food sectors to explore new opportunities such as;
Setting up a restaurant digitally using digital twin technology enables restaurants to offer virtual tours to customers. This added feature allows customers to visit the restaurant virtually, read out the menu, talk to the chef or staff members, and book a table as per their preference.
Setting up a virtual restaurant in the metaverse enables businesses to engage with customers uniquely and take orders. Customers can use digital avatars to place takeaway, home delivery, or dine-in orders. The digital venture in the metaverse offers new and exciting business opportunities.
Launch Digital Tokens
Restaurants or food chains can leverage next-gen technologies such as blockchain and NFTs to launch their own digital tokens. These digital tokens are somewhat similar to loyalty points. Customers can redeem these tokens to place orders and enjoy various other benefits in the metaverse.
Leveraging these next-gen virtual platforms enables restaurant businesses to expand their digital footprint and interact with customers uniquely. AI-based digital avatars will interact with customers to address their queries, take orders, and give virtual tours and other services in the virtual world.
Accept Digital Payments
Launching a restaurant business in the metaverse allows businesses to accept digital payments such as Bitcoin, Ethereum, Shiba Inu, and other digital currencies. Accepting digital payments allows businesses to expand their revenue generation resources and attract a wide customer base.
Setting up a virtual restaurant business in the metaverse enables businesses to launch their own NFTs and attract a wider audience base. Restaurants can award these NFTs to customers and create a loyal customer base. These NFTs can be traded on a secondary NFT marketplace to earn real-world money.
Integration of virtual headsets allows restaurant businesses to offer a virtual dining experience to their customers. Customers can wear VR headsets and eat their favorite meal surrounded by farm animals, on the beach, at sunset point, or anywhere they like.
Setting up a virtual restaurant in the metaverse opens up new opportunities for the food sector and engages with its customers. Want to know how moving your existing restaurant business in the metaverse is beneficial? Then, connect with our experts at RisingMax Inc. and discuss your metaverse project requirement in detail.
How Will The Metaverse Affect Restaurants?
The global pandemic made the restaurant business realize that it can’t solely rely on footfalls to generate sales and connect with target audiences. On-demand food delivery applications and digital platforms played a major role in bridging the gap between customers & businesses.
Customers can order food using these digital platforms. Metaverse can be inferred as an extension of an existing digital platform that has the potential to revolutionize the entire sector.
Virtual events are getting quite popular after the pandemic. Restaurant businesses are leveraging these events to expand their digital footprint and connect with the target audience. Setting up a virtual restaurant business in the metaverse will open a new gateway to widen the business reach and offer unmatched services.
A virtual restaurant in the metaverse allows them to market their services in the metaverse. Metaverse promotions, advertisements in virtual events, promotions, and loyalty programs will surely attract Genz and millennials to try to order food or visit restaurants in person.
Restaurant businesses can leverage the metaverse platform to gamify users' experience and give a new perspective. Customers can either participate virtually in the preparation of their favorite dish or repair it on its own, thus redefining their overall experience in the metaverse.
Enhanced Customer Access
With the evolution of technology, customers can enjoy an immersive environment and experience enhanced interactions. Leveraging this enhanced customer interaction empowers businesses to unlock new growth opportunities in the metaverse.
How Much Does It Cost To Set Up A Restaurant Business In Metaverse?
Planning to set up your virtual restaurant business in the metaverse and want to know the exact project development cost? Reach out to our experts at RisingMax Inc. Our team, after thoroughly discussing your project requirement, will share the customized metaverse project development cost ASAP.
The cost to set up a restaurant business in the metaverse depends upon various factors that we have discussed further. Top metaverse development companies in NYC carefully analyze all these factors before sharing an exact project development cost.
The cost of setting up a restaurant business in metaverse depends upon factors such as;
Restaurant business type.
In-built security features.
Location of the development service provider.
Overall development time is needed.
Development team strength.
Company or team metaverse development expertise.
Any add-on feature.
Metaverse and its related technologies are still in nascent stages and offer a plethora of opportunities for businesses worldwide. Acting swiftly and integrating these next-gen technologies will empower restaurant businesses to be future-ready. Most metaverse development companies in NYC, USA, charge $60k to $80k for a basic virtual restaurant.
Why Choose Us To Setup Your Restaurant Business In Metaverse?
RisingMax Inc. is a trusted metaverse development company in NYC, USA. Our metaverse experts assist businesses worldwide to safely integrate next-gen technologies within business processes and be future secure.
Our tech prowess allows us to accelerate our client's digital transformation journey and ensure smooth tech integration. No matter how complex your metaverse project requirements are, our experts will find a way to get things done, that too within your budget.
Here’s why you hire us;
Unmatched metaverse development services.
Affordable business-oriented solutions.
Reliable and secure metaverse app solutions.
Experienced and certified metaverse developers.
Transparent pricing policy
24*7 customer support
Popular food businesses like Doordash and Wendy's are moving to the metaverse. Restaurant businesses worldwide can follow their digital footprint and be future-ready.
Without a doubt, moving to the metaverse is a futuristic opportunity for restaurant businesses. Virtual restaurants will play a major role in streamlining operations and offering a personalized experience to customers.