50% of Consumers Don't know about Metaverse, Business Must Solve this Problem

In February 2022, marketing automation platform Klaviyo, published their results of a survey of 1000-3000 people, on the understanding of the "Metaverse" by the masses. Some interesting insights, spanning both United States [US] and United Kingdom [UK]:

General Consumer Sentiments:

[US] 49% of US consumers aren’t aware of the Metaverse.

[US] 17% of US consumers believe the metaverse is just Facebook.

[US] 78% think it’s just marketing hype

[UK] 58% don’t know what it is either

[UK] 96% of 25 to 54-year-olds said they wouldn’t shop in the metaverse.

Young Adults [18-24 years old] Sentiments:

[US] 65% suggest they're not interested shopping in the Metaverse.

[US] 45% stated that they had no idea about NFTs, whilst 58% who have some know how said they’d never invest.

[US] 43% say they’re interested in cryptocurrency, whilst 39% say they wouldn’t invest.

In light of these findings, Ed Hallen - Klaviyo's co-founder and chief product officer, has stated that:

“What’s clear from this data is that businesses need to be aware of customer skepticism around concepts such as the metaverse, NFTs, and cryptocurrency before diving in headfirst,”. He further added that, “Instead, they should listen to their customers in a meaningful way and slowly introduce metaverse marketing into their business model,” he said.

Key Takeaways then?

As we've stated before, Metaverse is an amalgamation of  many technologies converging. Since, this is very a small sample size, 1000-3000 people, it should not be ascertained that this is applicable to the larger distribution. 

Research suggests that Human Resources and Training will be the low hanging fruit that Metaverse can address soon. Beyond these, the technology needs to mature more. Here, McDonald's has taken the right Metaverse centric business strategy and startup Zeta Surgical is pushing into nascent space of non-invasive surgery.