9 minute read

A New Dimension of Possibilities

Ramana Kumar Chief Executive Officer, Magnati talks with MEA Business

about Magnati MetaV, the first fully integrated metaverse platform with traditional payment rails and gateways allowing merchants to bring new retail experiences to customers

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Magnati recently launched a new technology that is set to revolutionise shopping. Tell us more about it.

Magnati MetaV is the region’s first metaverse platform enabling users to experience e-commerce in a new, immersive way. It will completely transform the shopping experience for consumers, who will be able to shop, learn, play games, attend events and more through a seamless events and educational courses. With the launch of Magnati MetaV, we are ushering in the next generation of e-commerce, “experiential commerce”.

online experience, all from the comfort of their homes.

Customisable avatars can explore a discovery-driven online environment where consumers can see and feel retail offerings in multi-dimension. Shoppers will be able to explore, pick up and purchase products across a mix of retail categories, including fashion, groceries, gaming, technology and more. They can also purchase tickets and sign up for events to attend virtual concerts, sporting

Why is now the right time to launch Magnati MetaV?

Magnati is at the forefront of technological developments and trends, and we believe that customers are ready for this exciting new technology. The UAE retail landscape is undergoing massive changes; traditionally,

the region has prioritised in-person retail experiences, with a reliance on cash for most transactions and transfers. In recent years, there has been a shift towards e-commerce and digital payments that can be traced to a number of factors, including technological advancement, consumer behavioural changes and COVID-19.

As people move more of their lives online, the metaverse provides an enhanced platform for e-commerce in line with changing consumer habits. Through Magnati MetaV, we are enabling merchants to provide brand new retail experiences to their customers. The metaverse provides users with richer visual and sensory information, as well as improved quality of information, as they shop online.

Given that the metaverse has only recently been applied to the retail sector, is the market ready for Magnati MetaV?

Absolutely. Consumers are always looking for new ways to be engaged, provided that the experience is appealing, participation is seamless, and technology is secure. Magnati MetaV combines all three aspects into a single user-focused platform.

Given that this is a new technology, it is important that there is a bridge that connects the existing ecosystem to the future to encourage user adoption. Hence, Magnati MetaV is the first metaverse platform fully integrated with traditional payment rails and gateways, so that shoppers can pay for products and services through cards, wallets and other existing digital form factors. While shopping in Magnati MetaV will feel entirely new, the payment experience will be second nature for those used to paying by card or digital wallet.

What growth opportunities are there for e-commerce retailers?

Currently, e-commerce merchants face challenges like high returns to sales, exchanges and drop in sales due to dissatisfaction in customer experience. Merchants may also experience a fall in future sales due to customer dissatisfaction. These issues arise when customers shop online by viewing 2D images of products, and the product they ultimately receive does not match what they were expecting. Magnati MetaV helps to solve this by providing the tools that let customers experience a product before buying.

Think about how Magnati MetaV can be applied to the hospitality sector. Hotels can create a virtual experience on the metaverse that enables consumers to see and explore in exact detail the rooms they will be booking. This will help to reduce ambiguity and uncertainty for buyers before they book a room.

The metaverse also opens up new revenue opportunities for brick-and-mortar merchants that may have previously been restricted by physical space limitations. This includes educational institutions, event organisers and sports broadcasters who gain access to virtual venues and arenas with limitless capacities, allowing these merchants to scale quickly and easily. The possibilities are endless, and we welcome retailers to co-create new virtual worlds with us.

Ramana Kumar, Chief Executive Officer, Magnati

What other features will Magnati MetaV offer to increase the appeal for users?

Of the many benefits that Magnati MetaV offers, one of the biggest draws is the ability to mimic a shopping experience for users, while offering them the highest levels of convenience. For example, shoppers can be comfortably sitting at home while visiting countless stores in the metaverse, just by controlling their avatar.

We understand that socialising with friends is an important aspect of the retail experience, so building this into Magnati MetaV was a priority for us. Digital avatars, controlled by their users, can socialise with one another while shopping, gaming or attending a concert in the metaverse. Magnati MetaV’s customisable and interactive avatars create a better meeting experience by embodying each user’s physical identity and characteristics.

Magnati’s vision is to transform payments into possibilities. How is Magnati MetaV helping to fulfil the vision?

Magnati’s vision of transforming “payments into possibilities” is about unlocking new growth opportunities for our consumer, government, merchant and institutional clients, while setting a new standard for innovation and delivery in the payments industry.

We have established ourselves as a leading payments company, providing merchant acquiring, consumer payment solutions, government payment solutions, issuer processing and acquiring processing services that deliver improved experiences and increased efficiency for our merchant clients.

Trusted to Deliver

Sunil Paul Co-Founder & Managing Director, Finesse, speaks to MEA Business about the future technology trends shaping the Middle East region

What is your perspective on the current matters confronting the world today?

Over the past two years, humanity has faced many challenges. The Covid-19 outbreak has devastated entire economies. Economies are still recovering after the worst pandemic of the century appears to be coming to an end, thankfully. Geopolitical instability is another matter though - countries have been affected on both at domestic and international level, resulting in an increase in distrust. Disruptions have been occurring almost every day in the technology industry. There are more and more cyberattacks, on individuals and businesses, that has resulted in financial and reputation losses. Businesses that were once stalwarts have been undermined by new disruptors. In order to keep their businesses afloat, they have had to invest in innovation to meet the changing needs of their customers. They have gone digital, invested more in cybersecurity, and have invested more in automated technologies to keep up with these changes. Climate change is perhaps our greatest challenge. In recent years, there have been an increasing number of natural disasters, including fires, hurricanes, and droughts.

We face more challenges obviously than those mentioned above, but with the right tools and strong determination, we can

overcome them. Finesse’s initiatives cover a wide range of fields within problems in the technology domain, aiming to make a meaningful contribution in each of them.

Are you noticing developing patterns or trends in regional behaviour specific to the macro-level challenges now facing the world?

Across the globe, leaders are taking meaningful steps to help overcome these challenges. Geographies take different approaches to tackling these challenges, depending on factors such as ideology and government structure.

The UAE, as a whole has been making significant investments in initiatives such as alternate energy to meet the increasing needs of its growing populace, and similarly huge investments in the metaverse economy. Electric cars are also encouraged as a means of reducing carbon emissions. The UAE has also always supported and endorsed enhancements in digitalization of the Government services, and businesses, while also investing in Artificial Intelligence (AI), Robotic Process Automation (RPA) and further investments in cybersecurity.

Which new technologies do you foresee being adopted in the region over the next five to ten years?

As a result of the pandemic and change in customer behavior, businesses are at various stages of their digital transformation journeys. As these companies move up the digitalization maturity level, they will invest in technologies such as artificial intelligence (AI), Robotic Process Automation, Web 3.0, the metaverse, blockchain, and the Internet of Things (IoT) together with advanced cybersecurity solutions.

Since the launch of Finesse, how has the systems integration market evolved in the UAE and the GCC?

Finesse was founded in 2010, and has become one of the region’s leading System integrator (SI). At the beginning of the decade, one of the most notable aspects was that most systems within the organization worked in isolation for their respective departments, without bringing meaningful results to the organization. There are several reasons for this, including the lack of digitalization initiatives, which were often siloed into certain parts of these organizations.

In the past decade, business leaders have realized the benefits of going digital & automating operations, and have invested in converting the majority, if not all, of their businesses to digital. The Covid-19 pandemic hastened this growth, as businesses realized they would become obsolete unless they changed quickly. These companies have invested in technology solutions like AI chatbots, BI & Analytics, Blockchain, CRM/ CEM, Enterprise Content Management, Zero-Trust infrastructure and cloud security, Robotic process automation, intelligent process automation, and managed IT services.

How much has the technology market changed in the past three turbulent years?

Yes, absolutely! As far as technology is concerned, the last three years have pushed the world a decade forward. Technology has become an important part of businesses’ budgets, and governments have encouraged their use to solve everyday problems. As more and more businesses use technology to run their businesses, there are now more disruptors than ever. The advent of the cloud technologies has been a major catalyst in making this happen.

How does the region’s technology markets compare with the rest of the worlds?

As far as technology is concerned, GCC was a follower until recently - businesses here followed what was happening in the West. By the time GCC businesses started adopting it, they would have been outdated.

Now, things are changing.

The UAE government is leading the way in investing heavily in the latest technology trends, on par with the West. A number of UAE businesses are already using AI, robots, and blockchain, and are investing in furthering these technologies. There is no doubt that the UAE will be among the world’s leading technology centers in a short time. Also, important to note that Dubai is one among the first to have come out with the vision of a metaverse economy.

What distinguishes Finesse from other system integrators and digital transformation providers?

Finesse has been in the business of Software development & technology integration for more than a decade now. Supporting multiple customers across domains, Finesse has refined the process of helping businesses chart out their digital transformation journeys, as per the needs of their respective domain. Be it a pure brick-and-mortar business or a business just entering the digital world, Finesse has helped chart the best paths businesses can take to experience the best outcomes.

In the past few years, the company has grown to support over 350 enterprise clients across 10 different global locations with over 450 employees.

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