The future of experiential retail using Metaverse and Web 3.0
Selfridges does not lack creative ideas. It receives hundreds of approaches every year to implement technologies such as artificial intelligence, machine learning, Web 3.0 and the Metaverse within its business processes.
They wished to sharpen their strategic direction and intent in relation to these technologies, however, they wanted to ensure that all projects they pursue have clear purpose and ROI. They also wished to increase the level of consistency across their various departments in terms of attitude and approach, and identify any capability gaps within their core business functions that might undermine their ability to execute in the future.
Selfridges also needed to adopt a more mature and robust approach to risk management, ensuring it could innovate while protecting its core business from legal, regulatory, commercial and reputational issues associated with Metaverse and Web 3.0 technologies.
MDRx spent three months working across the Selfridges Group alongside senior executives, surveying existing attitudes, approaches and historic activities. This included dozens of recorded interviews as well as attending internal working group meetings.
We provided clear and applied working definitions for key emerging technologies including Metaverse and Web 3.0, ensuring the entire Selfridges business operates with consistent terminology. We also made recommendations for new core business capabilities, including new job roles and reporting lines.
MDRx also provided a detailed risk assessment by technology, analysing the severity and likelihood of legal, regulatory, commercial and reputational risks together with suggested mitigation steps. We also provided a clear procurement framework and bespoke training sessions, to ensure future vendors could be secured with confidence.
- Working definitions and terminology: A clear and consistent “house view” of proper definitions, value propositions and use cases associated with various emerging technologies including Metaverse and Web 3.0.
- Increased understanding: Increased competencies across the Executive, Creative, Legal and Procurement teams through extensive knowledge transfer.
- What “good” looks like: A decision-making framework including bespoke success factors that allows it to quickly evaluate new ideas and approaches and decide on their merits.
- De-risked innovation: A clear understanding of relevant risks, assumptions, issues and dependencies, as well as specialist legal and regulatory advice from The MDR Group.
- Cannes Lions 2023: We were delighted to present our work alongside Selfridges at the prestigious Cannes Lions International Festival of Creativity 2023.