Metaverse Faces Widespread Adoption, Says 47% of UK Consumers – XR Today
Last week, new research found that 47% of UK consumers believe Metaverse platforms will be widely adopted over the next ten years.
In the KPMG UK survey, UK consumers seemed to have mixed opinions regarding Metaverse services. Respondents had mixed confidence in Metaverse’s growth and usage forecasts.
KPMG UK found that, of those surveyed, 37% were optimistic about the future of the Metaverse, 31% had negative predictions, and 32% didn’t know enough to form an opinion.
Again, the statistics show an almost unanimous split, with the third split almost evenly split among UK consumers. Data may show that consumers still don’t know enough about the Metaverse space and its potential benefits amid a general lack of trust in the growing tech space.
Metaverse services must reflect the consumer’s vision
Ian West, Head of Technology and Alliances at KPMG UKsaid companies should consider their audience and end goals when creating Metaverse strategies.
The official also noted clear consumer interest in Metaverse services, so businesses should seek positive results on return on investment (ROI) and optimize their customer experience journeys through Metaverse platforms.
If they can tie it to a measurable return on investment and meet their customers’ demands through technology, we’re likely to see a successful metaverse. Ultimately, for the Metaverse to become a success, it must win over a mass audience. Businesses can invest in technologies, but unless there is customer demand, they won’t be as successful as the potential they hold.
Despite some current hesitation towards Metavese immersive services, the number is a good reflection of emerging technology. This statistic could also increase as changing generational factors lead to increasing adoption of immersive technology.
The KPMG report also highlighted how younger UK consumers are more optimistic about Metaverse services. According to the report, two-thirds of 18- to 24-year-olds retain a favorable view of the Metaverse, compared to 18% holding negative sentiments. On the other hand, 42% of 55-64 year olds have a negative view of the metaverse.
Create a positive feeling
Not only is the Metaverse an emerging technology, which many industry experts are still struggling to define because the Metaverse has not reached its final stages and product vision, but the predictions are still hazy for a majority of consumers.
Additionally, with companies like Meta facing constant scrutiny of user privacy and the Metaverse hype being criticized from various angles, many consumers may have an uninformed view of the Metaverse.
Also, some big predictions and marketing campaigns from some companies and immersive analysts can contribute to a confused audience unaware of the definition of a Metaverse service.
The Metaverse space is still a gray area. But despite the fuzzy interpretations of the space, consumers retain their interest, which may be partly due to the growing adoption of Metaverse services by retailers.
West said UK consumer perception of the Metaverse appears to be generally positive. However, West notes that there is more to be done by those looking to pursue metaverse apps to persuade potential customers of its benefits.
West also added:
One of the main issues with the Metaverse is that there’s a lot of confusion surrounding what it is. Some people say it’s been around for years thanks to things like gaming headsets, so being clear about what a future metaverse looks like will not only help consumer confidence, but also business confidence.
The Future of the Metaverse in Retail
In a separate KPMG study conducted by Forrester Consulting, the company found that 84% of companies surveyed plan to increase or maintain their investment in enterprise-grade Metaverse services.
However, most companies surveyed by KPMG believe that meaningful use cases for the metaverse will begin to appear in more than a decade.
Although, today, consumer interest in Metaverse services continues. According to its UK consumer survey, KPMG found that more than a third of respondents would use Metaverse platforms for entertainment and more than a quarter added that they would use the technology for education.
But, interestingly, consumers were the least likely to use the Metaverse for socializing, a critical use case held by many Metaverse service providers.
The socialization statistic may indicate an alternative path for using Metaverse, different from the comprehensive view of lifestyle transformation sold by some companies.
Instead of providing an alternative to socializing in person or on screen. Consumers believe that the Metaverse could provide an assistive tool to optimize buyer and learner experiences. For example, instead of replacing water cooler conversations, some consumers see the Metaverse as a space to enhance buying and learning journeys.
In its survey, KPMG found that respondents said 50% would shop in virtual reality rather than in person or online on a browser.
The metaverse in retail today
Despite the forward-looking predictions, the Metaverse is a tool that brands leverage today.
It should be noted NIKELAND, the debut of Metaverse sports enterprises, which hosts about seven million members from about 223 countries.
NIKE relies on popular online gaming service Roblox to support its Metaverse vision. The service allows users to play branded interactive games and experiences, providing a retention space for shoppers to engage with its brand and products before purchasing.
Additionally, NIKELAND leverages the kid-friendly digital platform to promote healthy lifestyles for children and encourage movement with several smartphone mini-games. The games allow users to move around in a virtual environment using accelerometers and AR hardware to detect movement.
Due to the success of NIKE’s Metaverse operations, the NIKE Digital division for web-based operations3 now represents 26% of the sports brand, according to Jack Donahoe, President and CEO of NIKE.
Other Immersive Retail Winners
Nike, while successful, isn’t the only brand experimenting with immersive space.
Additionally, Walmart has been experimenting with immersive shopping experiences for years. Today, the company has a range of immersive trial options available to home shoppers, and the retail giant is also working on a virtual reality service if patent applications are to be believed. .
Herms also leverages Metaverse technologies, Axel Dumas, Executive Chairman of Hermssaid his company was curious and interested in using Metaverse services as a communication tool.
The Metaverse provides many tools within its technology stack that brands can use. Metaverse services provide an immersive space that customers can customize for a range of bespoke use cases such as shopping, live events, and gaming.
The space also provides brands with integrated technologies such as NFTs, blockchain, avatar systems, and tokens that help a brand retain audience engagement. Additionally, Metaverse integrated technologies can provide core CX insights for brands such as retention, click through, personalization strategies, and purchases.