Consumers, long tantalized by the prospect of interaction and living in a virtual world, are ready and eager to meet brands in the collective online shared space known as the metaverse. Perhaps even more astounding, nearly half of the respondents in a survey on the subject are willing to pay a 5-10% premium for a product or service if it is supported by a quality metaverse experience, with 22% amenable to paying up to 10% more.
In the survey by Canadian outsourcing services provider Telus International of 1,500 Americans familiar with the metaverse, close to two-thirds (65%) of respondents believe the metaverse will be considered mainstream in the next five years. And nearly three-quarters (72%) of respondents believe that brand interactions in the metaverse will one day replace those that take place in the real world, or that brands will deploy a hybrid approach of both metaverse and in-person dealings.
The metaverse is also a domain of heightened consumer expectations, the results from the survey indicate. Respondents anticipate their interaction with brands will be more engaging (53%) and better customized to their interests (49%), the metaverse populated with new products and services waiting to be discovered (47%), and where their issues will be resolved by brands more efficiently (29%). And what would prompt consumers to interact with brands in the metaverse, to begin with? For more than 40% of respondents, it is the likelihood of being able to realistically try out a product or service that makes them venture into the metaverse to interact with brands.
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“Just as the internet and mobile apps revolutionized the way we interact with brands and consume information, goods and services, the metaverse offers brands exciting opportunities to interact with consumers in entirely new ways,” says Michael Ringman, chief information officer (CIO) at Telus International. “Unlike physical environments which are limited by geographic and other barriers, these immersive digital 3D worlds open up a window of opportunity for brands—it offers them a space that’s accessible, allowing them to connect with consumers globally in unique and interactive ways, providing consumers with an enriched customer experience.”
Limits and Safety Concerns
Despite the excitement provided by enhanced experiences in the metaverse, there is a limit to what consumers would feel comfortable doing or buying in a virtual world. Just 35% would purchase a house or rent a unit in the real world through the metaverse, and only 36% would feel comfortable buying a car the same way. No such qualms exist when the activity involves gaming (79%) or engaging with a brand’s customer service (68%) in the metaverse.
And while respondents were enthusiastic about brand interactions in the metaverse, concerns remain. At least 60% believe individuals will be able to get away with inappropriate behavior more easily in the metaverse, and just 45% think brands are prepared to moderate content to keep users safe.
Damage from fallout will also be more severe in the metaverse than in the real world, the survey results indicate. Nearly 70% of consumers think a brand’s reputation will take a bigger hit if it is unable to provide a safe space in the metaverse—more so than if it had failed to do the same on its website, online community, and social platform. Respondents say it is “very important” or “somewhat important” (96%) to have humans—rather than AI—monitoring content in the metaverse, with as much as 60% saying they wish to see content reviewers in the form of avatars in the metaverse.
“Like we’ve seen with digital environments that have come before it, the metaverse is, unfortunately, not going to be immune to users who abuse these spaces, putting brand reputation and their customers at risk,” said Ringman. “As brands begin to explore this new platform, content moderation must be incorporated during the initial planning phase to ensure users experience a safe and inclusive environment. This will mean employing a mix of AI and human moderators to ensure a timely, accurate, and inclusive review of content and behaviors.”
The survey results suggest that content moderators be on the front lines of virtual worlds just like how they monitor social media platforms in the real world, and that brands must incorporate robust, proactive support, and preventative wellness practices to protect their well-being.
Author Information
Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.
At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.
