HomeThe Virtual CrunchTrendsIndian consumers start buying virtual products amid metaverse buzz

Indian consumers start buying virtual products amid metaverse buzz

Amid the hype surrounding metaverse, nearly two-thirds (64%) of consumers worldwide, including India, purchased a virtual good or participated in a virtual experience in the previous year, a figure that is expected to rise as 83% now show interest in making purchases via metaverse, according to a new report released on Thursday.

In addition, 42% of respondents globally, including 42% in India, stated they have visited a merchant in the virtual world to seek assistance, make a payment, or browse a product selection when shopping for a physical item.

According to a global Accenture survey, the growing use of immersive technologies such as augmented and virtual reality will drive consumer-facing companies, such as those in retail, consumer goods, and travel, to increase investment in new capabilities and experiences that blend physical and virtual worlds, or risk being left behind.

“By embracing the metaverse, organisations have the chance to redefine customer experiences as well as revolutionise the way goods and services are generated and given,” Anurag Gupta, managing director and lead, strategy and consultancy, Accenture in India, said.

More than half (55%) of consumers believed that more of their lives and livelihoods are migrating online.

In response, the vast majority (90%) of retail executives stated thatA leading organisations will push the virtual world’s boundaries to make it more real.

Furthermore, 72% of worldwide executives believe the metaverse will have a good influence on their businesses, with 45% expecting it would be breakthrough or revolutionary.

Half of customers (50%) stated they are purchasing, or would be interested in purchasing, a travel experience such as a sightseeing tour or hotel stay.

For recreation, 54% of customers stated they are purchasing, or are interested in purchasing, tickets to a virtual world concert, show, or sporting event.

“To profit from the new possibilities that may arise in the future, consumer-facing organisations must focus on skilling and investing in a strong technological foundation,” said Manish Gupta, managing director and lead, products, Accenture in India.

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