B2C: Future market for the customer or consumer metaverse - a practical exchange at KPMG, a live event

Yesterday's KPMG Metaverse 360° live event in Munich offered a unique opportunity to get to know the future market of the Metaverse first hand. As a participant in this exclusive live event, I was able to gain a fascinating insight into the virtual world and explore the opportunities and risks for companies.

The event was led by experts from KPMG and KPMG Law, who shared their extensive knowledge of the Metaverse with us. Through a mix of presentations, discussions and practical exercises, participants gained a holistic perspective on the possibilities of the metaverse. There was also the opportunity to immerse yourself in the virtual world and gain practical experience.

The focus of the event was mainly on the consumer metaverse, but interesting impulses were also given for the B2C sector. It became clear that the Metaverse offers enormous potential for interacting with customers in interactive and immersive environments. Companies can strengthen their brand presence, present products and services in innovative ways and develop new revenue streams.

An important topic that was discussed was the legal and regulatory aspects of the metaverse. KPMG Law highlighted the challenges and risks that companies should consider when entering the metaverse. Privacy, intellectual property and virtual currencies are just some of the legal issues arising in connection with the Metaverse. It was emphasized that sound legal advice is essential to avoid potential pitfalls and ensure legal compliance.

The participants also had the opportunity to ask their questions and exchange ideas with other experts and interested parties. The subsequent get-together offered an informal atmosphere in which to make contacts and expand networks. This networking opportunity was particularly valuable because the Metaverse is constantly evolving and it is important to engage with other experts to benefit from their experiences and insights.

➡️ KPMG's Metaverse 360° live event was an enriching experience that broadened my understanding and perspective on the future market of the Metaverse. It was inspiring to see how companies are already using innovative approaches in the metaverse and aligning their strategies accordingly. The opportunities available in this area are diverse and open up new possibilities for interacting with customers and designing business models. At the same time, it is important to be aware of the risks and challenges and make informed decisions to ensure long-term success in the metaverse.

I would like to thank you again for the invitation to this KPMG live event.

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The difference between “Customer” and “Consumer” lies in the type of relationship and role that a person occupies in terms of a product or service.

The term “customer” refers to a person who acquires a product or service or interacts with a company in any way. The customer is primarily the one who buys or uses a product or service. The focus here is on the business relationship between the company and the person as a customer.

On the other hand, the term “consumer” refers to a person who actually uses or consumes a product or service. The consumer is the focus of the consumption process and is the person who uses the product or service or makes use of it. The focus here is on the use and benefit of the product or service by the person.

The difference between “Customer” and “Consumer” becomes particularly clear when, for example, talking about marketing. A company usually gives its marketing strategies and activities on both potential customers and actual consumers. It tries to win customers and offer products or services that meet the needs and wishes of consumers.

It is important to note that a person can be both a customer and a consumer. For example, if someone buys a television (customer) but then uses the television and watches television programs themselves (consumer), that person takes on both roles. However, there are also situations in which the customer and the consumer can be different people. An example of this is when someone buys a product as a gift for someone else. In this case, the person buying is the customer, while the person receiving the gift is the consumer.

Customer

The term “customer” generally refers to a person or an organization that acquires a product or service from a company. The customer can either be an end user (consumer) or a company (business). The focus here is on the relationship between the buyer and the seller.

Consumer

The term “consumer” refers to the end consumer of a product or service. A consumer is the person who uses or consumes the product or service. In B2C business models, the target group consists of end consumers who acquire products or services directly for personal use.

B2C

“B2C” stands for “Business-to-Consumer” and describes a kind of business relationship in which a company sells its products or services directly to end users. In the case of B2C transactions, the company (business) is in direct relationship with the end consumer (consumer). It is a common name for the trade between companies and individuals.

➡️ The term “customer” generally refers to the buyer, while “consumer” specifically refers to the end consumer. “B2C” is a specific business model that describes the sale of products or services from companies to end consumers.

The Customer and Consumer Metaverse are terms used in the context of XR (Extended Reality) technologies to describe the future of digital interaction and virtual experience. The Metaverse is essentially an augmented virtual space that includes both physical and virtual elements, allowing users to operate in an immersive and interactive environment.

The Customer Metaverse refers to the way companies and brands use the Metaverse to interact with their customers and provide them with personalized experiences. It is a type of digital ecosystem in which companies create virtual spaces to showcase their products, services and brand messages. For example, customers can enter virtual stores, try out products, make customizations, and have interactions with other customers or brands.

The consumer metaverse, on the other hand, refers to the experiences and interactions of individual users within the metaverse. It is the space where consumers can create their virtual identities, interact with other users, engage in virtual activities, play games, create and consume digital content, and participate in virtual events and functions. The Consumer Metaverse offers users the opportunity to live out their fantasies, explore new worlds and build social connections in virtual reality.

The differences in the approach between the customer and the consumer metaverse lie mainly in the goals and intentions. The Customer Metaverse focuses on providing customers with personalized and tailored experiences to strengthen brand loyalty and drive sales of products and services. Companies are using XR technologies to create immersive shopping experiences where customers can try, customize and purchase products virtually.

In contrast, the consumer metaverse focuses on users' individual needs and preferences. It's about offering them unique and entertaining experiences that go beyond everyday life. Users can immerse themselves in virtual worlds, experience adventures, create digital works of art and interact with other users. The Consumer Metaverse allows people to immerse themselves in the digital world and explore their own fantasies and interests.

Despite these differences, there are also similarities between the Customer and Consumer Metaverse. Both concepts use XR technologies such as virtual reality (VR), augmented reality (AR) and mixed reality (MR) to enable immersive and interactive experiences. Both the Customer and Consumer Metaverse aim to push the boundaries of digital interaction and provide users with new possibilities.

In addition, social interactions play an important role in both the customer and consumer metaverse. Companies can interact with customers in virtual spaces and receive feedback to improve their products and services. In the Consumer Metaverse, users can connect with other users, make friends, and build virtual communities.

➡️ The Customer and Consumer Metaverse are exciting developments in the digital world. They offer companies the opportunity to develop innovative business models and strengthen customer loyalty. At the same time, they open up completely new ways of digital experience and self-development for consumers. With the rise of XR technologies, we can expect an increasing fusion of physical and virtual reality in the future, which has the potential to revolutionize our understanding of communication, entertainment, e-commerce and social interactions.

KPMG is an international auditing and consulting firm. The company offers a wide range of professional services in the areas of auditing, tax consulting and business consulting.

Audit

In the area of ​​auditing, KPMG reviews companies' financial statements to ensure the accuracy and reliability of financial information. This is important to gain the trust of investors, creditors and other stakeholders.

Tax advice

In tax consulting, KPMG supports companies in meeting their tax obligations and helps to minimize tax risks and take advantage of opportunities. This includes advice on national and international tax regulations, optimization of tax strategies and support during tax audits.

Business consulting

In the area of ​​management consulting, KPMG offers consulting services in the areas of corporate strategy, process optimization, IT consulting, risk management, mergers and acquisitions and sustainability. The aim is to help companies improve their performance, manage risks and identify growth opportunities.

KPMG is one of the so -called “Big Four” auditing companies and has branches in many countries worldwide. It works with companies of different sizes and from different industries, including multinational groups, medium -sized companies and public organizations.

Here are ten of KPMG's auditing and management consulting competitors, along with some details about their companies:

KPMG International

KPMG is an international auditing and consulting firm. The company offers a wide range of professional services in the areas of auditing, tax consulting and business consulting.

PricewaterhouseCoopers (PwC)

PwC is one of the world's leading auditing and consulting firms. The company has offices in over 150 countries and provides auditing, tax, business advisory and transaction services.

Deloitte

Deloitte is also one of the “Big Four” auditing companies. The company offers services in the areas of auditing, tax advice, risk management, financial advice and management consultancy. Deloitte is present in over 150 countries.

Ernst & Young (EY)

EY is a global accounting and advisory firm with offices in more than 150 countries. The company offers services in the areas of auditing, tax consulting, transaction consulting and business consulting.

BDO International

BDO is an international network of independent auditing and consulting firms. It includes member companies in over 160 countries. BDO offers services in the areas of auditing, tax consulting, business consulting and risk management.

Grant Thornton

Grant Thornton is an international accounting and consulting firm with offices in over 135 countries. The company offers services in the areas of auditing, tax consulting, transaction consulting and business consulting.

RSM International

RSM International is a global network of independent auditing and consulting firms. It has member firms in over 120 countries and offers auditing, tax and business advisory services.

Mazars

Mazars is an international network of auditing, tax advisory and advisory firms with offices in over 90 countries. The company provides services to companies, public organizations and individuals.

Crowe Global

Crowe Global is a network of independent accounting and consulting firms with member firms in over 130 countries. The company offers services in the areas of auditing, tax consulting, risk management and business consulting.

Baker Tilly International

Baker Tilly International is a global network of independent accounting and consulting firms with member firms in over 140 countries. The company offers services in the areas of auditing, tax consulting, management consulting and risk management.

In recent years, we have seen a rapid rise of technologies such as virtual reality (VR) and augmented reality (AR), which have fundamentally changed the way we interact with digital content. One of the latest developments in this area is the concept of the Metaverse, which represents an immersive virtual environment where users can interact, transact, and share information.

Management and tax consulting companies such as the “Big Four”- PricewaterhouseCoopers (PWC), Deloitte, Ernst & Young (EY) and KPMG- have recognized that this offers enormous opportunities to expand their services and to achieve their customers better. Here are some reasons why these companies are increasingly relying on metavers:

Digital presence and global reach

The Metaverse offers companies the opportunity to build a strong and immersive digital presence. By creating virtual spaces, business consulting and tax advisory firms can offer their services globally and target clients from different parts of the world without the need for physical travel. This enables efficient communication and collaboration across geographical boundaries.

Virtual training and workshops

The Metaverse offers a unique platform for conducting training and workshops. Business consulting and accounting firms can create virtual classrooms where employees and clients can participate in interactive training. This enables effective knowledge transfer without all participants having to be physically present. Additionally, training and workshops can be personalized and interactive to improve engagement and the learning experience.

Virtual meetings and conferences

The Metaverse also enables virtual meetings and conferences to be held. Instead of using physical venues, business consulting and accounting firms can create virtual conference rooms where employees and clients from around the world can come together. This saves time and money on travel and enables seamless collaboration and knowledge sharing.

Simulations and data visualization

The Metaverse provides opportunities to create interactive simulations and data visualizations. Management consulting and tax consulting firms can create virtual environments to visualize complex business models, financial data or tax scenarios. This enables better analysis and decision making for their customers. Additionally, simulations can be used to test scenarios and identify potential risks or opportunities.

Customer experience and brand loyalty

The Metaverse offers the opportunity to create unique and immersive customer experiences. Companies can offer their customers virtual tours of their offices or production facilities to give them an insight into how they work. In addition, virtual events, such as virtual trade fairs or product presentations, can be organized to strengthen brand engagement and loyalty.

➡️ Management consulting and tax consulting firms are still in their early stages when it comes to leveraging the full potential of the Metaverse. Technology is evolving rapidly, and it will be exciting to see how these companies will leverage the metaverse in the future to expand their services and better serve their customers.