Consumer Behavior

Sustainability matters even in the metaverse

Photo by istock.com

June 15, 2022

Consumers want sustainability information when it comes to shopping but it's not often readily available which doesn't bode well given 67% of shoppers are more likely to purchase products if that information is well presented. Nearly half of consumers, 40%, are excited to buy virtual products that will enhance their experience.

Those are top findings from a Productsup's The Commerce Shortfall report that revealed consumers need more product information to make purchases in the physical, digital, and virtual world, according to a press release.

The report stated that knowing more information about products is one of the top factors that would entice consumers (35%) to shop with a different brand or retailer.

"Yet our research suggests that the same principles of commerce that apply now will also rule metaverse engagements. Businesses looking to enter the metaverse will need to ensure their tech stacks can handle an unprecedented influx of data flows to support faster speeds, more channels, and new innovations," stated the release

The report is based on a survey of nearly 5,700 consumers aged 16 and up across the U.S. and Europe, on preferences, expectations, and behavior toward hybrid shopping experiences – focusing specifically on shopping sustainably and in the metaverse.

Additional findings include:

• Consumers insist on prioritizing products that will not end up in a landfill, and instead prefer ones that are reusable (71%) or recyclable (70%).
• Consumers report information on a product's reusability (34%) and recyclability (30%) is difficult to find.
• Considering sales for non-fungible tokens (NFTs) are declining, the report reveals this may be because many consumers (60%) still aren't interested in buying virtual-only goods.
• Respondents revealed they were more likely to make a purchase if their shopping experience includes a mobile app that provides more product information while shopping in-store (47%), as well as virtual and augmented reality while shopping online (42%).
• Faster return processes (45%) and the ability to place an order in the metaverse for a physical product that is delivered in the real world (44%) are other leading factors.
• Most interested in making purchases in the metaverse are consumers based in Spain (63%), Italy (55%), and the USA (47%), while the least interested are Denmark (31%), the UK (32%), and Norway (36%).

"As the hype for shopping in the metaverse increases, there is an expectation for bigger, better virtual experiences," Marcel Hollerbach, chief innovation officer at Productsup, said in the release. "Yet our research suggests that the same principles of commerce that apply now will also rule metaverse engagements. Businesses looking to enter the metaverse will need to ensure their tech stacks can handle an unprecedented influx of data flows to support faster speeds, more channels, and new innovations."