Metaverse improving customer experience in 2023
Wilson Chow, the PwC Global Technology, Media, and Telecommunications Industry Leader, shared his insights on the impact of the Metaverse on businesses, particularly retailers in 2023. According to a PwC Smith diverse survey, 82% of executives expect Metaverse plans to be part of their business activities within three years. Chow predicts that Web 3 and Metaverse will be top business strategies for C-suite people in 2023, and there will be wider adoption of these technologies for business use cases.
Chow believes that the Metaverse offers an immersive digital experience that can enhance the consumer experience, especially for younger consumers born in the late 90s and early 2000s. Retailers can monetize their products and services by offering unique digital products like NFTs and immersive shopping experiences on the Metaverse. Some examples of Metaverse initiatives in Asia-Pacific include Samsung's Metaverse shop in Decentraland and traditional department stores in Japan.
However, companies may encounter challenges in pushing for Metaverse initiatives, such as regulatory concerns and ensuring the security and privacy of consumer data. Chow advises companies to prepare for these concerns by educating themselves on the technology, collaborating with industry partners, and developing a clear strategy for implementing Metaverse initiatives.