A recent survey conducted by EY teams suggests that businesses must prioritise digital customer experiences to build trust in the metaverse:
- The EY Trusted Metaverse Survey shows that many UK businesses remain cautious about the metaverse, although early movers are seeking competitive advantage.
- Trust and security are perceived by executives to be the most important aspects of growth, but more than a third fear that ethics could be overlooked.
- To understand the risks, leaders should engage with ethics specialists to manage their online presence and develop their digital customer experience protocols.
According to EY, the metaverse is a persistent, 3D virtual realm that merges various technologies, including virtual reality (VR), augmented reality (AR), artificial intelligence (AI) and blockchain. A typical use of the metaverse, EY says, is in enabling users to interact through avatars in virtual environments. Whilst most often associated with gaming, businesses, governments and other institutions are now considering how to create their own metaverse experiences. As these initiatives gain traction, the metaverse will impact not only business growth but also shape how regulation, taxation and sustainability affect organisations, EY concludes.
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