The Chief of the Bazaar Welfare Association (BWA) advocates for the democratization of India’s diverse bazaars through the use of the Metaverse. He praises companies like Reliance and Nykaa for their efforts in this direction.
The Metaverse Technology Set to Revolutionize Indian Retail Sector
The metaverse technology seems to have a bright future in India, with experts foreseeing plenty of use cases for it in various industries. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association, highlighted a special industrial use case of the metaverse. Chenoy emphasized that the hyper-realistic visuals supported by the metaverse will democratize the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level.
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Chenoy mentioned that AI-powered vendors engaging in digital negotiations and the use of Augmented Reality (AR) for virtual try-ons of makeup, clothes, and accessories are just a few examples of the transformative potential the metaverse holds for Indian retail. Brands like Reliance and Nykaa are already at the forefront, experimenting with AR/VR technologies to create virtual showrooms.
The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector, with projections indicating a surge in the value retail market to $170 billion by 2026. Chenoy expressed confidence that the availability of metaverse technology will greatly contribute to the growth of Indian bazaars and authentic crafts in the near future.
India has one of the largest Web3 developer workforces globally, attracting attention from industry players like Coinbase CEO Brian Armstrong. Mark Zuckerberg’s Meta also reached out to the telecom regulator of India earlier this year to engage in discussions around ethical use-cases and the development of technologies like AI and the metaverse.
Chenoy emphasized the need for regulatory clarification to finalize the guidelines for members and stakeholders of the Web3 industry in India. The Reserve Bank of India has already taken a proactive stance by encouraging blockchain adoption in payment systems, but clear regulations and policies are essential to instill confidence in companies exploring this transformative technology.
The Bharat Web3 Association, established in November 2022, comprises representatives from India’s crypto and Web3 space who collaborate with the government to foster the growth of the sector in the country.
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