om noted that in Japan, despite the changing payment landscape, cash-on-delivery for online sales is still the preferred mode of payment.  Cash on delivery still relevant “Even Amazon Prime with its next day delivery still offers cash on delivery payment methods,” he said. It’s common for Japanese consumers to order products online, then head to an ATM to withdraw cash to pay for the items that are to be delivered. Director of digital transformation and innovation at US fashion brand Lane Crawford, Andy Massey, echoed this sentiment: “When we started e-commerce channels in China 11 years ago, the payment methods on offer were so fragmented, with over 20 banks to choose from and so on, so cash on delivery always made the experience better for consumers at that time. Massey of course acknowledges that things have moved on in China, and that the marketplace is now a digital leader in the retail space. The digital aspect of e-commerce in China is now all encompassing with better customer experiences and efficient marketing channels for brands too. Automation of processes and simplifying the backend in terms of supply chain management is also another big benefit from the digital pivot. NFTs for good Jennifer Cheng, founder and CEO of NewChic Capital, chimed in to offer her take on the current digital developments in this space.  “The digital space has also been a great boon for championing great fundraising initiatives too, with NFTs and collectibles sales proceeds going to an Ukraine fund,” she noted. The intersection of gaming communities, the metaverse and NFTs is also being heralded as the new axis of growth in the digital marketplace. “Apart from becoming investors in brands, buyers can also get exclusive invites and membership privileges in the real world through their association with brands in the metaverse,” she stressed. Daniil Mazurin, CEO of Apollo42, pointed out that the fundraising initiative for the Ukraine fund was conceptualised by the band, Pussy Riot, a group that has always been in the cross hairs of the Russian government.  “This is a perfect example of the beauty of Web 3.0 and blockchain systems, where people the world over can invest in collectibles like NFTs and champion a cause that resonates with them,” he said. One of the most salient points surrounding the NFT space is that companies or brands need to understand that it’s all about the community aspect and creating authentic conversation in this space. Community aspect “When customers buy a NFT or digital collectible, they are not merely buying a product, they are investing in the company and involved in the growth of the institution as well. That’s why companies in this space treat their customers as part of a community, and it’s a big difference in the greater scheme of things,” he noted. Customers who buy NFTs and digital collectibles can also benefit from licensing deals and royalty fees, as some of these buyers may be entitled to a certain percentage of sales proceeds as well.  Mazurin cited the huge underbanked populations in Latin America and the African continent as prime examples for the future of supercharged retail e-commerce fused with cryptocurrencies. Crypto led apps are on the rise in these marketplaces and most purchases of everyday goods are being conducted via the transfer of cryptocurrencies. The consensus among the panellists was obvious, the next metaverse will become the next social network, and this is why Meta is going all in on the metaverse in countries like Hong Kong. The company will work closely with a wide range of partners that include local cafe chains, creators, educators, arts and culture groups and non-profit organisations. Hong Kong fashion start-up Unspun is one brand that could be successful in the metaverse, said Massey. The company uses algorithms to digitally design and perfectly fit jeans automatically around an individual’s 3D avatar. Buyers can walk into their store in Hong Kong, get a 30-second body scan that translates the whole process into a pair of digital jeans. The customer’s emotional experience takes centerstage. “These brands are probably going to be doing more manufacturing on-site, so that reduces their inventory, and in the future, users could probably have a digital AI-driven wardrobe that gives you recommendations on what to wear, and you will get the item of clothing delivered right to your doorstep,” Massey said. In the UK, Hurr Collective, is also another brand that Massey believes could be the next big thing for the future of retail in the clothing space.  “They are like an Uber in the clothing rental space, where buyers can rent the latest dresses, bags and accessories,” he added. So, most of us in the future will be using virtual reality (VR) headsets to browse for products and purchase them from the comfort of our homes. There are of course barriers to the metaverse as it stands right now. The hardware, specifically the VR headsets, need to be less burdensome for consumers. Gamers feel right at home in the metaverse, as they are used to full surround, multi-dimensional video and audio experiences. Gen Z and millennials would definitely be the early adopters in this space. Mazurin believes that these early adopters are very much attuned to the goals of sustainability and climate change as they view themselves as global citizens. The blockchain, metaverse and NFT community are always looking to make their activities more carbon neutral in this regard. In short, this radically digital future of retail is backed by “consumption with a conscience”, as Olea described. The blockchain, Web3.0, metaverse and NFT space are all indicators of a more efficient ecosystem for the retail industry, where there can also be vehicles for charitable causes and sustainability led issues. Retailers and brands are definitely going to be cautious with limited forays into the metaverse space. Most will look to augment their offerings in the physical world with the one in the online space at first. As users get used to the idea of the metaverse, we can be sure of greater immersive functionalities being introduced. From minimising inventory, to robot-led manufacturing and engaging customer experiences, consumers are entering an age of empowerment and individuality. There are huge implications for the retail industry as a whole, and these are certainly exciting times for all the stakeholders in this space.