Accenture research presented at the Consumer Electronics Show (CES) in Las Vegas shows that growing consumer and business interest in the metaverse as a creative economy and tool to better day-to-day tasks is predicted to create a $1 trillion commerce opportunity by the end of 2025.
Over half (55 per cent) of the roughly 9,000 consumers polled perceive the metaverse as a business potential for developing and monetising content, according to the study. According to a parallel poll of 3,200 C-suite executives, the majority (89 per cent) believe the metaverse will play an essential role in their organisation’s future success. Additionally, the research shows that metaverse experiences and commerce might account for 4.2 per cent of corporate revenues, or $1 trillion, by the end of 2025.
According to the research, 55 per cent of customers want to be active metaverse users, and nearly all (90 per cent) wish to do so within the next year. Easy-to-use interfaces (mentioned by 70 per cent) and access to a broad variety of applications (68 per cent), trumped more “form” elements like bright headsets (55 per cent) and the opportunity to personalise avatars (55 per cent).
While 59 per cent of metaverse users are interested in gaming, only 4 per cent of customers consider the metaverse as a gaming platform. In fact, 70 per cent plan to use the metaverse to access media and entertainment, fitness, shopping, travel, and healthcare products and services. These preferences differ by age, with younger consumers more interested in media and exercise and elderly customers more interested in innovative ways to get health services. Still, they all share a desire to improve on activities they already do every day, such as working out at home (mentioned by 60 per cent) or enhancing interactions with health experts (55 per cent).
“The metaverse as a continuum of technologies and human-centric experiences will usher in the next era of our digital lives and transform all aspects of business. Underpinning it all are opportunities for new products and services, digital assets, business models and the technical capacity for conveying a sense of presence and expression,” said David Treat, senior managing director and co-lead of Accenture’s Metaverse Continuum business group.
Kevan Yalowitz, Accenture’s Software & Platforms industry practice lead, added, “Consumers are starting to see the metaverse as an essential tool which, when integrated into their lives, can streamline how they complete tasks and increase productivity. Businesses able to deliver tangible experiences that address consumer needs in key areas of interest will gain early-mover advantage in a rapidly forming metaverse industry.”
To appropriately capitalise on the opportunity, organisations need to be smart about the metaverse-enabled business model changes, while interacting with all stakeholders to inform the experiences they create:
- Be creative and keep it simple — Businesses should only create metaverse experiences that are compatible with their customers’ mental models. Creativity is still important but must be built from the ground up. With this attitude, businesses can focus on the correct metaverse strategies and operational models.
- Start small and focused — Businesses should approach the metaverse with a strict, customer-focused philosophy that serves their needs artfully. They should also concentrate on learning how to apply the metaverse to various aspects of the business.
Engage with early building blocks — Metaverse and Web3 ecosystems quickly evolve and generate new value-creation opportunities. This continues to open up new opportunities for firms – as long as they target the proper regions fast but carefully.