Metaverse - Untangling The Confusion
While at the onset of Covid 19 with the lockdown dropped on us like a bomb, many retailers scrambled to keep the lights on. Several organizations globally went belly up while others showed renewed vigor. According to McKinsey Global Fashion Index (MGFI), in the retail sector itself, a record 69% of companies were value destroyers in 2020 compared with 61%in 2019. About 7% of companies left the market entirely, either due to financial distress or because they were acquired by rivals. Organizations that had consistently invested in innovative ways to keep the channels of interaction open with their customers, are now reaping the benefits as the markets ease out. As Covid restrictions were easing out most unvaccinated people were still not comfortable physically shopping. Brands that invested in Live Commerce technologies started emerging out the dark much faster. Live steaming of events, ability to speak with a preferred store associate who helped in guided selling & social shopping