Metaverse: What Consumers want?
The metaverse refers to a virtual reality world that exists parallel to our own physical world. In many ways, the metaverse is like an extension of the internet, but instead of being limited to two-dimensional screens, it offers a three-dimensional, immersive experience. For brands, the metaverse presents a new way to reach and engage with consumers. And because the metaverse is still in its early stages, there are opportunities for brands to be pioneers that help shape how this new world develops.
It can be hard to keep up with all the latest trends, especially when it comes to something like the metaverse.
To get some clarity, we checked some recent survey done over 1,000 consumers in the U.S. to learn about their takes, preferences, and behaviors around today’s biggest trends. In that survey, 8% of participants said they’d ever visited a metaverse.
The metaverse might not be a passing trend because it can help marketers navigate data privacy regulations. So, it’s worth keeping an eye on!
A new world is emerging in the Metaverse – but it is still in its infancy
The metaverse is still relatively new to many people, but it’s growing quickly. In a latest survey, 33% of respondents said they don’t quite understand the concept of the metaverse. However, 40% said they do understand it, and 30% think more brands should leverage it.
Of those who have used the metaverse, half did so in the past three months. These early adopters aren’t just dipping their toes in – they’re actually invested in these virtual worlds. In fact, of those who have ever used the metaverse:
– 65% say they spend more than an hour in it per week
– 50% say they’ve made new friends in the metaverse
– 45% say they’ve attended a virtual event
Incorporating the Metaverse into Consumer Life
We also asked those who have ever done metaverse-related activities (visited a metaverse, played online games, attended virtual events, or bought virtual items/NFTs) about how these intersect with their “real” lives, which produced some interesting results:
A recent study found that 60% of people say that their virtual items are just as important as their real-life possessions, while 54% say that their online relationships are just as important as in-person relationships. Moreover, 40% of those surveyed said they understand the concept of the metaverse, and 33% believe that the metaverse is the future of technology.
Metaverse Activity: What Does It Look Like?
The most popular reasons people visit the metaverse are to play video games, spend time with friends, work a digital job, and attend virtual meetings and events. However, it’s important to remember that the metaverse is all about empowering users to create their own experiences. So as people continue innovating in virtual worlds, the number of activities and uses for this technology will likely grow exponentially.
The Metaverse and Data Privacy
At the moment, a lot of platforms such as social media track, analyse, and sell personal data without giving the user anything in return. In response to this, privacy protections are being developed by governments and corporations to give consumers more control over their data.
This means that offering incentives for people to not only spend time on your platform but also share their data will become more important in the future.
So let’s take a closer look at how consumers currently think about data privacy, and whether they think the metaverse has the potential to tip the scales in their favour.
Another survey found that the majority of consumers feel very strongly about data privacy and think that companies should use their data in a way that the consumers approve of. Here are the specific findings:
80% of consumers agree that data privacy is a human right
80% of consumers agree that they should have complete control over how companies use their data
79% of consumers say they are concerned about how companies use their data
As you can see, consumers are very united in their demands for control over their personal information. This is something that all companies should take into consideration moving forward if they want to maintain a good relationship with their customers.
If a consumer were to ask us to sum up the Metaverse in one word, we would use the word: Freedom. We can simply be ourselves, no matter what form that may take. When we want to be our best selves, we can be. When we want to be silly, we can be. We can express ourselves in the ways we want, in the ways we need, and in the ways we feel. We are free to be our best selves. We can create and share with others in ways that are fun and meaningful. We can connect with people all around the world, no matter what their background is or where they are from. We can learn from others, and have others learn from us. We are free to be our best selves.
The Metaverse’s Future: What’s Next?
The consumer experience is at the heart of everything we do. We know that a great consumer experience is one that is meaningful, purposeful and seamless.
So, you might be wondering what’s next for the metaverse, and unfortunately, nobody has a definite answer. However, here at Philomath Research, we have a proven record of 100% customer satisfaction. We make sure that our customers stay up to date on all the latest trends, from the metaverse to social media, workplace trends, and much more. So, if you have any questions related to market research, don’t hesitate to contact us or visit us at www.philomathresearch.com for more information.
We have a lot to share in the coming weeks and months, so stay tuned, and let us know what you think!
