A new study by Viewthe one-stop design and marketing partner for millions of small businesses around the world, has analyzed the public’s perception of the Metaverse and its potential to become the future of online shopping, and its impact on the revival of small and medium businesses.
According to the study carried out on a sample of 500 Spaniards, the majority (64%) are familiar with the metaverse and believe that it will be around 3-4 years before its use becomes widespread. 54% of adults surveyed said they would be comfortable using metaverse technology and services, and 82% predicted it would be most popular with Gen Z and Millennials, out of all age groups.
The buying habits of Spanish consumers have changed dramatically since the start of the pandemic, with 77% of the sample stating that they prefer to support small businesses by shopping online rather than going to physical stores.
46% of Spaniards believe that having a digital presence is crucial for success of a small business and an additional 45% believe it is quite important. In this sense, the metaverse offers small businesses an exciting opportunity, combining virtual content with the real-world experiences that buyers crave, allowing them to stay relevant and competitive in this ever-evolving landscape.
Most of the interviewees (54%) affirm that they would be interested in using the metaverse to make purchases online. Other widespread uses of the metaverse would also include streaming services (56%), video games (45%), social networks (30%) and entertainment events (26%). It is clear that consumers expect the virtual street to have as much variety of businesses as the physical one. Among the different sectors that could frequent the streets of the metaverse, it is expected that the most successful small businesses will be those of electronic products (59%), fashion stores (49%), bookstores (27%), stores groceries (26%), furniture (25%) and makeup (18%).
Richard Moody, General Manager of the Nordic, Central and Southern European countries in Vista, predicts that “while the metaverse won’t completely replace the physical street, it’s likely to become a hybrid of virtual and in-person experiences. With an adequate branding strategy and the necessary technology, small companies also have good options to position themselves in this new market.”.
The Spaniards who participated in the panel also revealed what factors would be most important to them when interacting with small businesses in the metaverse to improve their connection and engagement. 53% value above all the possibility of interacting immediately with businesses and that they answer any of their questions; for 48%, an immersive shopping experience prevails; 40% are committed to a strong brand and marketing strategy; 38% want fast and efficient customer service and 35% want an accessible online experience.
Spanish consumers have a great interest in the Metaverse when it comes to online businesses. The Metaverse has the potential to open many doors for small businesses: enabling them to create unique customer experiences and spaces, offer virtual try-on options, revolutionize customer service, and open up exciting new marketing opportunities.
“While these changes may seem overwhelming for small businesses, we have seen firsthand over the last 20 years how they have already managed to navigate and adapt to major changes in the digital landscape. That’s why Vista will continue to partner with small businesses to tackle the next Internet revolution together, providing tools and advice every step of the way.”, states Moody.