Consumer interest in virtual living intensifies globally: Study

The survey of more than 11,000 consumers in 16 countries found that while almost two-thirds (64 per cent) of consumers had already purchased a virtual good or taken part in a virtual experience or service in the past year, that figure is expected to rise, as 83 per cent show interest in making purchases via the metaverse.

Furthermore, 42 per cent of survey respondents said they had visited a retailer in the virtual world to get advice, make a payment or browse a product range when shopping for a physical item, while 56 per cent of respondents plan to in the next year. Among millennials, these figures increase to 51 per cent and 61 per cent, respectively.

According to the Accenture Technology Vision 2022, ‘Meet Me in the Metaverse: The Continuum of Technology and Experience Reshaping Business’, more than half (55 per cent) of consumers agree that more of their lives and livelihoods are moving into digital spaces. In response, the vast majority (90 per cent) of retail executives say that they anticipate that leading organisations will push the boundaries of the virtual world to make it more real, increasing the need for persistence and seamless navigation between the digital and physical worlds. Further, 72 per cent of global executives state that the metaverse will have a positive impact on their organisations, with 45 per cent believing it will be breakthrough or transformational.

“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,’’ said Jill Standish, senior managing director and global head of Accenture’s Retail industry group. “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. For instance, retailers can create a personalised experience by offering a live-stream shopping event where customers can sit next to a brand ambassador, and then immediately be able to step into a virtual dressing room where they can try something on, add it to their cart, and check out.”

In addition to giving rise to new ways to shop, travel and socialise, virtual products and locations highlights a potential opportunity to grow revenue across industries.

Fibre2Fashion News Desk (KD)