The Week in Facts n°8
We kept an eye around the world on facts and news we feel you need to know, check them out!
Mobility: Volvo CEO says there are no ifs, ands, or buts about the move to EVs
New Volvo Cars CEO Jim Rowan has set a high standard for the first model that debuts under his leadership. He wants the replacement for the XC90 to get Volvo “recognized as a very credible next-generation electrified car company.”
That direction remains solid and it’s a great strategy for us. We set ourselves an ambitious goal and when you do this you are saying there are no ifs, ands, or buts. That is the direction of travel. That means every hire that we make, every investment decision that we make, and every design choice for our cars that we make are geared toward achieving that strategy.
That helps us as a company stay focused on where the end game is. Whereas I think some competitors are still trying to figure out how quickly they can get there and whether they can ride two horses at the same time. We don't have that ambiguity. I can feel it in the organization. People get it and understand where we are heading.
Fashion: Fashion Shoppers' Post-Purchase Selfies Are Key to Cutting the Rising Volume of Online Returns
61% of US and UK consumers say seeing visual user-generated content (UGC) from other customers can reduce the growing number of fashion e-commerce returns which is hitting retailers’ profitability and sustainability goals. And around half of the consumers now accept that returning online fashion purchases is bad for the environment.
Escalating e-commerce returns reduce profits by hiking up retailers’ delivery and warehousing spending (increasing costs by as much as 21% of a product’s order value). And there’s also the problem that returned inventory negatively impacts the environment, with annual carbon dioxide emissions from transporting returned goods in the US estimated to equate to having 3 million more cars on the road.
“Polished, studio imagery has been the default way to show clothes off on e-commerce stores. But supplementing this with customers’ imagery gives shoppers a more accurate reflection of how products are worn in everyday situations, and by ‘everyday people who also own the items,” says Damien Mahoney, Chief Strategy Officer of Nosto.
NFT: GameStop launches NFT marketplace
GameStop is taking another step into blockchain technology with its new NFT marketplace. The retailer has launched the beta version of its non-fungible token marketplace, according to a press release Monday. It had announced plans for the marketplace in February, tapping Immutable X to develop the platform.
The new GameStop platform is Ethereum Layer 2-based and non-custodial, meaning users have complete control of assets but can’t recover their accounts if login information is stolen or lost. GameStop teased plans for the marketplace, stating
it “will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments.”
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WEB3: Shanghai included blockchain, NFTs, and Web3 in its 5-year plan
China's biggest city Shanghai officially intends to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), the Metaverse, and Web3 during its next five-year plan.?
The plan suggests supporting the enterprises that plan to construct the NFT trading platforms and "research and promote the digitization of NFT and other assets." A separate section is dedicated to blockchain, with a voiced commitment to promote the development and application of "blockchain+" technology and build a blockchain development ecosystem with strong innovation capabilities and independent control.
There is also a place for Metaverse ambitions, as the municipal government plans to accelerate the research and deployment of the platform for the interaction between the virtual world and the real society by carrying out the development of core technologies and encouraging the creation of new platforms with richer and more diverse content scenarios. The plan emphasizes the significance of new forms of digital entertainment consumption, such as virtual concerts, idols, and sports.
Luxury: What a Web3 Luxury Brand Looks Like
If GMoney is familiar with fashion insiders, it might be from his collaboration with Adidas on its “Into the Metaverse” NFT collection last year. Or because they’ve seen the anonymous crypto figure in Prada’s Twitter and Instagram feeds, his face obscured by the beanie-wearing, ape CryptoPunk NFT that’s become his public image.
Named for the last four digits of one of his crypto wallet addresses, 9dcc is an ambitious, if still somewhat nebulous, undertaking. The brand’s products will only be available to buy with an Admit One NFT, the solo project he launched in May that gave 1,000 holders access to the ecosystem he’s building (while initially free, some of the tokens have since sold for thousands of dollars).?
9dcc aims to incorporate various capabilities of NFTs that fashion brands have mostly explored in bits and pieces. The Admit One tokens that will allow holders to buy 9dcc merchandise make it exclusive to Gmoney’s supporters, much like brands using NFTs as loyalty programs. Linking physical clothing to NFTs mirrors various efforts by luxury players to give their products digital identities.
Will it be an overnight success?
Metaverse: Burberry Launches Exclusive Virtual Handbag Collection On Roblox
The latest brand to jump on the virtual fashion bandwagon is none other than Burberry, taking things one step further by launching a limited-edition collection of virtual handbags – that can only be bought and worn on Roblox. Talk about exclusive.
Created in partnership with one of the platform's most established digital fashion designers, Builder Boy, the British heritage brand will drop one bag every 24 hours from Monday, July 11 - which also comes with its own 'emote', a unique action that avatars can perform such as levitation or dance.
The handbags themselves are a virtual take on Burberry's signature Lola style, inspired by nature and the outdoors and 'made' of clouds, water, and wild foliage.
'We are thrilled to partner with Roblox to share a virtual handbag collection and to bring our iconic Lola bag to life in an entirely new creative way,' says Rachel Waller, VP of Channel Innovation at Burberry.