Retailverse vs Metaverse

Quote of the week: “Love all, trust a few, do wrong to none.” ―?William Shakespeare

We explore to understand and therefore reinvent ourselves in the process.

The most powerful human trait is to ask questions but not to repetitively ask why? Our brains are learning machines and they need to be fed facts and criticisms to learn. It is the exploration that our eyes, ears, minds and bodies experience physically or emotionally when we learn the most.? Today, I am taking on the Metaverse and climate change. We need to understand the business and social implications and they are significant.

The metaverse needs smart fashionable technology

It took almost a quarter century from when our cell phones were hardwired in our cars before the smartphone emerged. Social media and e-commerce were already underway when the smartphone arrived to which consumers adapted and adopted in a frenzy like manner. However, it may take less time to transition from smartphones to wearables. That is wearable eyewear that we have on our faces going about our everyday lives immersed in some capacity with some metaverse, communicating, shopping, being entertained and meeting people. What many pursuing the metaverse are missing is that their technology what generally looks like a snorkel mask is neither mobile or fashionable. Further that means what the smartphone accomplished, that is decoupling consumers from the confines of their homes and offices, even cars, needs to be repeated by the metaverse. Users must be mobile, free to roam and they can't walk looking like minions. Smartphones are a fashionable accessory. But like the smartphone the metaverse collective of wearable technology must also allow us to stay decoupled from our homes and offices. Now unless we all become comfortable with aimless escapism and hiding out in our homes, living out fantasies in an animated world, this will be a game and it will struggle to become a commercial quality business. I know someone will go on a tangent to tell me that I don't know what technology can do. Yes, actually I do! However right now the metaverse is a home based operating platform for users. Until it is mobile it will struggle to gain wide adoption and it is still for gamers. Read this RetailWire

Is there a retail-verse to combat the metaverse?

Yes brands are rushing to explore the potential of the metaverse. After all who wants to make the same mistakes made over the last two decades by ignoring potential opportunities. But the dabbling of brands doesn't mean they are abandoning physical retail. It only means that they are looking for innovation to perpetuate the future of retail and that includes its physical form. But is there a retail-verse response to the risk of the metaverse? First there are a lot of consumer facing retail services that can never be delivered in the metaverse, full stop! On the other hand the metaverse right now has a future of an advertising channel but it does not have a proven future as a physical replacement for real life. Nevertheless, physical retail needs a better plan than just four walls and merchandise. The retail verse ( I have been playing on words) needs to be a more engaging experience than it is today. Several factors can put retailers back where they were in 2015-2017, namely inflation, heavy discounting, a recession and consumer search for more value at the lowest price. All of these and other drivers can simply make retailers head in the wrong direction. Thinking about survival and not growth can do that. The right direction for each brand is to become a marketing channel of their own. No longer can anyone just hangout a shingle and wait for traffic. If you are not visible and communicating daily you will fall off the radar very quickly. Yet there is more, I've been telling companies and associations that their retail verse is only as good as their plans to be consistent at what they deliver and with continuous improvement. In other words innovation is a major key to success in retail whether that is through technology, product or service. That is your real world retail-verse response to the metaverse. Because no matter how intriguing the metaverse is today, it is a significant gaming, advertising and communication channel. Never dismiss its evolution and your brands participation.

Sorry, it's not a tropical heatwave it's climate change

The top seven producers of carbon dioxide are China, USA, Canada, India, Russia, Japan and Germany. Canada has the highest per capita of CO2 emissions of this group at 18.8 tons per person. Did you know that one barrel of oil (42 gallons) produces 19-20 gallons of gasoline. Nothing is wasted, in fact because of refining processes they get 44 gallons of petroleum products from a barrel of oil. Did you know that one gallon of gasoline emits 20 pounds of co2 carbon dioxide into the atmosphere. Did you know that net zero is not zero emissions? Experts from all sides understand that net zero by 2050 can’t be achieved without carbon offsets. By the way that means buying carbon credits. In other words organizations that have high emissions and can’t reduce fast enough, buy credits from green energy producers. Zero emissions could take a hundred years or more to achieve. The risks? Many are worried about moving to net zero too fast. There are not enough solutions and the reinvention of industries would create real destructive powers to an economy. In fact we are not even addressing the changes that electric vehicles will bring. EV's will be economically transformative moving us from a fuel based to a mineral based economy. However keep in mind that doesn't mean all countries will do the same! The reality is that net-zero needs far more specific, perhaps aggressive planning and responses. While more green energy is a solution, we cannot develop enough by 2030. The biggest mistake governments and companies can make is assuming that the public and consumers are patient.

Environmentally duped

There is this article from the BBC which suggests we've been duped by cartels and PR agencies Read this . Simply PR agencies worked with these groups to spread misinformation. And these efforts have divided nations over climate change, environmental risks, chemical spillages and other issues. And of course concerned citizens are being called special interest groups, it's as if they have ulterior motives to over throw society. That's just more misguided fear mongering. I have discovered over the years that individuals who dismiss climate change and other social issues even the pandemic do so because they are afraid of how it will impact them economically. It is this kind of behaviour that has led to division and hate within society. It may not be easy to help these people see the other side of the coin. However, to be truly informed one needs to hear all sides of an argument. Most who are afraid won't do that.

The disruption of everything else

Have you ever thought of what else can be disrupted? Actually everything can be, provided humans as consumers are willing to embrace and adopt to change. Disruption comes from innovation and it begins by identifying sectors of business consumer or otherwise, that are generally no longer keeping up with the demand for greater convenience. Risks plague these businesses they are unable to deliver on time. They also fail because they can't keep their eyes and ears on the influencers of change.?Aging business models cannot deal with abrupt competitors who can turn night into day. If you are faster and determined in simplifying time constraints for humans you have an edge.? More changes are coming. I contend that today everything related to health, work, housing affordability, climate change, sustainability and even our migration to EV's for example will be the main catalysts of this century. They are impossible to ignore and reckless for any brand or leaders to dismiss them.

Personal Log: The power of learning to remain relevant

Every year I have a plan to learn something new and it is usually a course that is graded etc. I believe that smart leaders don't just live in their fiefdom and pretend that they know everything. No one is all knowing and all seeing. The four walls we work in have limitations and usually they are driven by the culture from within and our place within that culture. I have seen it with executives and politicians who basically think they know all they need to know and have nothing else to learn declaring themselves ready for the next job! All of this leads to an end that can make one less attractive to employers. The desire to learn and improve one's self comes from an understanding about the world around you that it is changing. And if you want to be successful for the long-term you have to go out of your way to learn what will keep you relevant. The lack of relevance is what destroys brands and it will do the same to careers.

Thank you for reading this weeks version of the business brief. Please send along your likes and comments.

The future has choices I offer readers and organizations a perspective on how to ensure the longevity of your brand.

For information on advisory or keynote presentations you can contact me here [email protected]

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