Welcome to your newsletter featuring the most essential insights curated in tech and innovation this week.

Facts and Stats

Metaverse: Brands jump in, Gen Z enthusiasm transcends the numbers

I've recently observed a lot of discussion around the metaverse, with a mix of excitement and skepticism about its potential.

Having had the opportunity to support diverse companies in their metaverse initiatives, I can understand the hesitations and concerns that may arise around these emerging concepts.

But let's take a look at what the numbers say...

According to recent Talouna research, 82% of UK respondents are familiar with metaverse, while a third have heard of them and know what they mean⁽¹⁾

Even if the latest research ⁽²⁾ and reports ⁽³⁾ on metaverse shopping underline the growing interest and potential impact of this technology on the retail sector, skepticism remains.

McKinsey's Metaverse Consumer Survey found that while many metaverse initiatives push the boundaries of technology, they often miss the mark with consumers. The survey revealed that about 50% of consumers rank fashion and beauty in their top two categories for metaverse commerce, but current offerings are not fully capitalizing on this enthusiasm.

Generation Z has a different perspective...cultivating connections and self-discovery

A surprising result from Razorfish has revealed that 52% of Gen Z gamers feel closer to themselves in the metaverse than in real life. When it comes to shopping, Obsess found that nearly 75% of Gen Z shoppers have bought a digital item in a video game, and 60% of these young consumers think brands should sell their products on metaverse platforms. massive isn't it?

Regarding interaction, another study by the Retail Technology Show found that 42% of Gen Z now interact with brands in the metaverse, and 54% of them have bought a physical product in the metaverse for use in the real world.

Some brands are taking bold steps

Shipt recently introduced an innovative digital shopping experience, tapping into nostalgia and trying to reduce the mental burden of back-to-school by making the experience more immersive and engaging. Lacoste, for instance, opted for exclusivity, by limiting access to the members of UNDW3, Lacoste's Web3 community, and the experience of the private or Clinique via its virtual lab experience, open to the whole world. 

Even if the metaverse isn't a mass-market technology, some brands are opting for early testing and experimentation.

Generation Z the Future of Workplace Disruption. How influential will this generation of digital natives poised to change the world of work be? The latest generation of youthful influence to be stepping into the world of work are predicted to be one of the most.

'Zero Consumers' Inspire Innovative Visual Imagery. Consumers' shopping expectations have skyrocketed. They effortlessly navigate through online channels, apps and websites to find the right product. They demand fast shipping, easy returns,

What CEOs are thinking about the future of the economy. Virtually all CEOs are planning for a potential economic downturn in their primary market of operation, but are still planning to make deals and invest in AI.

Future of CX: Is Your Business Ready for the AI Revolution in Customer Experience? AI is revolutionizing the customer experience. As a CX leader, embrace key trends to reshape customer interactions. Let's uncover AI's potential for your organization.

The Number

40%

of labor work could be automated using generative AI." According to a recent study.

Who’s Innovating?

Marketing Briefing: Coca-Cola's senior director of generative AI Pratik Thakar on why the brand believes 'AI is making everyone an artist' Former Brand Director Pratik Thakar highlights the importance of the Real Magic Creative Academy in driving innovation and the development of forward-looking technologies. He also highlights the key role of AI in building Coca-Cola's capabilities, insisting that AI is more than a passing trend - it serves as a solid platform for engaging consumers.

Amazon UAE Launches Leadership Programme to Accelerate Career Growth for Female Emirati Talent. The two-year leadership talent accelerator program will equip Emiratis across all Amazon business units from retail, operations, technology, and payments with deep knowledge by imparting industry-specific management skills, cultural assimilation, and mentorship, to help the participants build global careers at Amazon.

L'Oreal Korea's 'KO-creation' strategy to propel growth - The Korea Times. L'Oreal Korea has revealed its plan to share the vision of diverse and sustainable beauty with Korea while promoting the country's innovative products to the world through the "KO-creation" strategy during the company's celebration 30th anniversary in Seoul, on Friday.

How Prada, Starbucks, and Porsche are Using Discord to Up Their Customer Engagement Game. For many people, Discord remains an anomaly something they may have heard of during the pandemic but found too technically intimidating or aesthetically unappealing to bother with. In fact, part of.

Toyota Open Labs launches to connect innovative startups with global opportunities for a sustainable future. Toyota Motor Europe has launched Toyota Open Labs, a new open innovation platform bringing together startups with business units across the Toyota ecosystem to scale innovation and lead the market into the next phase of mobility.

Startup Stories

This startup lets you turn your clothes into currency. Cleaning your closet sustainably involves listing items on resale sites or donating to thrift stores. While this works for some, fast fashion items may not fare as well due to their low cost and availability. Nuw has the solution to this.

278 of the biggest, costliest startup failures of all time. It's no fun, but failure often leads to success. From financial fraud to simple lack of money, CBinsights compiled and identified 278 of the most costly startup failures in history.

E-commerce loan startup Wayflyer secures $1B deal from Neuberger Berman. Wayflyer, which provides financing to e-commerce startups in exchange for a portion of their future revenue, today announced that it secured $1 billion in capital from investment management firm Neuberger Berman.

Best practices

How Amazon ranks across 19 industries. 

Amazon’s advertising division ranked highest in our Power of Amazon in 2023 report. Its retail e-commerce division, Amazon’s biggest business by dollars, lost share between our initial rankings in 2021 and our current forecast.

Klarna is the only bank among ChatGPT Enterprise launch customers. Retail Times publishes international & UK retail news covering products, data, tech, packaging, people, research, comments, and more! Klarna, the AI-powered payments network and shopping

Inside The Mind Of An AI Prompter: Welcome To Hannah - The Future Of An AI-Driven Workforce. Every CEO views AI as a defining moment, a time to put down their metaphorical pens, not because they have to do everything themselves, but due to the swift results AI can produce. However, it necessitates a collective effort to set things in motion. The challenge, or perhaps the psychological hurdle, lies in the perception that AI is complex.

Is Baidu’s Ernie Bot the next retail super app? Luxury take note. Baidu’s Ernie chatbot has moved out in front of the six AI models released to the public by Chinese tech companies last week after the Chinese government cleared them for consumers to use It.

Upcoming Events

Thanks for reading this newsletter

Sharing is Caring

Do you know an innovation enthusiast who might find this content interesting? Be the insights provider and share today's newsletter.