Followers

Friday, July 29, 2022

Quote of the Day July 29, 2022

 

“It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things.”
Elinor Smith
“मैंने काफी समय से यह देखा है कि सफल व्यक्ति बैठ कर घटनाओं का इंतजार नहीं करते हैं अपितु वे आगे बढ़ते हैं और कार्य को अंजाम देते हैं।”
एलिनोर स्मिथ

World Hepatitis Day 2022

 On July 28, World Hepatitis Day is celebrated across the World, annually. The day seeks to raise awareness on the Hepatitis, which cause deaths of around 125 000 people in Africa every year, even though the disease can be cured.

Theme of the World Hepatitis Day 2022:

  • In year 2022, the World Hepatitis Day is being celebrated under the theme- “Bringing hepatitis care closer to you”.
  • This theme is aimed at highlighting the usefulness of bringing hepatitis care closer to primary health care facilities and communities.
  • It also seeks to ensure better access to treatment and care.

About Hepatitis:

It is inflammation of the liver tissue. Some people or animals show no symptoms of hepatitis. On the other hand, others people develop yellow discoloration of skin and whites of the eyes, vomiting, poor appetite, abdominal pain, tiredness, and diarrhoea. The disease is acute, if it is treated within six months. It can be turned chronic, if it lasts more than six months.  Acute hepatitis can be treated on its own, while chronic hepatitis causes failure of liver. Chronic hepatitis can lead to liver cirrhosis, liver cancer and liver failure.

Hepatitis case burden in WHO African Region:

In Africa, over 90 million people are living with hepatitis. It accounts for 26% of total cases worldwide. The disease goes undetected mostly, because of absence of any symptoms. As per WHO, prevalence of Hepatitis B in around 8% of the total populations across 19 countries. Hepatitis C is prevalent among 1% population across18 countries. Transmission of Hepatitis B from mother to child is high.

Current Affairs-July 28, 2022

 INDIA

– India adds 5 new wetlands, total Ramsar sites now at 54; new additions — Karikili Bird Sanctuary, Pallikaranai Marsh Reserve Forest & Pichavaram Mangrove in Tamil Nadu, Pala wetland in Mizoram and Sakhya Sagar in MP
– Mission Parivar Vikas 2016 boosted National Family Planning Programme, says Minister of State for Health and Family Welfare Dr. Bharati Pravin Pawar
– LS Speaker Om Birla and Esperanca Bias sign MoU of Cooperation between Parliaments of India and Mozambique
ECONOMY & CORPORATE
– Govt to provide 4G mobile services in 24,680 uncovered villages at cost of Rs 26,316 crore
– Cabinet approves Rs 1.64 lakh crore revival package for BSNL; BBNL (Bharat Broadband Network Limited) to be merged with BSNL
– Govt. approves additional investment by BPRL (Bharat Petro Resources Limited) for development of BM-SEAL-11 Concession Project in Brazil
– BPRL is a wholly owned subsidiary of Bharat Petroleum Corporation Limited
– DGCA asks SpiceJet to operate 50% of approved flights for 8 weeks following snags
– Campbell Wilson gets security clearance, to take over as Air India MD-CEO
– Roshni Nadar Malhotra, Chairperson of HCL Technologies, has been named the wealthiest woman on Kotak Private Banking – Hurun Leading Wealthy Women List 2021
– Companies can spend CSR (Corporate Social Responsibility) funds for ‘Har Ghar Tiranga’ campaign activities: Govt
WORLD
– Ukraine’s President Volodymyr Zelenskyy given Churchill Leadership Award of UK
– Huanan seafood market in Wuhan, China ‘epicenter’ of Covid-19 pandemic: Study
– Russia’s Gazprom cuts gas supply to Europe through Nord Stream 1 to 20% of full capacity
– US to sell additional 20 million barrels of oil from strategic reserve
– Russia taking over ownership stakes in Arctic oil field now held by French and Norwegian companies
SPORTS
– England: Leicester Cricket Ground named after Indian legend Sunil Gavaskar
– Lok Sabha passes National Anti-Doping Bill, 2021; provides for constitution of National Anti-Doping Agency (NADA) for regulating anti-doping activities in sports

Current Affairs- July 29, 2022

 INDIA

– Indian Navy gets 1st indigenously-built aircraft carrier (IAC-1) from Cochin Shipyard Ltd (CSL); will commission it as INS Vikrant
– Indian Navy gets 3 of the 24 MH-60 ‘Romeo’ multi-mission helicopters from the US; made by Lockheed Martin Corporation
– PM Modi inaugurates and lays foundation stone of multiple projects of Sabar Dairy in Sabarkantha, Gujarat
– 2 Indian peacekeepers killed in violent anti-UN protests in Democratic Republic of Congo
– Kerala govt to launch online cab service ‘Kerala Savari’ in August
ECONOMY & CORPORATE
– Govt launches 11th agricultural census 2021-22 to collect data on various parameters, including operational holdings
– India’s installed capacity of electricity generation at 403 Giga Watt as on June 30: Govt.
WORLD
– US Federal Reserve hikes interest rate by 75 basis points to check inflation
– World Hepatitis Day observed on July 28
– World Nature Conservation Day observed on July 28
SPORTS
– India beat West Indies by 119 runs in 5rd and final ODI to clinch series 3-0 at the Queen’s Park Oval in Port of Spain
– Four times Formula One world champion Sebastian Vettel to retire at season end
– PM inaugurates 44th Chess Olympiad at Jawaharlal Nehru indoor stadium in Chennai

Long road: Editorial on the plight of differently abled persons

 The road to inclusion is often long and winding. India has undertaken legal measures to empower the differently abled in the past few years: the  enactment of the Rights of Persons with Disabilities Act in 2016 is one example. But a revised, comprehensive strategy that would address current needs and challenges is long overdue. The Indian population of PwDs is estimated to be roughly 3 crore. Among them, 1.3 crore are employable. But data show that only 34 lakh PwDs are employed across different sectors. Alarmingly, only 5 per cent of them are graduates. The figures suggest that the implementation of the provisions of the RPwD Act have been tardy in the spheres of employment and education. There are other policy failures. The Centre launched the Accessible India campaign in 2015 to create a barrier-free environment to grant accessibility to public resources and dignified living for this constituency. But a recent report illustrated that a meagre 8 per cent of public buses are partially accessible to the differently-abled, while only 48 per cent of government buildings are such. A 2020 RTI report revealed that about 19 states do not even have dedicated toilets for the disabled community. Accessibility to crucial amenities — a civil right — remains a pipe dream evidently. 

Hearteningly, the recently-released draft national policy attempts to address several of these pressing concerns. It envisions a dynamic database that will provide information on a real-time basis. It also identifies areas of intervention and reiterates the government’s commitment to institutional mechanisms. The intentions are noble but this is not to say that the draft is water-tight given several glaring omissions. Article 29 of the United Nations Convention on the Rights of Persons with Disabilities — India is a signatory — mandates political representation, something that the draft policy fails to take cognisance of. Further, it fails to plug the deficiencies in the public procurement laws that are necessary to augment disabled-friendly infrastructure. Additional budgetary allocation of 25 per cent has remained unaddressed as well. These lapses reveal an old malaise: the refusal of successive governments to move past rhetoric and work towards an integrated approach. Regular audits and periodic inspections of infrastructure, public outreach programmes, and the creation of a greater number of disabled-friendly organisations must be encouraged to ma


Source: The Telegraph, 25/07/22

Initiatives taken to improve digital divide across country in education sector

 The majority of the schools are within the jurisdiction of the individual State and UT Governments, and education is listed in the concurrent list of the Constitution. However, the Department of School Education and Literacy, Ministry of Education, has implemented a multi-pronged strategy to ensure that every student, especially those living in rural and educationally underdeveloped parts of the country, obtains uninterrupted access to education.

As a component of the Atma Nirbhar Bharat Abhiyan, PM e-Vidya, a comprehensive project that combines all activities connected to digital, online, and on-air education to offer multi-mode access to education, was launched on May 17, 2020. The project consists of the following elements:

  • DIKSHA, the country’s digital infrastructure, provides high-quality e-content for classroom instruction in states and UTs, as well as QR-coded Energized Textbooks for all grades (one nation, one digital platform)
  • Each class from 1 to 12 has one Swayam Prabha TV channel set aside for it (one class, one channel)
  • Extensive use of Radio, Community radio and CBSE Podcast- Shiksha Vani
  • On the NIOS website and YouTube, special e-content for the deaf and hard-of-hearing has been created using the Digitally Accessible Information System (DAISY)

Where the digital facility (Mobile Device/DTH television) is not available, the Ministry of Education has taken numerous initiatives, such as organising community/mohalla classes, community radio stations, and a podcast called Shiksha Vani of CBSE. It has also provided textbooks and worksheets to students’ homes.

The Samagra Shiksha, an Integrated Scheme for School Education, was introduced by the Department of School Education and Literacy in 2018–19. It sees the “school” as a progression from early childhood education through upper primary, secondary education, and senior secondary education.

It is a comprehensive programme for the school education industry that covers pre-kindergarten through class XII with the goal of ensuring inclusive and equitable quality education at all levels of schooling.

Samagra Shiksha is carried out in collaboration with all of the States and UTs, and financial aid is given to all of them for a number of components, including the improvement of the ICT infrastructure in schools.

Subject to budgetary constraints, the ICT component of Samagra Shiksha plans to include all Government and Aided classes VI through XII schools as well as Teacher Education Institutions (TEIs).

ICT resources will be accessible to students in lower grades in Government and Aided Schools with classes from VI to XII. 120614 schools have ICT labs approved, while 82120 schools have smart classroom approval. The elementary school instructors have been granted a total of 1482565 TABs.

The Department’s Innovation Funds are utilised to put up virtual studios, mobile classrooms, and online classrooms in schools. All states and UTs have started a Continuous Learning Plan (CLP), and in some states and UTs, pre-loaded tablets are being used successfully in remote rural locations where online classes are challenging.

Source: The Statesman, 25/07/22

Rohingyas a step closer to justice

 The Gambia’s case against Myanmar under the international Genocide Convention, for the alleged genocide committed against the ethnic Rohingyas, is now all set to be heard and judged by the International Court of Justice (ICJ), following its rejection of Myanmar’s preliminary objections on the grounds of the court’s jurisdiction and the Gambia’s legal standing. Besides rejecting Myanmar’s objections, the ICJ also ruled that the Gambia’s application filed on 11 November 2019 was admissible, thereby allowing the case to proceed on merits. The Rohingya victims of genocide, as well as all peace-loving people who believe in the rule of law, can be certain now that we are one step closer to justice. The ICJ decision really is a huge step towards an overdue reckoning with the Myanmar military’s atrocities against the Rohingyas.

It is wellknown that the international justice system is a long-drawn complex process, which may take years to conclude. But at least the world court’s decision to proceed on substance should worry the Myanmar’s military junta that they can no longer shrug off their responsibilities for their murderous campaign against a minority ethnic group. Myanmar’s official reaction to the ICJ ruling indicates that the junta is now beginning to realise the gravity of the world court’s ruling. A statement issued by the Ministry of International Cooperation and published by the military-owned news portal Myawady says, “Myanmar is disappointed that its preliminary objections were rejected, while it notes that the court has now determined the matter.” It then admits, “Myanmar noted that this judgement will become not only a source of international law, but (will) also set a precedent for future cases.” The statement adds, “Myanmar reaffirms its position in a declaration over the ratification of the convention and respects its obligations under the convention without any violation of them.”

The ministry ends its statement with a commitment that “it will endeavour its utmost efforts to safeguard the country’s sovereignty and national interest and continue to undertake appropriate steps for the country.” Justifying its preliminary objections, the Myanmar government argued that the preliminary objections raised were believed to be strong as a matter of law and a matter of fact. And then it notes Judge Xue Hanqin’s dissenting opinion and votes against the court’s finding that it has jurisdiction and that the application is admissible. Myanmar raised four preliminary objections to the jurisdiction of the ICJ and the admissibility of the application. In its first preliminary objection, Myanmar argued that the court lacked jurisdiction, or alternatively that the application was inadmissible, on the grounds that the “real applicant” in the proceedings was the Organisation of Islamic Cooperation (OIC).

According to the second preliminary objection, the application was inadmissible because the Gambia lacked standing to bring this case. In its third preliminary objection, Myanmar asserted that the ICJ lacked jurisdiction or that the application was inadmissible since the Gambia cannot validly seise the court in light of Myanmar’s reservation to Article VIII of the Genocide Convention. In its fourth preliminary objection, Myanmar pleaded that the court lacked jurisdiction, or alternatively that the application was inadmissible, because there was no dispute between the parties under the Genocide Convention on the date of filing of the application. The court unanimously rejected three preliminary objections, and the other one (on the Gambia’s standing for bringing the case) was rejected by a 15-1 vote. The ruling on the admissibility of the Gambia’s application, too, was decided by a 15-1 vote. In both these decisions, the dissenting member of the court was Justice Xue Hanqin.

One other interesting thing to be noted is that both the ad hoc judges, Navanethem Pillay and Claus Kress, representing the Gambia and Myanmar, respectively, were in agreement with the majority of the court. Earlier on 23 January 2020, following the Gambia’s application, the ICJ issued provisional measures against Myanmar to prevent any genocidal acts in its territory against the Rohingyas and to protect them. It also asked Myanmar to take effective measures to prevent the destruction and ensure the preservation of evidence related to the alleged atrocities, and submit periodical reports to the court on all measures taken to give effect to this order, until a final decision on the case is rendered by the court. The ICJ, in its latest verdict, noted that Myanmar indeed had submitted reports on the measures taken to give effect to that order on 22 May 2020, 23 November 2020, 20 May 2021, 23 November 2021, and 23 May 2022. The court also said that the Gambia, too, had submitted comments on each of these reports.

The significance of the ICJ’s order on provisional measures were not only related to the prevention and protection of a vulnerable ethnic group, but the recognition of the Rohingyas as a distinct ethnic group in Myanmar. We don’t know what actions Myanmar has taken so far and how the Gambians have evaluated them. But, according to the ICJ, Myanmar overtly maintains its obligation to the ICJ. The unfortunate fact, however, remains that there has not been any progress at all in repatriating about one million Rohingya refugees now living in Bangladesh, and the reason, according to the UNHCR, is Myanmar’s failure to create an environment where safe and dignified return of the Rohingyas is possible. The ICJ’s decision to proceed on the merits to examine the Gambia’s genocide allegations against Myanmar also gives us an opportunity for a diplomatic push on repatriation.

The Gambia has submitted its main arguments in October 2020 within the time frame fixed by the court. So, it is expected that Myanmar will now have to submit its response soon. As Canada and the Netherlands have joined the Gambia in its pursuit for justice for the Rohingyas, we hope the legal course will gather new strength. With the legal proceedings moving forward, it is high time for us to pile up political pressure on the Myanmar military junta, too.

KAMAL AHMED

Source: The Statesman, 27/07/22

Wednesday, July 27, 2022

Quote of the Day July 27, 2022

 

“Real confidence comes from knowing and accepting yourself - your strengths and your limitations - in contrast to depending on affirmation from others.”
Judith M. Bardwick
“दूसरों की पुष्टि पर निर्भर करने की तुलना में स्वयं को जानने तथा स्वीकार करने- अपनी शक्तियों तथा अपनी सीमाओं को जान लेने से वास्तविक विश्वास की उत्पत्ति होती है।”
जूडिथ एम. बार्डविक

Economic & Political Weekly: Table of Contents

 

Vol. 57, Issue No. 30, 23 Jul, 2022

Engage Articles

Perspectives

Special Articles

Book Reviews

Editorials

Comment

From the Editor's Desk

From 50 Years Ago

Law and Society

Commentary

Discussion

Current Statistics

Letters

Current Affairs- July 26, 2022

 

INDIA

– 4 Cong MPs suspended from Lok Sabha for rest of session for disrupting proceedings
– Droupadi Murmu takes oath as India’s 15th President

ECONOMY & CORPORATE

– Fresh milk and pasteurised milk fully exempted from Goods and Service Tax, clarifies Government
– Multi-Agency Group set up by govt for expeditious and coordinated investigation of various categories of foreign asset cases: Finance Minister Nirmala Sitharaman
– Maersk creates fast, reliable India-Bangladesh cross-border logistics solution using inland waterways

WORLD

– India contributes $2.5 million to United Nations Relief and Works Agency for Palestine Refugees in the Near East (UN RWA)
– Boat carrying Haitian migrants sinks off Bahamas, killing 17; 25 rescued
– Myanmar: Military rulers execute four democracy activists, the first execution conducted in the country in decades
– World Drowning Prevention Day observed on July 25

SPORTS

– World Athletics Championships in US: Nigeria’s Tobi Amusan breaks world record in women’s 100m hurdles in 12.12 seconds

July 25: World Drowning Prevention Day

 On July 25, the World Drowning Prevention Day is observed across the world. This day was recognised by the United Nations in a bid to collectively start action towards drowning prevention with the objective of making the world sustainably-developed.

UN General Assembly Resolution:

  • United Nation General Assembly had recognized the World Drowning Prevention Day in April 2021 through a resolution.
  • This global advocacy event has now become an opportunity to put in public the tragic impact of drowning on families and communities.
  • The day seeks to provide solutions in a bid to prevent the drowning as well.

The World Drowning Prevention Day is celebrated globally, in which;

  • Stakeholders including UN agencies, governments, private sector, civil society organisations, academia and individuals are asked to observe this Day by focusing on the requirement of take coordinated, urgent and multi-sectoral action on proven measures to prevent drowning.
  • Preparations for the World Drowning Prevention Day is done by the World Health Organisations (WHO), by producing advocacy materials, supporting local & national activities across the world and hosting a global launch event.
  • In year 2022, WHO invited public to ‘do one thing’ to save lives on the occasion. It recommended to use hashtag #DrowningPrevention, on social media.

Global estimate on Drowning

As per UN, around 236,000 people drown annually. Thus, it has become a major health problem across the world. Drowning is among the major causes of death for people aged 1 to 24 years. It is the third leading cause for unintentional injury death. It accounts for 7% of all injury-related deaths. As per WHO estimate, over 90% of drowning deaths occur in low and middle-income countries.

Current Affairs-July 27, 2022

 

INDIA

– Lok Sabha passes Family Courts’ Amendment Bill, 2022; validates existence of the 3 family courts in Himachal Pradesh and 2 in Nagaland with retrospective effect
– 19 Opposition MPs suspended over misconduct from Rajya Sabha for a week
– Prasar Bharati signs MoU with IIT, Kanpur to develop Next Generation Broadcast solution
– Kargil Vijay Diwas celebrated across the country on July 26; marks victory in Operation Vijay in 1999
– Gujarat: Death toll in hooch (spurious liquor) tragedy in Botad district rises to 33
– EAM Jaishankar meets USAID (United States Agency for International Development) Administrator Samantha Power in New Delhi
– India lost 329 tigers in last 3 years due to poaching, natural and unnatural causes: Govt.

ECONOMY & CORPORATE

– Bidding for first ever auction of 5G spectrum begins; Reliance Jio, Bharti Airtel, Vodafone Idea and Adani Data Networks in the fray
– Defence ministry approves arms procurement proposals worth Rs 28,732 cr
– Defence’s Ministry iDEX-DIO (Innovations for Defence Excellence–Defence Innovation Organization) signs its 100th innovation contract
– IMF slashes India’s 2022-23 GDP growth forecast by 0.8% to 7.4%
– 8% decline in amount of bank frauds in last two years: MoS for Finance Bhagwat Karad
– Non-Performing Assets of Scheduled Commercial Banks in country declined in last four years: Govt

WORLD

– Russia will withdraw from International Space Station (ISS) project after 2024; jointly run by space agencies of Russia, USA, Europe, Japan and Canada since 1998
– IMF cuts growth forecast for global economy in 2022 to 3.2% in its World Economic Outlook (WEO) report
– US actor Paul Sorvino dies at 83, famous for his role in the gangster classic “Goodfellas”

SPORTS

– Hosts US top medals tally at World Athletics Championships; Armand Duplantis of Sweden breaks own world record in men’s pole vault with 6.21 metres

Five new Ramsar Sites designated by India

 Three wetlands from Tamil Nadu and One each from Mizoram & Madhya Pradesh have been identified under the Ramsar Convention, which is also called as “Convention on Wetlands”. Thus, India has added Five new Ramsar Wetlands Sites of international importance.  With the latest addition, total number of Ramsar Sites in India has reached to 54, as opposed to 49 earlier.

New Ramsar Sites include;

  1. Pallikaranai Marsh Reserve Forest, Tamil Nadu: It is a freshwater marsh in Chennai. It is the only surviving wetland ecosystem Chennai. It is counted among last remaining natural wetlands of South India.
  2. Karikili Bird Sanctuary, Tamil Nadu: It is a 61.21-hectare protected area located in Kancheepuram District of Tamil Nadu. It is located at a distance of 75 km from Chennai.
  3. Pichavaram Mangrove, Tamil Nadu: It is located near Chidambaram in Cuddalore District of Tamil Nadu. It covers an area of 1100 hectares and thus counted among largest mangrove forests in country.
  4. Pala wetland, MizoramIt is the largest natural wetland in Mizoram. The wetland is surrounded by green woodlands. It is known for rich diversity of animal species including several species of animals and birds.
  5. Sakhya Sagar, Madhya PradeshThis lake is an integral part of Madhav National Park in Shivpuri, Madhya Pradesh.

About Ramsar Convention:

The Ramsar convention was established by UNESCO on February 2, 1971. It is an intergovernmental environmental treaty, named after Ramsar city in Iran because it was signed there. The convention came into effect on 1975. It encourages the international cooperation and national action to conserve the wetlands and sustainably use their resources. Under it, wetlands of international importance are identified worldwide.

Monkey Pox: Why WHO declared it a public health emergency of international concern (PHEIC)?

 Over 16000 cases of monkeypox have been identified across 75 countries since May 2022. On July 23, World Health Organisation (WHO) declared the monkeypox outbreak a Public Health Emergency of International Concern (PHEIC). Majority of the cases are being reported in WHO European Region. In India, 4 cases have been reported till date. Currently, most cases are being resolved without hospitalization or any medication. Death rate is also less.

  • The WHO had constituted a committee in June 2022, to study if monkeypox is PHEIC.
  • It reconvened the committee on July 21 and declared the monkey pox a PHEIC.
  • Last time WHO declared an PHEIC was in 2020 for covid-19.
  • Monkeypox disease is caused by monkeypox virus.
  • It involves fever for few days and lymph node swelling and a rash, that can leave scars.
  • It is much less severe than Covid-19 and spreads less easily. This is why, WHO declared an emergency.

Monkeypox was declared PHEIC because, it is fulfilling the first two criteria of an emergency:

  • Spread of the Virus outside West and Central Africa are unusual pattern
  • It has already spread internationally, with cases in 75 countries.

PHEIC vs Pandemic:

PHEIC is different than the pandemic. Pandemic is an epidemic that occur over a wide area and affects large number of people. On the other hand, PHEIC is a carefully defined term. It is defined as a situation that is under control, but has potential to grow out of control. Till date, only 6 PHEICs have been declared including Zika, Ebola and Covid-19.

Metaverse has potential to revolutionize e-commerce

 E-commerce (electronic commerce) is the buying and selling of products and services or the transfer of data and funds over the internet. These are business transactions that occur in ways such as business to business (B2B), business to consumer (B2C), consumer to consumer (C2C) or consumer to business (C2B).

Since the option to purchase goods over the internet was first introduced via technology, there has been a fixed divide between the real and digital worlds. This was the case until the introduction of the metaverse, a combination of multiple technologies, built to work together.

This includes a series of technologies such as augmented reality (AR), virtual reality (VR), non-fungible tokens (NFTs) and even games. The metaverse enables multi-modal interactions with digital items, virtual environments, and real people, thus providing an immersive multi-user experience for anyone accessing it around the globe.

The metaverse is all about ‘customer experience’, which covers practices like ‘stronger engagement’ and ‘better understanding of customers’.

According to a survey conducted by Shopkick, 70% of customers believe the ability to try, touch and see products are the main aspects of an in-store experience.

This is going to be solved and fulfilled in the metaverse, as AR and VR allow the same to happen, all from the comfort of your home. Companies would benefit hugely from the metaverse, as it not only widens their consumer base but also has the potential to get reviews on new products, thus pointing them in the right direction for the future.

The metaverse can also bridge the gap between the physical and virtual world, hence merging online and offline commerce into one. This means that users will be able to experience the physical world via the metaverse, digitally, making online shopping more special.

Regardless of the user’s location, the metaverse will allow users to buy, sell and trade products + services, along with providing creators and companies additional income. In other words, the metaverse will change the way we learn, how we earn money, and how we communicate with each other, similar to what the introduction of 2D did in 1995.

Many e-commerce giants have already begun to incorporate the metaverse into their platforms.

For instance, Amazon has introduced an AR room tool, called ‘room decorator’, which enables the user to see how furniture and/or other decorative items would look in your house.

Similarly, Flipkart, on April 28th 2022 announced the launch of ‘Flipkart Labs’, designed to “develop blockchain and metaverse use cases", including stores. Furthermore, retail chains like Warby Parker have created virtual fitting apps, allowing the user to try every pair of glasses in its catalogue before its purchase.

Even clothing brands such as Adidas and Gucci are exploring metaverse stores. This makes online shopping feel personalized and more special, something that has never existed before the metaverse.

E-commerce in the metaverse is guaranteed to accelerate + expand over the next few years. As new technology begins to get discovered, new features also usher in allowing online commerce and offline commerce to merge.

The recent surge of interest in AR and VR ensures the quality and fit of a product prior to purchasing. Normally, e-commerce platforms work in a “browse, choose, click to buy" process.

However, the metaverse will change this to “browse, experience to buy". This means the customers experiencing the metaverse will be able to walk around a store, view product displays, and later make purchases, all from the comfort of their own homes.

The metaverse has the ability to improve and revolutionize current e-Commerce practices and provide a unique experience for the users. The first benefit of metaverse-powered e-commerce will be ‘personalized experiences', which are often limited to product recommendations + discounts today.

In the metaverse, however, brands will be able to offer hyper-personalized ‘browse and buy’ experiences to their customers, eliminating the boundaries present in the physical world.

The second benefit can be ‘reduced return rates’, since the metaverse-powered e-commerce will help customers try out products before ordering/purchasing them, and the enhanced product visualization will ensure users make informed choices.

The third benefit will be ‘increased conversion rates and higher upsell’ for traffic/visitor landing on an e-Commerce platform, due to the personalized experience the metaverse would provide.

Recent studies show how people are ready to overpay by almost 40% for a product that can be tested in 3D. All these accrued benefits will finally result in ‘increased profitability' for brands, thus revolutionizing the way they operate.

In conclusion, the metaverse can completely revolutionize the operating model, customer experience, sales, and profitability of ecommerce companies. The key will be how brands embrace and adopt these technologies for creating ‘wow’ experiences for their customers in the future.

Agam Chaudhary is a serial entrepreneur and investor in Web3

Source: Mintepaper, 25,07,22