Opening Up Metaverse To Trade

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Meta Connect 2023: Quest 3, AI Advances, Next-Gen Smart Glasses, & Road To Metaverse
Meta Connect 2023: Quest 3, AI Advances, Next-Gen Smart Glasses, & Road To Metaverse

The consumers who shop at the nexus of virtual and physical retail already know what they want. Companies must adapt their strategies in order to seize growth and long-term value.

 

The metaverse is challenging to leave. Consumer demand for more immersive experiences and the ability to interact with products and brands before making a purchase is driving the evolution of the internet and the emerging virtual world. Leading businesses are actively experimenting with metaverse commerce in everything from home and food to fitness and apparel, with the potential to create $5 trillion in value by 2030.

 

What consumers Want: Experiences Grounded In Reality

 

Without a doubt, the rules for metaverse commerce are still being developed. About 60% of consumers who already use the metaverse favor an immersive activity over a physical-world alternative, and a quarter of executives predict that more than 15% of company revenue will come from the metaverse in the next five years.2 Companies are also making an effort to get a foothold in the market by reaching out to customers where they are now and may be in the future.

 

Although about 60% of survey participants had heard of the metaverse, their responses revealed subtle differences in their attitudes toward the technology and their interest in specific categories and use cases.

 

More futuristic products seem to pique the interest of consumers less. Customers are more willing to pay for offerings of products that have some connection to the real world than for those that are entirely virtual. Consumers ranked virtual events and virtual homes as the bottom two use cases in the fashion and beauty category as well as in the home category.

 

Customers seek usability in the real world. Additionally, they are less enthusiastic about metaverse goods or services that don’t pertain to their regular, mundane activities in the real world. For instance, about 30% of consumers claimed that they weren’t interested in fitness-specific use cases because they didn’t want to use the same application in “real life.” As an alternative, they favor use cases like “at-home try-ons” that

 

 

By retail category, from fashion and beauty to food and fitness, we polled consumers to find out which use cases they were most likely to try out or pay for in the metaverse. Consumers expressed a greater interest in experiences and products that complement already-existing real-world experiences across all categories, even when they had to pay for them.

Despite the possibility that this will change as technology, understanding, and adoption of the metaverse advance, businesses currently have the chance to introduce consumers to their metaverse offerings by fusing the real world and the virtual one.