While some companies are observing the metaverse’s evolution from the sidelines with anticipation and curiosity, recent research shows consumers are ready to engage with brands in new virtual environments.

According to the ‘Perceptions of the Metaverse’ report by Sitecore, 42% of U.S. consumers identify as metaverse enthusiasts. Nearly 9 in 10 (87%) also expect the metaverse will play a significant role in how they shop and interact with brands in the future. The report is based on a survey of 1,000 U.S. consumers as well as a survey of 310 U.S. consumer brand marketers.

“Consumer enthusiasm about the technology means one thing — the moment has arrived for marketers to start planning for and building metaverse-like experiences,” said Paige O’Neill, Chief Marketing Officer at Sitecore. “Understanding who to target and how your customers want to engage with you in these environments will be crucial for success.”

How marketers and consumers perceive the metaverse

Although the technology is still evolving, savvy brands are using this time to start exploring virtual environments as another way to reach consumers. According to the Sitecore report, one in three (31%) marketers say the metaverse is already part of their current marketing programs and 55% have plans to use it in the future. Marketers who are willing to experiment and dive into the metaverse are envisioning these virtual environments as a way to address brand awareness (68%), customer engagement (59%) and new product or category creation (55%).

To support these lofty goals, 57% of marketers are using or plan to use the metaverse as a novelty item to excite buyers and 55% as a way to test products. Half of brands are leveraging or plan to leverage the metaverse as a gamification function to engage buyers, while 40% consider the metaverse a customer experience tool.

Consumers, on their part, want to use the metaverse for expanding life experiences such as “experiencing things they wouldn’t normally experience” (57%), “escaping reality” (51%) and “meeting new friends” (79%).

The survey also shows that millennials and Gen Z are the ones who are most likely to want to engage with brands in the metaverse. Reflective of this, 91% of organizations are targeting millennials with their metaverse strategies, followed by Gen Z (55%) and Gen X (52%).

O’Neill suggests it’s crucial that brands know how to target these different audiences in the metaverse.

“Our survey shows that millennials and Gen Z value being able to get access to exclusive content, making sure there’s diverse representation in these environments and being able to be part of a community,” she said. “Leveraging these preferences will be key for ensuring that these consumer groups are targeted with the experiences they desire.”

Looking ahead, 67% of marketers believe the metaverse will become a dominant platform for interacting with consumers, and 79% of consumers believe they will …read more

Source:: Digiday

Author: Aaron