Retail Technology Show research: metaverse now firmly in the realms of mainstream commerce
Metaverse adoption is accelerating at pace with many Gen Z’ers now interacting with brands in this brave new world, according to research from Retail Technology Show, which will take place on 26th and 27th April at London’s Olympia.
A survey of over 1,000 Brits revealed that while 19% already interact with brands in the metaverse, 42% of Gen Z shoppers engage with brands using Web3. Meanwhile, adoption amongst Millennials has risen to 27%.
Of those polled by Retail Technology Show who had already interacted with brands in the metaverse, 78% are now transacting within the channel.
Two fifths have bought a physical product that they planned to use in the real world, rising to 54% of Gen Z, while a further 40% have also collected digital currency, via free reward redemptions or digital tokens collected in the metaverse, also rising to 48% of Gen Z.
33% have already bought a Non Fungible Token (NFT) product from the brands they interact with in this way.
Matt Bradley, Event Director at Retail Technology Show, comments: “There’s little doubt that the metaverse is now firmly in the realms of mainstream commerce, and brands and retailers are creating brand rich and meaningful ways to evolve how they engage and interact with shoppers in this new retail dimension.”
“While before we may have seen social, gaming and shopping missions combine, increasingly consumers are seeing the metaverse as a transactional space to consume products – both digital and physical – that serve them in both their real and virtual worlds.”
When it came to how shoppers want to interact with brands in the metaverse moving forwards, trying out new looks, such as for fashion or make-up, on their digital avatar topped the poll for 41%.
26% would like to experience digital brand ‘events’, such as concerts or gigs, in the virtual world, while 19% are looking to use the platform as a way to meet and socialise with other users, and a further 19% want to explore digital replicas of retailers’ flagship stores.
This was followed by 18% who are aiming to build personalised products that are unique to them or their digital avatar.
Not all plain sailing
Walmart has binned a branded space in Roblox called Universe of Play just six months after a splashy entrance on to the immersive experiences scene.
This follows claims by nonprofit consumer advocacy group Truth in Advertising and other watchdogs that the metaverse game not only blurred the distinction between advertising content and organic content, but also lacked required disclosures and manipulated kids into viewing and interacting with stealth ads.
Walmart said the Universe of Play move was “as planned.”
The US retail giant touted the offering as “the ultimate virtual toy destination,” with products and characters from kid friendly franchises Paw Patrol, Jurassic World, L.O.L. Surprise! and more.
During the launch last year, William White, Chief Marketing Officer at Walmart U.S., said: “”We’re showing up in a big way – creating community, content, entertainment and games through the launch of Walmart Land and Walmart’s Universe of Play.”
“Roblox is one of the fastest growing and largest platforms in the metaverse, and we know our customers are spending loads of time there. So, we’re focusing on creating new and innovative experiences that excite them, something we’re already doing in the communities where they live, and now, the virtual worlds where they play.”
File under ‘interesting failures’, then.
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