The metaverse – consumers heard about, but do they really know about it?
“Sitecore conducted a survey asking 700 global marketers and 2,001 consumers about their perception of the metaverse and how it will change the interactions between brands and consumers” (MarketingTech, 2022).
“Many brands intend to place a large investment into the metaverse. 50% of marketers plan to allocate more than 10% of their budget in 2023. 91% will be investing a portion of their total budget over the next five years” (MarketingTech, 2022). Brands and companies are also creating new positions within their teams that specifically focus on the metaverse.
Yes, Meta (formerly known as Facebook) has the recognition for this because it’s their company name, but no player (Minecraft, Fortnight, Roblox) in this industry has really led the charge. “45% of marketers don’t have a preference for where they will build their metaverse projects” (MarketingTech, 2022).
And despite this technology being the next big thing, there’s one thing the marketing community can agree on and that’s – consumers will need to be educated. More than half of consumers don’t understand the concept of the metaverse or consider themselves avid fans. But with any new technology, an appropriate amount of time is needed for this to be adopted by end users.
With inflation and living expenses continuing to rise, consumers have expressed that they may be open to different ways of shopping to reduce costs. “58% say they’d be more inclined to stay at home and purchase through the metaverse if it meant less expenditure on travel” (MarketingTech, 2022).
The metaverse offers brands and companies a new opportunity to impress and excite their customers. It gives them the ability to create customized content tailored to customers.
For someone not totally familiar with the metaverse and its capabilites and uses, I pose the following questions:
- Will the metaverse be the next big thing like marketers expect?
- How useful do you think this technology will be when it comes to connecting with customers?
- Are there any limitations?