The metaverse shines out in a world full of interesting technological progress. The potential of metaverse to change how we work, play, entertain, and socialize is immense and consumer facing businesses will be one of the first sectors to be affected – since the process has already begun.
- According to a recent global survey from Accenture, consumer-facing businesses, such as those in retail, consumer goods, and travel, will be compelled to invest more in new capabilities and experiences that blend the physical and virtual worlds, or risk being left behind.
- The study found that while nearly two-thirds (64 percent) of consumers had already purchased a virtual good or participated in a virtual experience or service in the previous year, the number is anticipated to climb as 83 percent express interest in making transactions via the metaverse.
- 42% of poll respondents stated they have visited a virtual retailer to receive advice, make a payment, or browse a product selection when shopping for a real item, with 56% planning to do so in the coming year. These percentages rise to 51 percent and 61 percent among millennials, respectively.
- More than half (55 percent) of consumers think that more of their lives and livelihoods are migrating into digital spaces, according to Accenture Technology Vision 2022, “Meet Me in the Metaverse: The Continuum of Technology and Experience Reshaping Business.”
- As a result, the vast majority of retail executives (90 percent) believe that leading firms will push the virtual world’s boundaries to make it more real, raising the demand for persistence and smooth transit between the digital and physical worlds. Furthermore, 72 percent of worldwide CEOs believe the metaverse will have a favourable impact on their businesses, with 45 percent believing it would be game-changing or revolutionary.
- Jill Standish, senior managing director and global head of Accenture’s Retail industry group, pointed out that the metaverse era has begun, and so for consumer-facing companies, it’s not about deciding if they’re going to go into the metaverse, it’s deciding how.
- “Retailers and brands will need to reimagine and experiment with what new immersive and consultative experiences could mean to consumers. In addition to new opportunities to sell, the metaverse can also help build loyalty through experiences that go beyond just buying a product,” Jill added.
Read Also: Forbes Creates A New ‘Virtual Billionaires’ List For The Metaverse