70% of virtual store visitors made a purchase, new study reveals
A new study has revealed how Gen Z consumers are shopping in the metaverse, with 70% of consumers who have shopped in a virtual store making at least one purchase.
Experiential ecommerce platform, Obsess, issued 'The 'Metaverse Mindset: Consumer Shopping Insights' study, to gauge consumers’ perceptions of and demand for virtual shopping experiences in the metaverse, a market opportunity that Bloomberg Intelligence estimates will reach nearly $800 billion by 2024.
The Obsess survey found that nearly 75% of Gen Z shoppers have purchased a digital item within a videogame and that 60% of these young shoppers think that brands should sell their products on metaverse platforms.
Among Gen Z'ers who think brands should sell in the metaverse, 54% reasoned that people should be able to shop anywhere they go online, whilst 45% indicated that metaverse environments should be like online shopping destinations.
The platform, which serves augmented and virtual reality platforms for brands and retailers, also measured the interest in brands creating immersive virtual stores on their own web sites and metaverse platforms.
Among respondents who had previously shopped online in a virtual store, 60% indicated that they are likely to do so again, including 54% of Gen Z'ers, 68% of millennials and 67% of Gen X'ers.
Not all consumers are clear on how the metaverse is defined. Just over half (53%) of respondents said they are very or somewhat familiar with the term metaverse, indicating that retail brands will need to establish clear messaging when it comes to describing their metaverse offerings to consumers.
40% of all respondents think the metaverse is still in the conceptual stage, but that it will eventually take the form of connected online technology platforms that people will navigate using a digital avatar, while more than a quarter (27%) mistakenly perceive that the term metaverse refers to a technology owned by Meta, the parent company of Facebook.
Neha Singh, CEO and Founder of Obsess said: "Our data indicate that the majority of younger consumers want to be able to shop their favourite brands anywhere they go online, including on metaverse platforms.
"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 socialise. For retail brands, these survey findings highlight the importance of creating sound metaverse commerce strategies today that will resonate with consumers over the coming years."