While new applications of augmented reality might seem as surreal as the trailers for the upcoming Marvel movie, “Doctor Strange in the Multiverse of Madness,” the metaverse is more grounded, and safe. For brands, it offers a captured audience and seemingly endless new possibilities to engage.
According to a new consumer pulse survey report from KPMG, called “Go boldly, not blindly, into the metaverse: enabling a new consumer world,” nearly two-thirds of consumers are now familiar with the metaverse and, what’s more, they’re ready to interact.
Breaking down awareness, KPMG’s survey found 71 percent of males are familiar with the metaverse compared to 59 percent of female consumers. Awareness did trend higher from younger generations with 86 percent of Gen Z and 81 percent of Millennials reporting they are familiar with the metaverse.
With this in mind, the authors of the report said, “more likely than not, a big part of your customer base is already embracing the metaverse and is comfortable interacting virtually.” Put simply, by entering the metaverse, a company is meeting consumes where they are.
Moreover, just under half (46 percent) of consumers agree “the metaverse can provide a forum to interact with friends in a way that is as meaningful as in person” and 44 percent of respondents agree that “engaging with friends in the metaverse is an authentic way of interacting.”
For consumer and retail organizations, authors of the report said they are “limited only by the imagination” as they get ready to “take advantage of new business opportunities and selling channels” and win by developing a strategy for this market. In the luxury sector specifically, KPMG predicts tremendous growth opportunities, citing industry analysts who predict the growing demand for luxury goods in the metaverse could reach $50 billion by 2030.
Almost 60 percent of luxury consumers surveyed by KPMG reported they are participating on a metaverse platform — many of these platforms feature personalized avatars to reflect unique identities. “Luxury brands can offer digital products and services that help shape these identities — driving new revenue streams, testing new product innovations, increasing loyalty with existing customers and acquiring new customers,” authors said of the report.
Still, partnering with video games is just one way into the metaverse.
Underscoring the importance of continuing to provide an authentic, meaningful experience, KPMG notes it is important to ask the right questions to determine strategy:
• How are consumers engaging in the metaverse now?
• What is my brand strategy for the metaverse? What is it worth to my brand?
• Can you create an immersive experience?
• How will the decentralized internet improve customer engagement?
• What needs to be considered to address the data protection and privacy?
• Who will build your virtual kingdom?
Ultimately, the metaverse is still being built. The urgency, KPMG said in its report, should be placed on figuring out your brands impact on the metaverse and how it is impacting your brand rather than immediate execution.
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