Metaverse a gamechanger – adapt or die, warn Thailand’s top retailers

Central Retail's chief innovation officer Kowin Kulruchakorn, Tourism Authority of Thailand (TAT) deputy governor for digital development Nithee Seeprae, and J Ventures' CEO Thanawat Lertwattanarak offered their perspectives in a talk titled “Game Changer for Thai Business" on the final day of “Thailand Metaverse Expo 2022”.

All three speakers agreed that the metaverse is crucial for companies who are moving into the digital world, as many of their potential customers are already there.

Strategic Market Research reports that the global metaverse market is now worth US$47.48 billion (1.7 trillion baht). And that figure is expected to rise to $678.80 billion by 2030.

As representatives of the country's leading retailers, Central and Jay Mart, Kowin and Thanawat admitted that the metaverse is relatively new to their companies. However, learning how to operate with this new technology was vital to expanding revenue-generating sources, they added.

Kowin noted the metaverse is still in its early stages of global adoption. So, businesses had to take a trial-and-error approach to find the best ways to use the metaverse.

"The key is to change our executives' mindsets so that they recognise that their physical business is no longer sufficient. We need the real and virtual worlds to merge in order to provide new pleasurable experiences and engagement with our customers," Kowin said.

Thanawat described the metaverse as an advanced version of e-commerce where people can enjoy more features while online.

"What businesses must do now is to find the right balance between metaverse technology and user behaviour. There is no one-size-fits-all solution. Each company must develop its own strategy for utilising the metaverse. Be agile. Continue to fall and learn.”

Meanwhile, Nithee said that for TAT, Thailand's state agency responsible for the country's tourism image and promotion, the metaverse provides another marketing tool in the age of digital transformation.

It would enable TAT to reach out to more potential visitors around the world with a better understanding of their specific needs and general interests.

But he said rules were also necessary for promoting Thai tourism via the metaverse.

"Applying metaverse technology should have clear regulations so that all parties are moving towards the same goals. Also, collaboration is very important in order to increase value in the metaverse.”

The three speakers concluded by urging both the public and private sectors to learn more about the metaverse. Although virtual technology has a long way to go, those who ignored it would eventually perish, they warned.

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