29 July, 2022

Study: Aussies Well Aware Of The Metaverse, Half Don’t How To Use It

By B&T Magazine

Product review site Bazaarvoice has released its latest research, based on a survey of more than 1,502 shoppers in Australia. The report highlights the importance of engaging shopping experiences and proves that ‘online shopper’ may soon become a redundant term, as almost all consumers are shopping on the Internet. Australian shoppers are now looking for brands and retailers to take their e-commerce experiences to the next level with rewards programs, gamification, and AR and VR, and – eventually – opportunities in the metaverse.

The Australian survey highlights include:

Experiences are priceless: Even with rising inflation, 99 per cent of Australians said there is at least a certain case where they would buy something based on experience over price.
Move to the metaverse: There’s no Australian shopper – in fact, not a single shopper worldwide in Bazaarvoice’s global survey – who has not heard about the metaverse. However, in line with global peers, 51 per cent of Australian respondents said they don’t understand the concept. Some 31 per cent think it will be regularly used by most people in three to five years, seven per cent think it will happen within the year, and 12 per cent don’t think it will ever be widely used.
Concerns about the metaverse: The biggest barriers for Australians to adopt shopping within a metaverse experience are their self-reported low understanding of the metaverse (37 per cent), the lack of trust in the metaverse with personal data (35 per cent) and a perceived inability to try things out before purchasing (35 per cent).
Product ratings and reviews are highly valued: 41 per cent of Australians identify user ratings and reviews as the most valuable source of insights when making a general purchase. Some 24 per cent of Australians say ratings and reviews are their second most valued source of insights.
Encouraging customers to leave a product review: The most compelling elements for Australian shoppers to leave a written or image review is being entered into a sweepstake where they have a chance to win something (54 per cent), followed by an email nudge from the brand or retailer they bought from reminding them to review (37 per cent), and by the opportunity to have their reviews included on a brand website or in a campaign (33 per cent).
Brands need to step up their gamification: A further 68 per cent of Australian shoppers said they would enjoy gaming elements while shopping online, 37 per cent said in-store, and 36 per cent said in-app. While 72 per cent said they would spend longer in an app or on a website if they received points that converted into a discount in return. A further 76 per cent said they would submit UGC to gain a reward.
Virtually everyone is buying on social media today: While 97 per cent of Australian respondents said they have purchased through social media platforms.
Take shopping into the future: Live shopping (47 per cent) is the emerging shopping experience Australians are most excited about, followed by virtual reality (VR) (42 per cent), augmented reality (AR) (27 per cent), and the metaverse (29 per cent). Overwhelmingly, 52 per cetn of Australian shoppers want to see more AR/VR integrated into in-store experiences.
The potential of live shopping: Almost a third (30 per cent) of all Australian shoppers have already interacted with live shopping, while 34 per cent of the country respondents said they had not interacted yet with this type of shopping experience but would be interested.
Concerns about the metaverse: The biggest barriers for Australians to adopt shopping within a metaverse experience are their self-reported low understanding of the metaverse (37 per cent), the lack of trust in the metaverse with personal data (35 per cent) and a perceived inability to try things out before purchasing (35 per cent).
NFTs are not going away: Some 57 per cent of Australians said they know what an NFT is, 25 per cent said they kind of do, and 14 per cent said they don’t. While 41 per cent of Australian shoppers said they’re going to buy an NFT in the next 12 months, while 27 per cent said they are planning to in the coming years, meaning over two thirds say they’re going to buy one at some point.

“With consumers more willing than ever to gamify their shopping experiences, brands need to look beyond the need to convince their prospective customers to just buy something. Shoppers today are happy to be entertained, nudged, challenged, and engaged beyond a product transaction,” said Kate Musgrove, managing director of Bazaarvoice at Asia Pacific.

“Brands and retailers willing to experiment with emerging technologies and shopping experiences are poised to encourage more and better product reviews that drive higher sales,” she added.

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