10 reasons brands should care about the metaverse (INFOGRAPHIC)

If you’re in business today – particularly as a brand for which customer experience is a huge competitive advantage – we think you should care about the metaverse.

Sure, technologies come and go; and hype-cycles will always ebb and flow. But the metaverse feels a little different. It feels like a collision between what technology can do today, stress tested already by the gaming industry, and what people want and will pay for in online experiences.

It’s the difference between run-of-the-mill website environments, and highly immersive commercial applications where people can interact, not just be sold to.

Of course, the first metaverse brands enter won’t be so highly realized. There will be progress, improvement and evolution, much like with the web and mobile experiences we’ve seen evolve over the recent years. But despite this, now is absolutely the time for brands to be taking notice and thinking about how they’ll exist in the very near web 3.0 future.

Still unconvinced? Here are 10 reasons why you should care about the metaverse.

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10 reasons why brands should care about the metaverse (infographic script and sources)

1. It’s a quickly growing market with massive potential
The metaverse is projected to be a $800 billion market by 2024, with 13.1% CAGR from 2020 onwards.

2. And huge revenue opportunities
The metaverse market in the US alone could reach total consumer expenditure of $8.3 trillion.

3. Consumers are already on board
Today, 74% of adults agree they would join the metaverse – representing some 4.4 billion people.

4. And they’re prepared to spend money
75% of Gen Z shoppers have purchased a digital item in a video game, with 60% saying brands should sell their products on metaverse platforms, too.

5. Plus, many say they’ll be everyday metaverse users
By 2026, 25% of people worldwide will spend at least one hour a day in the metaverse.

6. Why? Because they seek better online experiences
The single biggest reason people say they would use the metaverse is to “experience things they can’t in physical reality”.

7. And they think brands should join them
85% of consumers say brands will simply need to have a digital presence to be successful in the future.

8. In fact they think it’s crucial for companies to think digitally
81% think that a brand’s digital presence is as important as its in-store presence.

9. Fortunately, most brands are on the same page
Over 50% of brands have started their metaverse strategy.

“Does your organization have a strategy for the metaverse”…

• Yes (24%)
• Working on it (32%)
• Taking a ‘wait and see’ approach (18%)
• Still unsure of relevance (26%)

10. And they’re READY FOR ACTION
Almost one in three global businesses will have products and services in the metaverse by 2026.

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