A (virtual) world full of possibility
The concept of the Metaverse has been around for decades, with science fiction writers exploring the idea of a fully immersive digital world where people could interact, transact, and live out their wildest dreams. But in recent years, the Metaverse has gone from a distant vision to a very real possibility, with technology companies investing billions of dollars in its development.
So, what is the Metaverse? In its simplest form, the Metaverse is a collective virtual shared space, where users can interact with a computer-generated environment and other users in an ostensibly physical way. In other words, it’s a three-dimensional iteration of the internet, where people can create, interact with one another, and experience things that they might not be able to do in the physical world.
New Kantar data reveals that one in five people have entered the Metaverse, highlighting that it’s definitely not as niche as some believe. Brands have already started to tap into the Metaverse’s potential, with countless benefits if you’re brave enough to experiment and reap the rewards. For one, it can offer a new form of social interaction that goes beyond the limitations of physical spaces. It could also be a new platform for commerce and economic activity for brands, with users buying and selling goods and services in a completely digital environment. Additionally, it could provide a new way for people to express their creativity and innovation, with new forms of art, entertainment, and media emerging.
The COVID-19 pandemic accelerated the adoption of digital technologies by several years. We interacted more digitally than physically during that period. Our lives changed substantially; our boardrooms became Teams calls, cinemas became TV screens, the gym became Joe Wicks. This shift in behaviour, and our reliance on technology, is a glimpse at what’s to come. Companies around the world are already laying the groundwork for the Metaverse, and it’s essential that businesses stay ahead of the curve. Although you might not believe in the Metaverse because you can’t see it, that doesn’t mean that it’s not inevitable. There will be no lightbulb moment, it will gradually appear.
Kantar have identified five opportunities to enter the Metaverse now to help brands strategise their plans for entry.
1. Increase brand awareness and customer engagement
2. A new channel for revenue
3. Ability to launch and market new and existing products
4. Build communities
5. Acquire new customers without alienating existing ones
Although gaming is the top consideration for entering the Metaverse, consumers see the Metaverse as having a variety of use cases. 35% said they would consider using the Metaverse to socialise, 27% said they would attend courses, and 25% said they would consider using the Metaverse to browse or buy products such as physical clothes or food.
Is it important now?
Although we are currently facing economic headwinds, it has been proven that increasing research & development in an economic downturn allows companies to compete, grow, and ultimately thrive. A good R&D budget can set companies up for growth in the subsequent recovery period. Therefore, this is the perfect time to test and learn from the petri dishes of audiences currently engaging with the Metaverse. Because whilst the Metaverse is still in its infancy, one thing is certain: the Metaverse represents a whole new realm of possibility and potential for human interaction, creativity, and innovation. The possibilities are truly limitless, and we have only scratched the surface of what this digital world has to offer.
How do I find out more?
Kantar Worldpanel have launched their new capability, with attitudes, behaviours, and engagement of the Metaverse from an incredible 61,429 respondents. At Worldpanel, we have the unique opportunity to profile these responses against their real-world purchasing habits, allowing us to help you target the right audience and strategise your plans to enter the Metaverse.
Get in touch with one of our experts if you’d like to find out more.