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Indian consumers start buying virtual products amid metaverse buzz

New Delhi, May 5, 2022- Amid the buzz around metaverse, nearly two-thirds (64 per cent) of consumers globally, including in India, purchased a virtual good or participated in a virtual experience in the past year, a figure that is set to rise as 83 per cent now show interest in making purchases via metaverse, a new report showed on Thursday.

Furthermore, 42 per cent of respondents globally, including in India, said they had visited a retailer in the virtual world to get advice and make a payment or browse a product range when shopping for a physical item.

The growing use of immersive technologies such as augmented and virtual reality will spur consumer-facing companies, such as those in retail, consumer goods and travel, to increase investment in new capabilities and experiences to blend physical and virtual worlds, or risk being left behind, according to a global survey from Accenture.

“By embracing metaverse, businesses have the opportunity to reinvent consumer experiences and also transform the way in which products and services are being created and offered,” said Anurag Gupta, managing director and lead, strategy and consulting, Accenture in India.

More than half (55 per cent) of consumers agreed that more of their lives and livelihoods are moving into digital spaces.

In response, the vast majority (90 per cent) of retail executives said thatA leading organisations will push the boundaries of the virtual world to make it more real.

Further, 72 per cent of global executives state that the metaverse will have a positive impact on their organisations, with 45 per cent believing it will be breakthrough or transformational.

Half (50 per cent) of consumers said that they are buying, or would be interested in buying, a travel experience such as a sightseeing tour or hotel stay. Thi

For leisure, 54 per cent of consumers said that they are buying, or interested in buying, tickets to a concert, a show or sporting event taking place in a virtual world.

“Consumer-facing companies need to focus on skilling and investing in a robust technology foundation to benefit from the new opportunities that will come up in the future,” said Manish Gupta, managing director and lead, products, Accenture in India.  (Agency)

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