Understanding How Consumers Use the Metaverse

For me, the metaverse should be referred to as what they call a "Third Place" in sociology - a place where people can hang out outside of their first place (e.g., home) and second place (e.g., work or school). With the rise of technology and the increasing importance of the internet in our daily lives, it's no surprise that the metaverse has gained such widespread attention and interest.According to a recent?survey by Accenture, more than half of consumers (55%) want to be active users of the metaverse. Moreover, nearly all that group (90%) enjoy doing so within the following year. This high level of consumer interest presents a huge opportunity for businesses. C-suite executives get all excited and predict that the metaverse could generate 4.2% of company revenues, or $1 trillion, by the end of 2025.

While gaming is certainly appealing for many metaverse users (59%), only a tiny minority (4%) see the metaverse as just a gaming platform. In fact, most consumers (70%) plan to use the metaverse to access products and services across a wide range of industries, including media and entertainment, fitness, retail, travel, and healthcare. This demonstrates that consumers are looking for more than just entertainment in the metaverse - they want to enhance their everyday activities, whether working out at home (cited by 60%) or improving their interactions with healthcare professionals (55%).

Ease of use is a top concern for consumers in the metaverse, with 70% citing easy-to-use interfaces as a key feature they want. Access to a wide variety of applications is also important for 68% of consumers. These preferences highlight the need for businesses to focus on delivering tangible experiences that address consumer needs and wants in the metaverse. As Kevan Yalowitz, Software & Platforms industry practice lead at Accenture, points out, "businesses able to deliver tangible experiences that address consumer needs in key areas of interest will gain the early-mover advantage in a rapidly forming metaverse industry."

Consumers are eager to embrace the metaverse and use it for a wide range of activities, from gaming to retail to healthcare. Platforms like Decentraland, The Sandbox, and Axie Infinity offer consumers a variety of ways to engage with the metaverse, whether through VR experiences or gaming. While businesses like Meta may see the potential to charge fees for consumers to copy everyday activities within a corporate metaverse, it's important to remember that consumers have their own goals and desires for the metaverse. Therefore, businesses should focus on meeting the needs of consumers rather than trying to control or monetize their activities within the metaverse. Ultimately, the success of the metaverse will depend on how well it serves the needs and desires of its users.