Metaverse is going to be part of our lives, says Magnati

Magnati, a regional leader in the payment solutions industry, recently launched Magnati-MetaV, the region’s first metaverse marketplace that enables users to experience e-commerce in a new and immersive way.



Ramana Kumar, chief executive officer of Magnati.
Ramana Kumar, chief executive officer of Magnati.
by

A Staff Reporter

Published: Wed 21 Sep 2022, 11:26 PM

Metaverse is going to be part of our lives, the question is when, said Ramana Kumar, chief executive officer of Magnati, at one-day event — Metavision — organised by Khaleej Times on Wednesday.

Magnati, a regional leader in the payment solutions industry, recently launched Magnati-MetaV, the region’s first metaverse marketplace that enables users to experience e-commerce in a new and immersive way.

The platform seeks to shift behavioural patterns from “electronic commerce” to “experiential commerce”, with a new virtual world that provides users with richer visual and sensory information, as well as improved quality of information.

“Moving from electronic commerce to experiential commerce is the game changer. Platform approach is critical success factor instead of product or service approach and platforms should come together and create interoperability,” said Kumar.

Magnati-MetaV aims to accelerate the move from two-dimensional to multi-dimensional online commerce by enabling consumers to shop, learn, play games, attend concerts and more through a seamless online experience.

Built on Magnati’s blockchain, Magnati-MetaV offers Middle East retailers a fully immersive way to reach their customers. Brands can co-create virtual stores in a discovery-driven online environment, enabling consumers to see and feel retail offerings through a multi-dimensional experience. Users will be able to explore, pick up and purchase products across a mix of retail categories, including fashion, groceries, gaming, technology and more. Users can also purchase tickets and sign up for events to attend virtual concerts, sporting events and educational courses.

“Metaverse will shape payments of tomorrow as customers experience what they pay for, creating new revenue opportunities for brick-and-mortar industries,” said Kumar.

Magnati-MetaV’s experiential commerce platform delivers multi-fold benefits to online merchants through solutions that address commonly faced e-commerce challenges. By providing merchants with tools that enable customers to virtually experience a product, Magnati-MetaV aims to help retailers reduce sales cancellations, returns and exchanges.


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