Saving on Business Travel: Metaverse vs. Zoom

A businesswoman traveling with a suitcase, contrasted with a businesswoman working remotely from home using the Metaverse.

Saving on Business Travel: Metaverse vs. Zoom Business travel costs are soaring in a post-pandemic world, with companies facing a crisis of rising expenses. According to the Handelsblatt, corporate travel expenses for German companies have surged by 19% from 2019 to 2023, far outpacing general inflation rates. This rapid increase is challenging companies struggling to regain stability in an already volatile economic landscape. Rising Costs and Company Responses The cost hikes are not uniform. While travel within Europe has increased by a modest 6%, trips to key non-European destinations, like North America, have jumped by a third since 2019. A North American business trip now costs over 1700 euros, a nearly 50% increase. Many companies are responding by freezing travel budgets at 2019 levels or imposing outright travel bans. This trend, along with the pandemic’s impact, has led to a shift toward virtual meetings. Moreover, according to the stats sourced from the article “European Business Travel Spending is Forecast to Reach 450 Billion USD by 2027” and our current pricing, €1,000 spent on one business trip for one person is approximately equivalent to the year-long costs of providing access to engaging, interactive live meetings for up to four employees on Unyted’s virtual meeting platform. Travel expenses can consume up to 10% of a company’s revenue, largely due to the 42% of employees who need to visit other offices. How about shifting many of these meetings online? Unyted can convert the expense of an average business trip into a full year of engaging, interactive live meetings for 1-4 employees by providing access to its virtual meeting spaces. Let’s see how. Zoom vs. the Metaverse While platforms like Zoom became essential for remote communication during the pandemic, they lack the immersive experience of in-person interactions. This is where the Metaverse comes in. Unlike Zoom’s 2D interface, the Metaverse provides a 3D virtual reality environment, allowing users to interact through avatars in simulated spaces. This offers a more lifelike meeting experience and could be a game-changer for businesses seeking to maintain human connections while controlling costs. In the Metaverse, business interactions can feel more like in-person meetings. Avatars allow users to engage in a range of interactive activities, from shaking hands to collaborating on projects. This additional level of interactivity could make it a superior alternative for building business relationships and fostering collaboration. The Metaverse can help companies save on business travel expenses by offering a virtual alternative to physical travel, reducing costs associated with transportation and accommodation. This approach also contributes to sustainability by lowering the need for long-haul travel, thus reducing carbon emissions. Virtual meetings are also more accessible to a broader audience, promoting inclusivity. Given the complexities surrounding business travel, companies must decide whether to continue cutting back on travel or embrace virtual communication through platforms like the Metaverse. It has the potential to offer a cost-effective, immersive alternative to traditional business travel and video platforms, redefining the business travel and remote work landscapes. The decisions companies make now will shape the future of business interactions for years to come.