More than seventy-five percent of U.S. B2C marketers plan to invest in the ‘metaverse’ this year, despite consumer skepticism
Until there is interoperability between immersive platforms, the metaverse does not exist and is years away from manifesting.
CAMBRIDGE, Mass., March 30, 2022 /PRNewswire/ — New research from Forrester (Nasdaq: FORR) reveals that despite its global hype, the metaverse — the Internet’s 3D experience layer — is not yet refreshed; it will be built in stages over the next decade. Today, all extended reality experience is misrepresented as “the metaverse”. According to Forrester, however, single-vendor platform activations such as augmented or virtual worlds, game environments, and developer tools are just precursors to the metaverse. Only 34% and 28% of US and UK online adults, respectively, are excited about what the Metaverse will offer, but 76% of US B2C marketers plan to invest in Metaverse-related business in 2022.
For the Metaverse to become a reality, it must support an immersive experience of interoperable and interconnected environments delivered through a variety of devices – from smartphones and virtual reality headsets to other yet-to-be-designed form factors. The metaverse also requires regulatory standards, privacy codes of conduct, and inclusive and compelling user experience design. In a new report, Forrester offers considerations for business and technology leaders to evaluate their investments in the metaverse. Key considerations include:
- CMO should explore how their consumers want to engage with extended reality while keeping metaverse investments modest. Brands must create a compelling exchange of value with consumers or face disinterest. Currently, Forrester finds that only 14% and 12% of online adults in the US and UK, respectively, believe brands should deliver branded experiences in the metaverse.
- DSI and CTO will need to map out hardware, software, and other technology requirements to support future metaverse-style experiences. According to Forrester, 58% of global business and technology professionals with metaverse and virtual world knowledge say their organization will adopt metaverse or virtual world solutions in the next 12 months to support in-place collaboration. of work, in particular to allow to work anywhere.
- Leaders in customer experience and design should explore the potential of the metaverse for a new generation of customer experiences. For example, over the next decade, Forrester expects virtual shopping experiences to be highly personalized and purpose-built for the metaverse. Design leaders who excel in human-centered design will make the metaverse inclusive, co-creative, and beneficial to people.
- Digital Business Leaders should focus on core digital experiences that match their consumers’ access, convenience and preferences. They should also examine how comfortable consumers are with extended reality. Metaverse precursors will not create substantial value for B2C companies in the short term, but digital leaders should continue to test and learn.
“Despite consumer skepticism and the fact that there is no real metaverse, companies are still determined to claim their right to it,” said keith johnston, vice president and group research director at Forrester. “Business and technology leaders should use this era of metaverse precursors to see where future opportunities lie, manage expectations around this concept, and evaluate appropriate investments.”
- Find out why the Metaverse – despite its global hype – isn’t refreshed yet.
- Find out where Metaverse Precursors can create near-term impact for your business.
- Find out why consumers aren’t ready for the Metaverse just yet.
- Understand what Web3 could mean for you and your business and how the concept has evolved over the years.
Forrester (Nasdaq: FORR) is one of the world’s most influential research and consulting companies. We help technology, marketing, customer experience, product and sales leaders use customer obsession to accelerate their growth. With Forrester’s research, consulting, and exclusive events, leaders around the world are empowered to be bold at work, manage change, and put their customers at the center of their leadership, strategy, and their operations. Our unique insights are based on annual surveys of more than 700,000 consumers, business and technology leaders around the world; rigorous and objective research methodologies, including Forrester Wave™ assessments; 70 million real-time feedback votes; and the shared wisdom of our customers. To learn more, visit Forrester.com.
Forrester Research, Inc.