The Metaverse is a parallel virtual world that has taken on a life of its own. Many brands have ventured into the next iteration of the internet after Facebook CEO and co-founder Mark Zuckerberg in Connect 2021, announced that his company Meta aimed to build a new version of the internet. However, the Metaverse concept existed long before in video games, movies, and books. For example, Epic Games, the company behind the massively successful game Fortnite, held a virtual concert in April 2020, where 12.3 million people from across the world logged in to see Travis Scott’s performance.
- According to Vantage Market Research projections, the Metaverse market size is expected to reach USD 814.2 Billion by 2028
- A survey by Obsess reveals that 70% of consumers who have visited a virtual store have made a purchase
- The same research found that 60% of shoppers (54% of Gen Zers, 68% of millennials and 67% of Gen Xers) who have shopped in a virtual store before indicated that they are likely to do it again
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Why is the Metaverse Important? and how can brands find their place in the Metaverse? How can market research companies help businesses get real value from Metvarse?
The Metaverse is an open shared virtual universe where users can access a wide range of experiences and interact with other users. There are many tools that the market research industry already uses that can further help businesses get real value from Metaverse. Tools such as:
- Virtual Reality (VR): Companies can use VR to test products worldwide before release and generate consumer insights
- Augmented Reality (AR) with video surveys: Adding AR to video surveys helps companies to increase users’ engagement and improve feedback quality
- Heatmaps: Helps companies visualize consumer behaviour in real-time
- Eyetracking: Reveals subconscious behaviour and provides unbiased data to researchers
For over 40 years, we have helped our clients to reimagine their research approaches and move faster by providing them with innovative tools. Tools that take all real-world processes into augmented Reality. Metaverse is gradually developing and draws support from VR, AR, blockchain, and connectivity technologies. Here at Canadian Viewpoint, we use VR and AR technology in our shelf-testing research. We conduct shelf testing experiences to understand what drives purchases and intent for many industries. We have facilities in major cities in Canada to bring respondents into to conduct virtual and real-life tests. We have equipped facilities with focus group rooms as well as life-sized virtual Reality, including various headsets, glasses, and controllers to measure respondents’ behaviour. VR shelf tests are perfectly suited to be combined with implicit research methods like eye-tracking and heatmaps. Researchers can precisely determine people’s search and orientation patterns rather than hoping participants can accurately notice and recall what they were looking at after the fact.
The Metaverse will enable us to re-create many online functions and services by mixing virtual reality and augmented reality.
The market research industry will continue adapting and helping businesses to understand, quantify and make informed decisions. Here at Canadian Viewpoint, we help our clients to bridge the gap between Reality and the Metaverse. There are many ways that market research firms can improve user experience in Metaverse and Canadian Viewpoint can provide the facilities and respondents for the research. If you are not sure which tools are suitable for your research, please get in touch with us! We’d be happy to help you figure out which options would work best for you.