Consumer Interest In 'Virtual Living' Likely To Create New Parameters For Brands, Says Accenture

By Steve Wynne-Jones
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Consumer Interest In 'Virtual Living' Likely To Create New Parameters For Brands, Says Accenture

The increased use of augmented and virtual technologies, as well as the metaverse, is likely to create new opportunities for retailers and consumer goods brands, a new survey from Accenture has found.

Accenture surveyed 11,000 consumers across 16 countries, and found that close to two thirds (64%), had already purchased a virtual product or taken part in a virtual experience or service in the past year.

In addition, some 83% of participants said that would 'show interest' in making purchases via the metaverse, and 42% said that they had visited a retailer in the virtual world to get advice, make a payment or browse a product range.

Some brands, such as Heineken (pictured), have used the metaverse to unveil new products.

“The metaverse era has begun, and so for consumer-facing companies, it’s not about deciding if they’re going to go into the metaverse, it’s deciding how," commented Jill Standish, senior managing director and global head of Accenture’s Retail industry group.


“Retailers and brands will need to reimagine and experiment with what new immersive and consultative experiences could mean to consumers. In addition to new opportunities to sell, the metaverse can also help build loyalty through experiences that go beyond just buying a product."

Meet Me In The Metaverse

According to Accenture's Meet Me in the Metaverse: The Continuum of Technology and Experience Reshaping Business report, more than half (55%) of consumers agree that their lives and livelihoods are moving increasingly into digital space.

In addition, the vast majority of retail executives (90%) believe that leading organisations will need to 'push the boundaries of the virtual world' to create seamless navigation between the digital and physical words, and 72% of global executives state that the metaverse will have a positive impact on their organisations.

"For instance, retailers can create a personalised experience by offering a live-stream shopping event where customers can sit next to a brand ambassador, and then immediately be able to step into a virtual dressing room where they can try something on, add it to their cart, and check out," Standish added.


Revenue Opportunity

As well as rise to new ways to shop, travel and socialise, virtual products and locations highlight a potential opportunity to grow revenue across industries, according to Accenture.

“In a world where digital has become as important as the physical, consumer-facing companies are challenged to create, shape and market products, services and experiences that can move between the physical and virtual worlds," said Oliver Wright, senior managing director and global head of Accenture’s Consumer Goods and Services industry group. "They need to do this while coordinating a network of experts, skills, and technologies to help make it happen."

© 2022 European Supermarket Magazine – your source for the latest technology news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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