The Metaverse phenomenon and how market research is entwined with harnessing its potential

Authored by Novus Insights 25/01/2022

The Metaverse is here and how! The upcoming revolution could have a lot in store for businesses and industries in diverse spheres. Here’s understanding the same carefully.

How is Metaverse impacting different industries?

Think of what it actually represents- a virtual world that is ever-expanding and is based on several characteristics including a functional economic system, public and private networks, closed and open platforms, user-generated content creation, interoperability of information and digital assets and unlimited users.

The full vision is still some time away from manifestation while companies like Facebook, Nvidia, and Unity are already branding themselves in line with developing this Metaverse. The way Metaverse has impacted the system is visible with more companies embracing user-generated content, games, groups and other experiences, emphasizing social and networking aspects of the Metaverse. In fact, outside of social networking, Metaverse will disrupt industries in terms of ecommerce, remote working, software and design and manufacturing as well. In the manufacturing space for example, companies/individuals will use software and simulation for designing components and layouts. Providers and manufacturers will then set up centres for production and churn out products with lower lead times and friction. Customers will be able to view product delivery times as a result.

The market opportunity for Metaverse may touch a whopping $800 billion by the year 2024 according to Bloomberg Intelligence reports. In hospitality for instance, Metaverse may add a whole new touch to customized experiences of guests.

How is market research impacted by Metaverse?

It goes without saying that market research will go hand in hand with the adoption and evolution of Metaverse as far as companies are concerned. It is market research that will continue evolving its parameters to include newer paradigms and sub-thresholds as signified by Metaverse while helping the business ecosystem understand, quantify and make sense of the same. The Metaverse will thus be a tool for market research and also a product of the same as per several experts. Interviews, surveys and even extensive ethnographic recordings may be virtually completed, adopting all real-world procedures and systems into augmented reality. Data verification and screening will be the primary concern here.

How can market research companies help businesses get a tangible value of Metaverse?

Market research companies can help various businesses and companies understand Metaverse and get tangible value out of it through the following steps:

• Heat maps - Enabling real-time consumer behavioral heatmaps.
• Virtual testing of designs - Companies may release products virtually at first and get people to try them out before releasing any physical product worldwide.
• Collaborative Analytics - This will enable team based users to visualize, tweak, view and interact with data before proceeding.
• 3D data visualization - Data will be virtually compiled from supply chains and with a fusion of VR and AI for analytics, it will enable a better look into diverse processes.

How can MR firms help different industries understand the impact of Metaverse on ROI?

Market research firms can help various industries delve deeper into the Metaverse and how it can impact ROI. They can help in tapping unlimited opportunities for better engagement and reach with consumers and brands. They can help with insights on NFT ecosystems which will ultimately replace smart bands and QR codes along with membership communities and clubs. Metaverse will have a real-time timeline in sync with the actual environment and it will be a totally functional and self-sufficient universe for creating, owning, investing and selling.

Market research firms will help companies understand how various platforms function together in the Metaverse. For example, it will be possible to bring elements from one program to another seamlessly. User generated content will be crucial and MR firms will delve into the same as well.

Challenges or differences between industries/companies that are reluctant to use Metaverse vs. those using Metaverse

There are numerous challenges that will be faced by companies reluctant to start adopting these new practices. Those working with Metaverse will naturally get ahead in terms of brand outreach and engagement. They will get a head-start for building marketing experiences in sync with those in the real world or those that parallel the brand’s actual activity. They will be able to harness NFT and other platforms better than non-believers. At the same time, they will be able to do their research to cash in on future virtual advertising within the Metaverse. Immersive experiences are what will propel them ahead along with branded event sand installations digitally as well.

Companies adopting Metaverse will start offering collectibles digitally or limited-edition items while engaging with communities on new platforms galore. They will keep experimenting with various tactics and encouraging user-driven and created content for their ecosystems. AR advertisements will also become the norm in the future.

Hence, companies reluctant to use Metaverse techniques will fall behind in terms of harnessing futuristic marketing technologies and strategies.