eCommerce Trends in the Metaverse. Is it a Total Waste of Your Time?
According to a latest survey, there are generational differences in the consumer view about the Metaverse. While 80% of those surveyed from Generation Z are “familiar” with the term, 51% are yet to participate in it through different activities. Gaming remains the number one reason for a majority of respondents across all generations to participate in the Metaverse while 42% used it for shopping. For Generation Z, it is a means to entertain and 52% have used it for entertainment purposes while 48% millennials have done the same.
Non-fungible tokens (NFTs) are still not a popular option for neither Millennials nor Gen Z to purchase in the Metaverse, with only 5% choosing it to access NFTs. The survey shows that a majority of Generation X, Millennials, and Gen Z are interested in getting an NFT only from their favorite brand.
About 85% of respondents from Generation Z showed keen interest in hybrid in-store experiences that focus on mixed reality experiences to make shopping happen virtually. This group of respondents feel indifferent about brands in the Metaverse.
However, the biggest challenge for retailers is that people across generations are still not aware of the Metaverse, which is believed to be the main reason they choose not to participate. But these people have shown interest in such experiences that harness the power of augmented reality and virtual reality to make online shopping a reality both virtually and in-person.
According to a recent Accenture survey, there is an increased participation and interest in Metaverse for a virtual shopping experience with eight in 10 participants showing keen interest to make purchases via the platform.
What is its future in eCommerce?
Well, the Metaverse is still in the nascent stage as far as retail is concerned. Consumers across generations are yet to utilize the virtual platform. That being said, there are those who are using it already but they are preferring games to shopping. Here’s how to overcome common challenges faced by eCommerce Businesses.
Retail brands have a unique opportunity to work on the new virtual economy and establish themselves as leaders. Content is still the king, and retailers must start focusing on entertaining and engaging consumers with interactive digital content that eliminates entry barriers and meets Metaverse users where they are.
About 600 people participated in the Zipline survey across the country from all age groups, from 13 to 50. The survey was done to better understand the influence of generational gap on consumer perception of virtual retail experiences. Their perception influences their participation as well.
Related: eCommerce Store Management Guide.
At the moment, the Metaverse does look like a waste of time because most users involved in Metaverse primarily use it for entertainment. The Metaverse is not being used by many for eCommerce and online shopping. Sure, they may buy the odd game pass or make an in game purchase, but not full on online shopping like at Amazon or other online retailers. So, it could benefit those eCommerce players who get a foothold now and wait it out or just wait and get in when it is more mainstream.
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