The market opportunity in the metaverse is rising at an unprecedented rate, it is expected to be worth more than $1 trillion in annual revenue as per the Grayscale report. A new survey showed that Gen Z and Millennials form the major portion of the consumer base in Metaverse and are more likely to shop online in virtual stores.
According to The Metaverse Mindset: Consumer Shopping Insights, a new study released by Obsess, around 70% of all consumers who have shopped online in a virtual store have made a purchase in one. The study was designed to gauge consumers’ perceptions of and demand for virtual shopping experiences in the metaverse.
The Obsess survey also found that around 75% of Gen Z shoppers have purchased a digital item within a videogame and the majority of these shoppers think that brands should sell their products on metaverse. The top three reasons given by these young shoppers for why brands should sell on metaverse are: people should be able to shop anywhere they go online, metaverse environments should be like online shopping malls because it gives consumers a convenient place to buy digital products like NFTs as well as physical products.
Obsess is an augmented & virtual reality software platform enabling brands to create immersive virtual stores on their own websites and on metaverse platforms. Neha Singh, CEO and Founder of Obsess, said “Our data indicate that the majority of younger consumers want to be able to shop their favorite brands anywhere they go online, including on metaverse platforms”. She also added “These shoppers have grown up with online videogames, esports and social media and many of them see the emerging metaverse as a modern-day mall—a connected virtual world where they can hang out, shop and socialize. “
The key findings of the survey are:
- A quarter of consumers have shopped online in a 3D virtual store: Among that group, 70% have made a purchase in a virtual store, including 69% of Gen Zers, 77% of millennials and 67% of Gen Xers.
- The majority of consumers who shop in a 3D virtual store find it highly engaging: 60% of the previous customers of online virtual stores who took the survey indicated that they are likely shop again, including 54% of Gen Zers, 68% of millennials and 67% of Gen Xers.
- Online videogame platforms are key metaverse shopping environments: Nearly three-quarters (74%) of Gen Zers and 62% of respondents overall have purchased a digital item—such as an accessory, skin or garment for their avatar—within an online videogame.
- 52%) said they would pay up to $49.99 for a virtual product for their avatar to use within an online videogame.
- 51% of Gen Zers and 44% of millennials indicated they would be very interested in exploring worlds, islands or environments created by their favorite brands in online video games. While 41% of Gen Zers and 38% of millennials said they would be interested in exploring any metaverse environments that brands create.
- Some 40% of all respondents think the metaverse is still in the conceptual stage and will it take the form of connected online technology platforms in the near future
A total of 1,001 consumers in the United States participated in the survey and were categorized into four age groups: Gen Zers (ages 16-24), millennials (ages 25-40), gen Xers (ages 41-56) and baby boomers/silvers (age 57 and older).
