Majority CXOs Believe Metaverse Will Enable Them To Build New Business Models: Study

According to a latest study by Wipro, majority CXOs (78 per cent of all respondents) believe Metaverse would enable them to build new business models.

The study also revealed that 63 per cent respondents agree that the Metaverse will be a game changer that will transform many parts of their businesses. The main benefits include enhancing business activity by making it a more immersive experience, spurring greater innovation, and accelerating time to market.

56 per cent of those surveyed see a key benefit as being the potential for increased customer satisfaction and retention over the next two years.

In terms of adoption, firms in the US are the quickest out of the gate (19 per cent). Companies in the UK (13 per cent) and Germany (12 per cent) are following behind. However, German firms will pick up the pace over the next 2 years, surpassing US and UK firms.

The study further said that nnly 35 per cent of respondents have currently set budgets and goals for their Metaverse plans, with a further 30 per cent planning to do so over the next 2 years. When it comes to ensuring data security and privacy of Metaverse initiatives, only 4 per cent of respondents reported having done this, with 14 per cent planning to do so over the next 2 years. 

Implementation challenges notwithstanding, the importance of being a leader in the metaverse space is clear, with 34 per cent of respondents saying it will enable them to reach new customers. On the financial side, 33 per cent believe the Metaverse will help deliver improved profitability through decreased costs and increased revenue over the next two years, the Wipro study mentioned.

In a statement, Chandra Surbhat, Vice President & Practice Head, Digital Experience, Wipro Limited, said, “The metaverse and augmented experience will bring new and creative ways to grow businesses. Our research shows that this technology will create new ways of engaging with customers, simplifying processes, decreasing costs, and increasing revenues. Our report also highlights the complexities of leveraging this technology, particularly regarding challenges around compliance, complimentary technology, and building the right teams. The early adopters will clearly stand to gain from brand visibility, the ability to iterate and fine-tune the models, and the opportunity to be leaders in the metaverse.”