CITI TTS Healthcare Consumer & Wellness Client Magazine

20 21 Healthcare, consumer & wellness LIFE, THE METAVERSE The metaverse could be one of the greatest opportunities for brands since commerce began. The virtual world, which exists parallel to our own, will update in real time across platforms and software, and foster a thriving online economy. The metaverse will offer a blank canvas for many firms to build a selling realm that – right now – only exists in their imagination. In the same way that people have built cathedrals in Minecraft or host concerts in Fortnite, brands can create bespoke, specific, detailed experiences for their customers that are free of physical constraints such as labour or space. Gaming at the vanguard The video game industry is one of the markets best poised to capitalise on this innovation because it has helped to mould it, as noted by Abhishek Bhatnagar, Director of Technology Communications and Gaming Group at Citi, in the virtual interview, conducted in the metaverse, with Saurabh R Gupta. “Gaming has played a fundamental role in shaping the metaverse with its immersive elements, such as 3D avatars and virtual worlds”, says Bhatnagar. “The metaverse lends itself brilliantly to brands, who can then engage with their users in a more interactive manner.” In the UK alone, the games market grew to $9.4bn last year, and has been outpacing the movie and music industry combined for years. Other industries are likely to thrive in the metaverse, too. Fashion brands could reap the potential of custom worlds with personalised shopping experiences; and virtual- or augmented-reality training sessions could hone the skills of surgeons in the healthcare industry. The metaverse is not only going to invigorate the virtual experience but could also renew the way in which we design buildings and manage supply chains in the real world. “Digital twins” or virtual representations of real-world systems, will allow companies to examine and experiment with their supply chains to test how improvements can be made in a sandbox before applying it businesswide. Fashion-forward marketing Fashion brands including Ralph Lauren and Balenciaga have already dipped their toes into the digitally enabled future of marketing by collaborating with gaming platforms to drive sales in a cool, engaging way. Increased sustainability could be another benefit for brands. “By 2030, there will be 230 metric tons of carbon emission from [the fashion] industry,” says Saurabh R Gupta. “The use of technology for either fitting out virtual showrooms or for a virtual Fashion Week will reduce emissions and energy, make [fashion] more sustainable, and make the world a better place to live.” There is much work to be done before any of this comes to fruition. Companies such as Meta, Microsoft, Bytedance and others are developing virtual reality headsets that could be consumers’ gateway to the metaverse – but these are yet to take off in the way that the iPhone engulfed the world and ushered in the internet as we know it. The technology is in its infancy, and will remain there until 5G connectivity becomes global – and, crucially, until regulation is passed in the real world to keep people safe in the digital one. The Financial Times’ Emma Crosby discusses the potential of the metaverse for industries, influencers and eCommerce with Citi’s Abhishek Bhatnagar and Saurabh R Gupta in a virtual reality interview – online now! AND EVERYTHING Tantalisingly close, yet not quite ready to roll, the metaverse can’t come soon enough for the brands and sectors positioned to make the most of its almost limitless marketing capabilities The use of technology […] will reduce emissions and energy, make fashion more sustainable, and make the world a better place to live” “ Saurabh R Gupta Global Sales Head for Citi’s Healthcare Consumer and Wellness Group •