Brands Virtual Company - themetaeconomist

The reason why big brands decide to go virtual

11 July 2022


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Many big brands as Louis Vuitton, Panerai, BMW, Visionnaire, Burberry, Balenciaga and Dolce & Gabbana are making a beeline for metaverse—virtual and immersive avatar-inhabited worlds built by leveraging augmented reality and virtual reality. Brands are also adopting other elements that define Web3, particularly NFTs, to interact with consumers. Goldman Sachs pegs the metaverse opportunity at $8 trillion.Luxury brands were late adopters of internet. Luxury products, after all, are all about ‘touch and feel’. They were also apprehensive about proliferation of counterfeit products on internet. From this point of view we can clearly understand that the promise of reaching new consumer segments is what make the metaverse so actractive for many companies.

As "Fortune India" reports: “Spenders of tomorrow are going to be there,” says Ankur Puri, partner at McKinsey & Company. About 66% of all US early- to mid-teen internet users are on metaverse, where they are spending three times more time than on Instagram. McKinsey pegs the current size of the metaverse economy at $46 billion. It could surpass $500 billion in next five years, he says.

Metaverse appeal: 3 reasons

In other words the goals big brands want to achive are:

-create engagement with the Z and millenials generation

- carry out cheaper business realtionship, witout the costs related to physical distribution

-Evolution and revolution of the market after pandemic era

New professional position

In a world already fulfill with 3D, each company as to search for (or may create form its existing team) a metaverse and 3D specialist. As Pambianconews underlined: "The most requested positions combine the ability to integrate the business vision with technological evolution and the ability to manage and enhance human resources. In terms of skills, this translates into data analysis, e-commerce, digital transformation and people management ”, highlights Mirko Petrelli, Boyden's managing partner China & Singapore. “We can then summarize that ESG (Environmental, Social, Governance) issues now impact on all executive profiles in the phase of profile definition and candidate evaluation. For larger companies, having an ESG Expert is certainly a success factor. I would add that, if I were a CEO today, I would also include a Data Expert and a Digital Expert as staff figures reporting directly to me. In detail, e-commerce has a strategic centrality that it had never had in luxury, consequently the demand for E-Commerce Director and Digital Communications & Marketing Director increases.

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