Introduction

Article written by
Scarlet McNicol

In times of heightened competition, brands must innovate to stand out.

The Metaverse is emerging as an area that brands are investing in to help them be meaningfully different.

In today’s challenging climate of decreased customer loyalty and intensified competition, brands must find meaningful ways to stand out. The proliferation of retail channels, the omnipresence of social media, and the emergence of new technology have disrupted traditional business models and in this ever-evolving environment, brands must carve out new pathways for growth.

The Metaverse may be a strategic lifeline for brands seeking to increase brand saliency and forge meaningful connections with consumers through interactive playgrounds and new purchase occasions.

Have you entered the Metaverse?

Yes
No
I plan to

Your shoppers might already
be buying in the Metaverse:

Our Metaverse survey looks into consumer’s attitudes, perceptions and engagement within virtual worlds and shows a vast range of sales opportunities. For example, of the 46,000 respondents, 33% of those who are using the Metaverse for commerce said they would buy furniture and homeware on the platform, 29% would purchase food items, and 28% would be interested in virtual event tickets.

This presents new avenues for brands to engage with Metaverse users, and many brands across health and beauty, alcohol, home renovation, and entertainment sectors, including streaming platforms, are already seeing success in the Metaverse. However, winning in these new spaces means a commitment to being meaningfully different through innovation and communication with shoppers.

For those up for the challenge, the opportunities are plentiful, including expanding market penetration, reaching new audiences, launching new products, and garnering positive press through innovative storytelling. And smart brands will continue to push the boundaries of what is possible in the Metaverse.

33%

of those who are using the Metaverse for commerce said they would buy furniture and homeware on the platform

29%

would purchase food items

28%

would be interested in virtual event tickets

1 in 5 people are already using the Metaverse

Although the Metaverse is in its nascent stages, it has attracted users across all generations though its favoured primarily by the younger, harder to reach, audiences of Gen Alpha and Gen Z. Virtual worlds are more popular today than you may think, with one in five people engaging in the Metaverse. For individuals considering entering the Metaverse, 31% said they wanted to fill their free time, 29% were drawn to exploration as it’s new and exciting, while 27% said they wanted to socialise and have fun with friends.

31%

said they wanted to fill their free time

29%

were drawn to exploration as it’s new and exciting

27%

said they wanted to socialise and have fun with friends

While the notion of "passing the time" may seem mundane, it mirrors the behaviour observed on platforms such as TikTok, where users spend hours scrolling, contributing to the £88 million worth of goods sold on the platform last year, 62% of which was incremental market growth. A massive 43% of the spend on TikTok comes from those under 34 years of age - Metaverse’s core demographic.

The Metaverse is currently dominated by three major platforms: Roblox, Fortnite, and Minecraft. While they each have their roots in gaming, they offer far more than just gameplay; they provide a canvas for self-expression, social interaction, and economic engagement. On these platforms, users can create and share their own content, interact with others in real time, and buy goods.