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

Yesterday's Metaverse 360° live event hosted by KPMG in Munich offered a unique opportunity to experience the future market of the metaverse firsthand. As a participant in this exclusive live event, I gained fascinating insights into the virtual world and explored the opportunities and risks it presents for businesses.

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 hands-on exercises, participants gained a holistic perspective on the possibilities of the Metaverse. Furthermore, they had the opportunity to immerse themselves in the virtual world and gain practical experience.

The event primarily focused on the consumer metaverse, but it also provided valuable insights for the B2C sector. It became clear that the metaverse offers enormous potential for engaging with customers in interactive and immersive environments. Companies can strengthen their brand presence, present products and services in innovative ways, and tap into new revenue streams.

A key topic of discussion was the legal and regulatory aspects of the metaverse. KPMG Law highlighted the challenges and risks that companies should consider when entering the metaverse. Data privacy, intellectual property, and virtual currencies are just some of the legal issues that arise in connection with the metaverse. It was emphasized that sound legal advice is essential to avoid potential pitfalls and ensure legal compliance.

Participants also had the opportunity to ask questions and exchange ideas with other experts and interested parties. The subsequent get-together provided an informal atmosphere for making contacts and expanding networks. This networking opportunity was particularly valuable, as the Metaverse is constantly evolving, and it is important to exchange ideas 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 in this area are diverse and open up new possibilities for interacting with customers and shaping business models. At the same time, it is important to be aware of the risks and challenges and to make informed decisions to ensure long-term success in the metaverse.

I would like to take this opportunity to thank KPMG once again for the invitation to this live event.

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The difference between “customer” and “consumer” lies in the type of relationship and role a person has in relation to a product or service.

The term "customer" refers to a person who purchases 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 individual as the customer.

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

The difference between "customer" and "consumer" becomes particularly clear when discussing marketing, for example. A company typically directs its marketing strategies and activities toward both potential customers and actual consumers. It strives to attract customers and offer products or services that meet the needs and desires of consumers.

It's 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 it themselves and watches television programs (consumer), that person fulfills both roles. However, there are also situations where the customer and the consumer can be different people. One example is when someone buys a product as a gift for someone else. In this case, the person buying the product is the customer, while the recipient is the consumer.

Customer

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

Consumer

The term “consumer” refers to the end user 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 users who purchase products or services directly for personal use.

B2C

“B2C” stands for “business-to-consumer” and refers to a type of business relationship in which a company sells its products or services directly to end consumers. In B2C transactions, the company (business) has a direct relationship with the end consumer (consumer). It is a common term for trade between businesses and individuals.

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

The customer and consumer metaverse are terms used in the context of extended reality (XR) technologies to describe the future of digital interaction and virtual experiences. Essentially, the metaverse is an expanded virtual space that encompasses both physical and virtual elements, allowing users to interact within an immersive environment.

The customer metaverse refers to how companies and brands use the metaverse to interact with their customers and offer them personalized experiences. It's a kind of digital ecosystem where companies create virtual spaces to showcase their products, services, and brand messages. For example, customers can enter virtual stores, try out products, customize them, and interact 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 create their virtual identity, interact with other users, engage in virtual activities, play games, create and consume digital content, and participate in virtual events and activities. 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 approach between the Customer Metaverse and the Consumer Metaverse lie primarily in their goals and intentions. The Customer Metaverse focuses on providing customers with personalized and tailored experiences to strengthen brand loyalty and boost sales of products and services. Companies leverage XR technologies to create immersive shopping experiences where customers can virtually try out, customize, and purchase products.

In contrast, the Consumer Metaverse focuses on the individual needs and preferences of users. 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 artwork, 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 commonalities between the Customer and Consumer Metaverses. Both concepts utilize 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 Metaverses aim to expand the boundaries of digital interaction and offer users new possibilities.

Furthermore, social interactions play a crucial role in both the customer and consumer metaverses. Businesses can interact with customers in virtual spaces and gather feedback to improve their products and services. In the consumer metaverse, users can connect with other users, forge friendships, and build virtual communities.

➡️ The Customer and Consumer Metaverse represent 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 entirely new avenues for digital experiences and self-expression 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.

Auditing

In the field of auditing, KPMG examines companies' annual financial statements to ensure the accuracy and reliability of the financial information. This is essential for gaining the trust of investors, creditors, and other stakeholders.

Tax consulting

In tax consulting, KPMG supports companies in fulfilling their tax obligations and helps to minimize tax risks and seize opportunities. This includes advising on national and international tax regulations, optimizing tax strategies, and providing support during tax audits.

Management consulting

In the field of management consulting, KPMG offers advisory services in the areas of corporate strategy, process optimization, IT consulting, risk management, mergers and acquisitions, and sustainability. The goal is to support companies in improving their performance, managing risks, and identifying growth opportunities.

KPMG is one of the so-called “Big Four” accounting firms and has offices in many countries worldwide. It works with companies of varying sizes and from different sectors, including multinational corporations, medium-sized businesses, and public organizations.

Here are ten of KPMG's competitors in the field of auditing and consulting, 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 audit and consulting firms. The company has offices in over 150 countries and offers services in the areas of auditing, tax consulting, business consulting, and transaction services.

Deloitte

Deloitte is also one of the “Big Four” accounting firms. The company offers services in the areas of auditing, tax consulting, risk management, financial consulting, and business consulting. Deloitte has a presence in over 150 countries.

Ernst & Young (EY)

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

BDO International

BDO is an international network of independent audit and consulting firms. It comprises member firms 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 audit and consulting firm with offices in over 135 countries. The company offers services in the areas of audit, tax consulting, transaction consulting, and business consulting.

RSM International

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

Mazars

Mazars is an international network of audit, tax, and consulting firms with offices in over 90 countries. The company offers services to businesses, public organizations, and individuals.

Crowe Global

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

Baker Tilly International

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

In recent years, we have witnessed 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 field is the concept of the metaverse, which represents an immersive virtual environment where users can interact, conduct business, and exchange information.

Management and tax consulting firms like the “Big Four” – PricewaterhouseCoopers (PwC), Deloitte, Ernst & Young (EY), and KPMG – have recognized that the metaverse offers tremendous opportunities to expand their services and better reach their clients. Here are some reasons why these firms are increasingly focusing on the metaverse:

Digital presence and global reach

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

Virtual training courses and workshops

The Metaverse offers a unique platform for conducting training courses and workshops. Management and tax consulting firms can create virtual training rooms where employees and clients can participate in interactive training sessions. This enables effective knowledge transfer without requiring all participants to be physically present. Furthermore, training courses and workshops can be personalized and made interactive to enhance engagement and the learning experience.

Virtual meetings and conferences

The Metaverse also enables virtual meetings and conferences. Instead of using physical venues, management and tax consulting firms can create virtual conference rooms where employees and clients from around the world can come together. This saves time and travel costs and allows for seamless collaboration and knowledge sharing.

Simulations and data visualization

The metaverse offers opportunities for creating interactive simulations and data visualizations. Management 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 clients. Furthermore, 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 insight into their work processes. Furthermore, virtual events, such as virtual trade fairs or product presentations, can be organized to strengthen brand engagement and customer loyalty.

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