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what is the experience economy anyway? -

The experience economy focuses on providing engaging and memorable encounters for consumers.

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how COVID-19 forces businesses to adapt -

Due to the pandemic, businesses everywhere have changed their approach to operating, shifting from in-person dynamics to virtual-style institutions.

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COVID-19 and the workplace -

Some businesses have required employees to provide proof of vaccination or negative test results. However, more institutions are migrating to strictly virtual systems to keep their employees safe.

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a demand for virtual events - There is a high demand for virtual events, especially as nations across the world have yet to label the spread of COVID-19 as endemic. We will likely see the rise of virtual events continue post-COVID as well.

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technology allows us to move forward despite COVID-19 - Many wonder what the future entails as we enter the third year of dealing with the pandemic. In the meantime, the change in how we all operate due to COVID-19 has allowed many people to become more adept at their use of technology and software like Zoom, Microsoft Teams, and Slack.

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we will likely need more equipment to manage virtual events at home - Ring lights, microphones, gymbols, tripods, and the like are just a few of the tools needed to assist individuals as they transition from in-person to virtual events due to the pandemic.

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less people have to commute thanks to work-from-home policies -

In many places, less cars are on the road since many companies have employees working from home.

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the new work-from-home policies impact our environment -

With more people working from home, many do not need to travel to conferences or other business trips. This also has an impact on our environment.

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team building is still a priority for businesses -

While some may think team morale will suffer as a result of working from home for extended periods of time, the truth is team building is still a priority for businesses. Some institutions are hosting virtual happy hours, for instance.

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virtual events could be here to stay - Many employees admit they have benefited from getting their work done in the comfort of their own home. If it were up to many of them, this change would be here to stay, at least for a portion of the work week.

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even the medical field is impacted by video conferencing -

It's not only businesses utilizing video conferencing tools. So, too, for instance, is the medical field.

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new software made for virtual events -

Zoom has increasingly become a video conferencing tool the majority of businesses use during the pandemic.

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virtual conferences cut down on costs -

Costs for hosting in-person events have decreased for many companies, encouraging their use.

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facebook recently rebranded as Meta - Facebook now has a new name: Meta. Virtual reality is big business, and Meta wants to be a leader in this new space. The "metaverse" is a virtual reality that allows participants to, for instance, experience an art exhibit, attend a conference, or network with other people.

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virtual avatars are part of the features of the metaverse - Participants in the metaverse can outfit their virtual personas. This may seem like elements of a video game, but many businesses are interested in joining the metaverse space. Fortune 500 companies like Nike are taking the leap into the virtual world, and others are expected to follow.

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tech companies are ready to position themselves as key players in the metaverse -

Tech companies like Google will likely follow the pack of tech giants into the metaverse. This will require investment into research and production tools for consumers to participate in the metaverse. Virtual headset and goggles are already on the market.

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technological advances include more than just smart devices and robots - Technological advances have made it relatively convenient to accomplish certain tasks. We delegate many tasks in our daily lives using technology already.

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we are surrounded by technology in every part of our lives -

Whether you enjoy going to the museum, a concert, or sharing updates on social media, it is obvious our lives increasingly revolve around some form of technology.

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some experience virtual fatigue -

However, many have qualms about moving every encounter to the virtual world. Some complain of 'Zoom fatigue' and the pressure to be constantly available.

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technology overwhelm is a real concern -

Technology is ubiquitous and that fact can lead to overwhelm for some people.

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Sherry Turkle's take -

Technology is considered a tool that allows people to optimize their lives, like scheduling calendar reminders for events, communicating via email, or video conferencing no matter where one is in the world. However, MIT professor Sherry Turkle's research shows how a push for more technology usage in our daily lives is negatively impacting our relationships with other people. Turkle believes these technologies left unmitigated can leave people feeling incredibly isolated.

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Sherry Turkle's take - Turkle (left) also warns the heavy reliance on technology is making people less empathetic.

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internet consumption is at an all-time high since the pandemic began - Nonetheless, more and more people are spending their time creating or engaging in virtual worlds.

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the arts - Many have felt the loss of the energy that fills the air when you attend a performance. Some wonder if the same memorable experiences can be felt with virtual performances.

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so many industries are adapting to the experience economy -

For example, music instructors have had to adapt their teaching methods by using technology to cater to their students, recording themselves performing and sharing that with their students.

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the wine and hospitality industries have also gone virtual - There are many businesses that quickly pivoted to meet the needs of their clients during the pandemic.

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the pandemic allows for businesses to remain open and protect their customers -

The pandemic has allowed more individuals to conduct business safely, and the impact it has had on the experience economy is obvious. More individuals are launching their companies with the goal of providing memorable experiences that will motivate customers to remain loyal.

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post-vaccines? -

With vaccines available, many wonder if life as we once knew it will ever return.

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the experience economy in the future -

It's believed that people will continue to work from home as the experience economy continues to evolve. Indeed, the experience economy post-COVID appears to be a large part of our lives, now and into the future.

Sources: (Handbook on the Experience Economy) (Forbes) (MIT News) (CNBC) (Venture Beat) (The Verge)

See also: The world's best countries to start a new business

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