Laurent Pignot, a graduate of Montpellier Business School and Paris 1-Sorbonne, with experience in the world of banking and insurance, has such a passion for cryptocurrencies that one day he wants to launch a medium dedicated to the popularization of these alternative assets . What attracts this lover of sports and gastronomy? As a good representative of his generation, the decentralized and disintermediated dimension of these currencies. What drives it? Adrenaline is linked to the investment game.
For a large part of the population, if not the majority, life on the border between the real and the virtual seems strange, even a little sad and scary. But at the same time, the greats of this world are all embarking on this new web that aims to change the paradigm of the Internet. The metaverse, they say, is almost here. Nike, Gucci, L’Oral, Victorias Secret, Walmart, Puma, Under Armour, McDonalds, Disney, not to mention, of course, the tech gloves the Web3 wears at arm’s length launch the metaverse. In this context, it’s reasonable to take a moment to see if this reality lives up to the hype.
Of course, in the wake of meta, many companies are wondering if they should be part of this new web. In other words, they’re thinking about how to navigate the metaverse, where to start, and what to really get out of this Web3. To make it quick and not to be redundant with everything you may have read, heard or seen on the subject of the metaverse, we are going to summarize this concept into a digital experience on the web that is immersive, three-dimensional and virtual where possible. is to play, work, buy, socialize… For more details, you can take a look at my article that elaborates on the topic: Metaverse: the world of tomorrow?
While many stock market giants are throwing themselves into the metaverse ecosystem, many other companies are still waiting to find their place, that is, to find the balance between risk and reward. Yes, because if L’Oreal Where Nike investing in the metaverse, they have a cash flow that allows them to gain a foothold, or rather a shop window, on a digital lot. But for smaller companies, the issues may be different and it is imperative that they take into account the issues this poses. Let’s get informed.
Estimation of metaverse consumer use cases
and companies around the world in 2026
25%: Percentage of people who will spend at least one hour a day in the metaverse for work, shopping, education, socializing, and entertainment.
30%: organizations that have metaverse-ready products and services
Is leaving Zoom or Teams to meet a hologram or avatar of a customer, supplier, employee in a virtual meeting room a reality or a digital utopia? According to the predictions, our work habits could soon be disrupted. However, it is not a priori a matter of completely eliminating human contact, but rather offering more immersive and more personal interactions on the Internet. Of course, as these experiences evolve, the virtual and augmented reality market, which are linked together with the metaverse, should receive a significant boost:
Global Augmented Reality (AR) and Virtual Reality (VR) Market Size
from 2021 to 2024 (in billions of dollars)
Meta, Google, Apple, Baidu, Microsoft, among others, have all entered the race for headphones or augmented reality glasses. A market that, according to forecasts, should explode in the coming years. Although these new trends seem far from our current day-to-day lives, if we go back a few years, we can see the technological revolutions that have followed each other: from the MP3/CD player to Spotify on our smartphone, from MSN to TikTok, headphones wired headphones to wireless Bluetooth headphones, the advent of connected watches or the connected speaker that allows us to talk are examples of many others.
Our world is changing. A world where innovation chases another, and we bet many things will change in the next decade and we might be foolish to hide the rise of the metaverse. In that sense, let’s ask ourselves the right questions, what is the importance of companies launching the so-called “Web3”?
A unique shopping experience
According to a study conducted by Top insight, more than 77% of consumers on the internet abandon their shopping cart before completing their purchase. A phenomenon that indicates that retailers still have a long way to go in convincing customers to complete their purchases on the internet. Is the metaverse the keystone? A survey conducted by Obsess entitled Metaverse Mindset: Insights into Consumer Shopping”, showed that 70% of consumers who visited a virtual store ended up buying an item.
Product Categories US Internet Users Want: try through AR/VR before making a purchase
It seems the “clothing” category is the most popular with Americans when it comes to AR/VR immersion in commerce. So could the metaverse, with augmented reality, finally convince the consumer to continue with the purchase process thanks to a more satisfying user experience? It’s probably too early to confirm data that would go in this direction, but it’s clear that the first trends are emerging. In that sense, according to BloombergThe metaverse sector as a whole should grow double-digit over the next few years to $800 billion by 2024.
Metaverse Market Growth Forecasts
A generation question?
Before we jump in at the deep end, let’s do a generational inventory. Generation X is represented by people born between 1960 and 1980 to be broad, Generation Y was born between 1980 and 2000 (exactly from 1982 to 1997 for the experts, although they don’t all agree on exact dates) and Generation Z from 2000 .
According to Obsess and his research Metaverse Mindset: Insights into Consumer Shopping”,
“75% of Gen Z shoppers have purchased a digital item in a video game, and 60% of these younger shoppers believe brands should sell their products on metaverse platforms. Among Gen Zers who believe brands should sell in the metaverse, 54% believe people should be able to shop online from anywhere, while 45% believe metaverse environments should look like shopping centers online.
This survey also reports that a quarter of respondents made online purchases in a 3D virtual store. This group (¼ people who bought in a virtual store) consists of 69% of Gen Z, 77% of Gen Y and 67% of Gen X. These virtual stores are considered by brands as a gateway to the metavers. In addition, in this group, more than the majority of each generation is ready to renew the shopping experience in a 3D virtual store.
And yet note that 40% of all respondents believe that the metaverse is still in the conceptual stage and will be “possibly in the form of connected online technology platforms that people navigate using a digital avatar.”
The aforementioned survey was conducted among 1,001 U.S. consumers surveyed online by Kantar from Dec. 22 to Dec. 29, 2021. A relatively small sample size to extrapolate the results nationwide. To add some weight to this study, another survey from Snap and Deloitte found that by 2025, more than 50% of the world’s population will be using social applications that provide augmented reality.
Number of augmented reality users worldwide by 2025 according to their generation
More than 4 billion people are expected to use AR apps by 2025. A survey of 15,000 consumers in Australia, Canada, France, Germany, India, Japan, Malaysia, Mexico, United States, Netherlands, Norway, Saudi Arabia, Sweden, United Arab Emirates, United Kingdom and United States.
The research reveals another stunning statistic: “Interacting with products with AR experiences leads to a conversion rate of over 94%”. We understand a little better why companies are entering the AR industry against the backdrop of the metaverse. It seems that augmented reality technology could solve important problems for some brands, including the ability to significantly increase the conversion rate of online users.
Ultimately, we understand a little better the interest of brands in participating in the metaverse and in augmented reality. On the one hand, the new generations are used to living between the virtual and the real (social network, video games, internet banking, shopping, etc.). For example, an American spends an average of 24 hours a week on the internet (source: MIT technology) and the video game player spends an average of 800 hours per year in the worlds of Halo, Call of Duty, Minecraft… Generations that will be more proficient on the new Web3 platforms. Naturally, companies will want to reach these generations to market their services on these platforms.
On the other hand, according to the first studies conducted on the metaverse and augmented reality sector, companies would have an a priori interest in offering services related to these technologies. As we have seen, achieving a high conversion rate is proving to be a real dilemma for businesses these days. It could be that the metaverse can optimize the marketing of services on the Internet and make it possible to address new generations differently. While many questions arise from an ethical, technological, economic and social point of view, here we understand a little more the importance of companies taking on the metaverse: a commercial and generational interest. I prepare articles for you that explore the ethical, technological, economic and social facets of Web3.
In the meantime, you can find our thematic list of the publicly traded companies associated with the metaverse:
Topic List: Metaverse