Marketers are looking to take advantage of the metaverse to boost their operations, according to the 2022 Perceptions of the Metaverse report from Sitecore.

The survey spoke to almost 700 global marketers (300 in the UK) and 2,001 consumers about their perception of the metaverse and how it will change interactions between brands and consumers.

Many brands said they want to invest heavily into the metaverse, with 50% or respondents saying the plans to allocate more than 10% of their budget to the technology throughout 2023.

Almost all marketers (91%) said they would be investing a portion of their total budget into plans for the metaverse over the next five years. Additionally, 81% are also creating a new role in their team for a metaverse coordinator and the same amount believe there will be widespread metaverse adoption in the next five years.

Two-in-five marketers have already witnessed a compelling metaverse use-case that could help drive ROI in their firms, the report suggested.

Despite strong intentions to invest, there is acknowledgment that consumer education is needed and 78% of marketers plan to work harder to educate consumers on the benefits of the metaverse.

The metaverse is viewed as the ‘next big thing’. However, with 67% of marketers expecting consumers to spend more their than they currently do on social media, there is acknowledgment that consumers will require education.

Almost two-thirds (65%) feel that consumers don’t fully understand the concept of the technology and only 30% of consumers currently class themselves as ‘metaverse enthusiasts. However, with any new technology, there is an adoption period, so this is likely to change in the coming months and years.

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Paige O’Neill, Chief Marketing Officer at Sitecore, commented: “Whilst the metaverse is still very much in development, the concept is already offering a real opportunity for brands to create better connections with their customers.

“When it comes to experiences in virtual worlds, we’re in entirely new and very exciting territory. Brands now have the ability to find new ways to impress and excite their customers, whether that be from having conversations with them via a metaverse influencer, offering them exclusive access or inviting them into your virtual store. And whilst there’s clear excitement around the possibilities for the metaverse, there is a greater need for further education on how exactly it’s all going to work.

“By partnering with industry experts, brands can start to build the foundations of new connections with their customers whilst consumers can start the journey of understanding what the metaverse has to offer.”

Despite enthusiasm around the metaverse, privacy and safety remain key for marketers and consumers alike.

Research found that almost three quarters (73%) of consumers express concern about the safety and privacy of their personal data and 61% say they would be less inclined to give up their personal information via the metaverse than they would be in person.

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