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If you're still skeptical about the metaverse, you're in good company. According to a recent survey, 55% of adults with an annual income over $100,000 said they are not interested in or excited about the new virtual world, while 37% said they are even concerned. Only 6% of respondents expressed enthusiasm for the metaverse. These numbers might not seem encouraging, yet one of the most popular metaverse gaming platforms currently available in the USA, Roblox, averages over 54 million daily users, the vast majority of whom are part of Gen Z and younger American generations. These users have collectively spent more than 1 billion dollars on digital items like clothes or accessories designed to be worn by players' avatars.
Children and young adults, who in countries like the United States excel in high digital literacy in social media and technology, have already shown their interest in the metaverse, - says Winnie Burke, Head of Fashion & Beauty Partnerships at Roblox. In the platform's 'Creator Mode', players can use Lego-like digital bricks to build virtual worlds from scratch, then share those worlds online or jump into other environments with their friends. Over 30 million of these virtual worlds have been created so far.
In addition to creating worlds, young people enjoy personalizing their virtual avatars, dressing them with clothing and accessories. According to Neha Singh, CEO of Obsess, a New York-based company that builds and designs virtual worlds in the metaverse, about 20 percent of Roblox users change at least one accessory or fashion item on their avatar daily. Singh added that a recent survey by Obsess found that nearly three-quarters of American Gen-Z have purchased a digital item for their avatar within a video game.
In December 2021, the fast fashion brand Forever 21 launched Shop City, a virtual playground on Roblox where users can build their own virtual stores, furnish them, and express their fashion taste by selecting and selling clothes and accessories of their choice, with the ambition to become the most frequented top shop. Forever 21 CEO Winnie Park states that the key to engaging younger consumers is to create a presence in the spaces they already inhabit and then provide them with tools to express themselves. – We are focusing on building an authentic relationship that allows us to get closer to our target Gen-Z audience, or people aged 9 to 22, - says Park. - I think it's crucial for our brand to be where that demographic already is, and today in America that means Roblox.
While Park claims that the primary goal of experimenting with new business activities in the metaverse is to create a presence for the brand in spaces already inhabited by Gen-Z, this marketing operation has also helped boost sales: for the metaverse Shop City, Forever 21 created a virtual black beanie with the word “forever” printed on it so successful in the virtual world that the company decided to produce it physically and sell it in their stores. According to Park, the virtual beanie is one of the company's best-selling items of all time (digital or physical) with over 1.5 million items sold.
While these worlds may indeed be virtual, the opportunities are real, and this is particularly true when engaging Gen Z, who generally do not distinguish between virtual and offline experiences. Projections for 2023 estimate 176 million users will enjoy AR/VR content in the American market alone. (Statista, 2022).
If young people feel that the sole purpose of your metaverse experience is to sell them things, you might risk damaging your brand, says Park continuing - Brands should primarily use the metaverse as a tool to build brand loyalty, which in turn will contribute to sales. - But how can brands direct users who are not yet fans of the brand to their virtual experiences? Burke states that - Roblox is working to implement sponsored search results and a suggestion system that will allow brands to more efficiently reach the intended demographic.
Entrepreneurs interested but skeptical about the metaverse should download Roblox on their phones and experiment, according to Park. - I think you need to experience it firsthand to say, 'Okay, I understand the parameters of what I can do here, and here's what I think I want to do.
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