Tech, media and telco leaders are excited about the opportunity of the metaverse, but few are taking action.
59% believe the metaverse will have a huge impact on business and consumers.
53% are investing in metaverse staffing and resources.
Investing in the metaverse is expected to have a big impact on digital transformation, innovation and customer engagement.
Leaders are looking to the metaverse to drive revenue and profit.
61% believe they would see an increase of over 55% in revenue and profit margins.
57% have plans to implement augmented reality tools.
Top desired outcomes: improved customer experience, product innovation and revenue growth.
The gap between action and capability is the main challenge for organisations in adopting the metaverse.
Almost Two-thirds of companies feel unprepared for designing metaverse experiences and processes.
Proper technology and skill sets are the primary barriers to metaverse adoption and planning.
60% of tech, media and telco leaders believe metaverse success depends on increased customer demand.
Only one-quarter of tech, media and telco businesses are highly prepared for the metaverse.
At least Two-thirds of respondents agree that hiring talent for the metaverse is a big priority.
Setting and tracking KPI and metaverse pilot projects will help companies build on their early success.
Highly prepared companies are investing more in the metaverse and are more likely to anticipate those investments having a big impact.
KPMG commissioned a survey of 767 TMT executives to understand their preparedness for the metaverse. The survey shows many are trying to balance investing in an unknown future to avoid being blindsided by a metaverse pioneer, while making sure they don’t invest in projects that later become redundant.
Download report: Understanding the value of the metaverse
3 key takeaways for TMT businesses
1. Begin your metaverse journey at home
2. Think big, start small, move fast
3. Focus on real business and customer value
How KPMG can help
Metaverse opportunities for organisational challenges
We’ve listed some examples of metaverse opportunities to help you consider new ways to solve common organisational challenges.
How can we enhance customer engagement?
A metaverse approach could be to use Co-creation. This is a digital platform offering product co-creation with users and fans.
How do we reduce customer acquisition costs?
A metaverse approach might be to use loyalty assets. This includes incorporating digital assets or experiences designed to promote loyalty.
How do we foster product innovation?
A metaverse approach might be to use physical goods. These are the integration of physical and digital goods for a better customer experience.
How do we enhance our training and onboarding processes?
A metaverse approach could be to consider mixed reality training for sales, customer service and diversity and inclusion.
How do we improve identity and data management processes?
In the metaverse, consider data sovereignty. This is a blockchain based self-sovereign identity (rather than relying on third parties) and includes data monetisation and data portability.
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Telco players are taking big steps to redefine their business and operating models.
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