The face of commerce is changing with the onset of 5G. We have seen this amply in the past – 2G spawned phone commerce (IVR based), 3G – web commerce, and 4G- app commerce. 5G will usher us into an era of meta-commerce. Meta-commerce is more immersive, resonates well with digital natives, and leverages Web3 technologies and blockchain. On one hand, we are already hearing about growing rates of cart abandonments in current e-commerce avenues. On the other, early reports suggest that 70% of customers who have shopped in Metaverse have bought something.
The metaverse is here to stay and generate incremental business value for enterprises and individuals alike. As service providers, we have a critical role in leading the adoption of metaverse among global brands spread across diverse geographies by generating business ROI at affordable price points.
