Consumer Interest in Virtual Living Is Growing Globally: Study

The growing use of immersive technologies such as augmented and virtual reality will prompt consumer-facing businesses, such as those in retail and consumer goods, to increase their investment in new capabilities and experiences to blend physical and virtual worlds, or risk being left behind, according to the findings of a recent global survey by Accenture.

The survey of more than 11,000 consumers in 16 countries found that while nearly two-thirds (64%) of consumers had purchased a virtual good or taken part in a virtual experience or service in the past year elapsed, this number is expected to increase. , as 83% of them are interested in making purchases through the metaverse.

The growing use of immersive technologies such as augmented and virtual reality will prompt consumer-facing businesses, such as those in retail and consumer goods, to increase their investment in new capabilities and experiences to blend physical and virtual worlds, or risk being left behind, according to the findings of a recent global survey by Accenture.

Additionally, 42% of respondents said they visited a retailer in the virtual world for advice, to make a payment, or to browse a range of products when purchasing a physical item, while 56% of respondents plan to do so next year. Among millennials, those numbers increase to 51% and 61%, respectively.

According to Accenture Technology Vision 2022, “Meet Me in the Metaverse: The Continuum of Technology and Experience Reshaping Business,” more than half (55%) of consumers agree that more of their lives and livelihoods are moves to digital spaces. In response, the vast majority (90%) of retail executives say they expect big companies to push the boundaries of the virtual world to make it more real, increasing the need for perseverance and seamless navigation between digital and physical worlds. Additionally, 72% of global leaders say the metaverse will have a positive impact on their organizations, with 45% believing it will be breakthrough or transformational.

“The era of the metaverse has begun, and so for consumer-facing businesses, it’s not about deciding if they’re going to enter the metaverse, it’s about deciding how,” said Jill Standish, Senior Managing Director and Global Head of Accenture’s Retail Industry Group. “Retailers and brands will need to reinvent and experiment with what new immersive and consultative experiences might mean for consumers. In addition to new sales opportunities, the metaverse can also help build loyalty through experiences that go beyond simply buying a product. For example, retailers can create a personalized experience by offering a live shopping event where customers can sit next to a brand ambassador and then immediately be able to enter a 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 socialize, virtual products and locations highlight a potential opportunity to increase revenue across all industries.

Fibre2Fashion (KD) News Desk

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