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Magnati, a regional leader in the payment solutions industry, is launching Magnati-MetaV, the region’s first Metaverse marketplace, enabling users to experience e-commerce in a new, immersive way.
The platform seeks to change behavior patterns from “e-commerce” to “experiential commerce”, creating a new virtual world that provides users with richer visual and sensory information and improves information quality.
Magnati-MetaV aims to accelerate the transition 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 provides Middle Eastern 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 products through a multi-dimensional experience.
Users will be able to explore, pick and buy products across a variety of retail categories, including fashion, groceries, gaming, technology, and more. Users can also purchase tickets and sign up for virtual concerts, sporting events and educational sessions.
Magnati-MetaV’s experiential commerce platform brings multiple benefits to online merchants with solutions to common e-commerce challenges. By giving merchants the tools to enable customers to experience products virtually, Magnati-MetaV aims to help retailers reduce sales cancellations, returns and exchanges.
The platform also brings new business growth and revenue opportunities to many other merchant sectors including government, education, events and gaming.
Magnati-MetaV is the first Metaverse platform fully integrated with traditional payment rails and gateways to facilitate the transition from e-commerce to experiential commerce. Payments for products and services on Magnati-MetaV can be made through cards, wallets and other existing digital form factors.
CEO Ramana Kumar said: “Magnati-MetaV is a natural evolution of our strategy to help merchants stay ahead in this fast-paced digital age. Today’s e-commerce is built on 2D user experience, which leads to sales returns, Cancellation and customer disappointment.”
“Enabling customers to experience a product or service greatly reduces these challenges. Magnati-MetaV also creates multiple opportunities for entities previously constrained by geography or brick-and-mortar business models, such as educational institutions, event and sports arenas, and government services,” he added .
“Utilizing Magnati’s leading payments and Metaverse technology, UAE retailers can build powerful, easily accessible virtual worlds on our Metaverse platform, creating new revenue or opportunities for faster service,” said Kumar.
While shopping at Magnati-MetaV will feel completely new, the payment experience will be completely familiar to anyone who has ever paid with a card or wallet,” he added.arab trade news agency
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