Metaverse & The Digital Economy
Many industry leaders joined us at the BW Marketing Whitebook Summit 2022 to discuss the future of the digital world. As the digital economy expands, the Metaverse is increasingly becoming central, and it has become vital to understand its dynamics in regard to businesses and consumers.
Marketing veterans Sanjiv Bajaj, Jt. Chairman and Managing Director, Bajaj Capital and Rajesh Ramakrishnan, Managing Director, Perfetti van Melle India spoke with Aditi Mishra, CEO, Lodestar UM on how metaverse is becoming central to the digital economy and how the two will mature in the future.
Bajaj said, "There are so many opportunities in this space. Businesses are no longer about products but experiences. The customer always thinks about how he or she was made to feel when they bought a product. So basically, the metaverse is your experience. "
Additionally, he stressed that a person's position in a company should completely revolve around how he or she makes the customer feel. So, I’ve told my team that they are not a product management team, but rather, an experienced management team. Basically, I’ve changed their designations according to this emerging concept. "
"Today, we're living in the world of now. It's all about timeliness. People prefer online branches or solutions rather than physical outlets. We need to reimagine conventional things, starting from reimagining our websites, " he added.
Ramakrishnan highlighted how important it is to get accustomed to the changing dynamics of the digital age and how it impact businesses. "I think, as we move towards the digital space, we are trying to see how we can integrate product truth into this experience that is being provided by meta. This is the way forward. If we're able to do that, we'll move up one step. This is how we keep dialling up the integrations of real products with the digital experience.
"There are two-three things that all of us should keep in mind. First, we need a growth mindset, second is the ability to fly the plane as we build it and finally, we need to play the game fast. These things are very important when we talk about the entire paradigm shift towards the metaverse, and how to get accustomed to it and adapt ourselves to our benefit," Ramakrishnan concluded.
