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The metaverse will become an opportunity for Colombian trade

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Colombia has proven to be a mature market in everything related to electronic commerce.

The figures released at the end of the most recent “Day without VAT”, held on Friday June 17, show that the opportunities for brands in the online universe are almost unlimited.

The Colombian Chamber of Electronic Commerce (CCCE) points out that during that special day of consumption the total value of sales registered through digital channels amounted to $678 billion.

The entity also highlights that there were a total of 1.7 million digital transactions and that sales were 4.3 times higher than those that usually occur in electronic channels on a normal Friday.

This shows the great power that the country has and that it can be perfectly exploited by companies in the metaverse , which, although it is still a world yet to be explored and conquered for local commerce, offers all the possibilities that brands have considered with its objectives of expansion, consolidation and growth.

A study by Bloomberg Intelligence (BI) estimates that the global market opportunity for the metaverse could reach US$800 billion by 2024.

Some analysts believe that the metaverse is the evolution of connectivity and that virtual communities will converge there in an increasingly real environment, even developing activities for the purchase of goods and services.

BI also highlights that, in 2021, the value of the metaverse reached approximately US$500 billion, a number that could even increase fivefold by 2030.

“This panorama in figures is sufficient evidence that the metaverse brings with it great business opportunities for various industries , such as the creation of video games, for example, opening the opportunity for new investments,” said Luis Carlos Guerrero, president for Colombia of Lumen. Technologies.

Economy within the metaverse

On the other hand, and given the large number of commercial transactions that are predicted in the metaverse, it is necessary that our country begins to consider an economy within the metaverse with its own foreign exchange, which would undoubtedly be very tempting for anyone who already engage in online trading.

Those currencies of exchange in the metaverse would be cryptocurrencies . In this way, its use would be promoted, with a significant increase in its capitalization.

Now, and considering again the figures released by the past “Day without VAT”, it follows that the metaverse could become the ideal complement to the physical world and that electronic commerce will be an integral part of said platform.

“The main ‘meta-concept’ that is being promoted is that any consumer can, with the same digital avatar, carry out various interactions throughout the web. Let’s think of it as having the same profile photo and the same biography on all social media platforms, although with greater personalization and interaction capacity”, added the president for Colombia of Lumen Technologies.

What does that have to do with e-commerce or digital transactions? The executive states that the customization of avatars and, by extension, the creation of a person or a personal brand online, will make it possible to purchase items such as clothing, vehicles or accessories with functional and decorative uses in a virtual environment.

“If we take into account the volume of sales during activities such as the ‘Day without VAT’ or the growth of e-commerce platforms, it is possible to affirm that e-commerce could have an even greater impetus in the metaverse to popularize the digital economy of Colombia”, concluded the director.

On the other hand, the metaverse will remove many of the physical restrictions on commerce today and make entirely new businesses possible.

However, to take advantage of so many benefits, it will be necessary for Colombia to adapt its commercial-type regulatory frameworks to all this new reality and to adopt security standards that protect the personal and financial information of all the actors involved.

Results “Day without VAT” of June 17

On June 17, Colombia experienced a new edition of the Day without VAT.

When analyzing the number of dispatches generated by sales during the event, Beetrack-DispatchTrack showed an increase of 29% in the first week after the event and 31% in the second.

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These data are similar to those of the first edition of the Day without VAT in 2022 that took place on March 11, where Beetrack customers who sold online increased their shipments by 39% in the first week after the event and by 27% % in the second week.

According to the Ministry of Commerce, Industry and Tourism, in this new edition sales were $10.61 billion Colombians, which includes 7,270,181 transactions through electronic invoicing. The balance shows an increase compared to the previous Day without VAT, where sales reached $9.1 billion.

Despite the positive results for merchants, it should be remembered that this could be the last day of Day without VAT in the country, since the activity would not be taken into account by the incoming government of Gustavo Petro, so the third day of this year, scheduled for next December 2, it would not take place.