Metaverse, friend or foe?

WITH countless businesses flocking to see how they can leverage Mark Zuckerberg’s new synthetic world, the Metaverse, a new report released this week believes it could be an asset for the travel sector.

The study from professional services company Accenture stated that virtual travel experiences offered in the Metaverse had the potential to incentivise physical travel, rather than replace it as some outside observers have cautioned.

“It is important to recognise that the Metaverse...can provide a complementary enhancement to an overall experience that, over time, can become an essential part of the travel ecosystem,” Accenture’s Senior Executive Director and Global Head of Travel Emily Weiss said.

“Giving the option to sit in a virtual First class seat, experience the lounge, or walk through a resort or hotel room opens up opportunities to truly engage and inspire people before they travel.

“Through ‘try before you go’, recreating landmarks in all their past glory or allowing travellers to investigate parts of nature they can’t explore in a real-life interaction,” she added.

The survey of more than 11,000 consumers in 16 countries found 50% of consumers said they either are, or would be interested in purchasing a virtual travel experience, such as a sightseeing tour or a hotel stay.

This figure increased to 55% of millennials, compared with just 29% of baby boomers.

The report added that travel and tourism companies who fail to invest in the Metaverse risk being left behind and unable to compete with other businesses as more people continue to migrate to the new digital world.

“The era of the Metaverse has begun, and so for consumerfacing companies, it’s not about deciding if they’re going to enter the Metaverse, it’s about deciding how,” Accenture Retail’s Senior GM Jill Standish said.

“The Metaverse can also help build loyalty through personalised experiences that go beyond simply purchasing a product.”