76% of B2C marketing execs plan to invest in metaverse: Forrester – Technology

Despite the global hype of the metaverse, a new report from Forrester shows organisations still haven’t invested in the metaverse, they have only made plans.

The report shows 76 percent of B2C marketing execs plan to invest in the metaverse, but only 34 percent and 28 percent of US and UK online adults, respectively, are excited about what the metaverse will offer.

For the metaverse to become a reality, it must support an immersive experience of interoperable and interlinked environments delivered via a variety of devices — from smartphones and virtual-reality headsets to other form factors not yet conceived, the report noted.

The metaverse also requires regulatory standards, privacy codes of conduct, and inclusive and compelling user experience design.

Keith Johnston, VP and group research director at Forrester said, “Despite consumer scepticism and the fact there isn’t an actual metaverse, companies are still determined to stake their claim in it. Business and tech leaders should use this era of metaverse precursors to see where future opportunity lies, manage expectations around this concept, and gauge proper investments.”

The report notes three key considerations for c-suite executives. According to Forrester, CMOs should explore how their consumers want to engage with extended reality while keeping metaverse investments modest. Brands must create a compelling value exchange with consumers or else face disinterest.

Currently, Forrester finds that only 14 percent and 12 percent of US and UK online adults, respectively, feel brands should deliver branded experiences in the metaverse.

CIOs and CTOs will need to plot hardware, software, and other technology requirements to support future metaverse-style experiences, the report authors noted.  

According to Forrester, 58 percent of global business and tech professionals with metaverse and virtual-world knowledge say that their organisation will adopt metaverse or virtual-world solutions over the next 12 months to support workplace collaboration, especially to enable anywhere work.

Customer experience and design leaders should explore the metaverse’s potential for a new generation of customer experiences. For example, over the next decade, Forrester expects virtual shopping experiences to be highly personalised and purpose-built for the metaverse. Design leaders that excel at human-centric design will make the metaverse inclusive, co-creative, and beneficial to people.

Digital business leaders should focus on core digital experiences that align with their consumers’ access, comfort, and preference, Forrester said. They should also examine how comfortable consumers are with extended reality. Metaverse precursors won’t create substantial value for B2C companies in the near term, but digital leaders should continue to test and learn.