The metaverse is the next iteration of the internet, promising to be as disruptive to travel brands and destinations as online booking and the mobile web. Already brands are testing the waters, offering fun, immersive travel experiences and launching brand campaigns in the metaverse to reach new audiences. There is scope for vast transformation where operational efficiencies will be powered by digital twins, with personalisation, loyalty, payments and destination marketing all set for a shake-up
This report comes in PPT.
The metaverse (MV) represents the next iteration of the internet, ushering in a new era of technological transformation and innovation. It is where consumers are increasingly going to socialise, work, play and explore. Travel brands and destinations are already testing the waters through the creation of immersive virtual and blended experiences for fun and discovery.
Technology and demographics are the primary drivers behind the emergence of the metaverse, whether through advances in network infrastructure, fintech such as cryptocurrencies and blockchain, the trading of digital assets and hardware such as smart wearables using AR/VR/MR. Gaming giants, Roblox Corp, Microsoft and Epic Games are leading the way in 3D technology.
The rise of Web 3.0 is ushering in change across customer experience, branding, marketing loyalty, rewards, payments, bookings and even operations. Every single brand interaction could undergo a MV metamorphosis as technology evolves. This will give rise to new blended experiences and new revenue streams.
Business travel and MICE are expected to see a vast transformation as work and events migrate more to the metaverse. While net zero targets will be increasingly within grasp thanks to digital twins for smart cities enabling greater operational efficiencies across all physical spaces, especially airports, hotels and transport hubs.
Despite controversies, the metaverse is already here and will continue to evolve. It is therefore important to start shaping how it functions and performs to ensure that it is safe, fair, inclusive and sustainable. For brands willing to take the plunge, a test and learn approach with a strong stomach for failure will be needed, with the MV concept not expected to be fully realised until 2030 at the earliest.
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsIf you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!