Metaverse hitting $900B?

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Welcome to today’s edition of Marketing Scroll, bringing you the latest marketing & retail stories in 60-word value bombs.

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🚚 Consumers favor alternatives over fast delivery

In a Ware2Go (a UPS company) survey, 93% of U.S. consumers prefer a guaranteed delivery date over swift one-to-two-day delivery. Options like free shipping (70%) and real-time tracking (43%) sway 90% to forego faster shipping. However, factors like urgency could lead 72% to opt for premium services. Retailers can gain trust with real-time tracking (55%) and delay alerts, which reduce support contacts by 73%. Separately, a Veho study showed 77% avoid brands after poor delivery experiences, and 74% are deterred by strict return policies.

🎵 Instagram Introduces Soundtracks for Collaborative Posts

Instagram has enhanced its user experience by allowing songs over photo carousels. This builds on their "launch of music for feed photos" after solidifying music licensing deals with major labels. They're expanding the collaborative posting feature, where users can "invite up to three friends to co-author a feed post, carousel or reel", reaching a broader audience. Instagram is also increasing access to its Music Library and partnering with Spotify in Mexico and Brazil for a "Reels Music Chart", highlighting the platform's evolving role in the music industry.

🌐 Bain: Metaverse may hit $900B by 2030 despite fading hype

The metaverse is projected to grow into a $900 billion industry by 2030, with virtual experiences accounting for 65% of its market, according to a Bain & Company report. Despite the reduced hype, the metaverse's potential remains significant, especially in gaming, fitness, and entertainment. While it's anticipated to evolve into various platforms, businesses could harness it for digital marketing, employee training, and more. Notably, brands like Nike, Fenty Beauty, and H&M are already experimenting with metaverse platforms like Fortnite and Roblox.

📉 Consumer spending continues, but at a slower pace

The National Retail Federation indicates a slowdown in U.S. consumer spending growth due to elevated interest rates aimed at taming inflation. Comparatively, spending growth eased from a robust 4.2% in Q1 to a modest 1.6% in Q2. A notable shift is seen as consumers pivot their preferences from goods to services, coinciding with reduced reliance on pandemic-era savings.

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