New Year brings with it splendid new opportunitiesJanuary 4, 2016 10:46
A push for e-commerce in the form of a virtual city
This virtual city promises the ability to live your life without having to actually live it.
December 13, 2012 3:36 by Muhammad Aldalou
As with any market still in its infancy, the e-commerce industry in the Middle East is constantly searching for the next big idea that would revolutionise the sector. At best, it’s still a guessing game but that’s no reason to ignore the creativity behind it. Naturally, social media and digital platforms have played a strong role in promoting both transparency and company-to-customer interaction.
Next in line is the development of a virtual city. While socialising in your own relatively personalised avatar sounds like an appealing getaway from everyday life, it actually has a serious business model behind it. It’s been planned by TRUST 300 since 2008 and has recently launched its first phase of operation. Its core purpose is to simulate a realistic city where businesses can set up shop or invest in real estate.
In the company’s words, ‘CityHi’s citizens can start their own businesses virtually, interact with their target audience and sell products or services as done in real life’. In simple terms, existing companies can invest in real estate, set up a shop and sell their products through the virtual city much like a typical ecommerce website. They say a picture is worth a thousand words so here they are:
Dr. Mohamed Haddad, CEO of Trust 300 says his optimism has been fueled by both his business advisors and potential investors. “They have confirmed that over the next five years, two million jobs will be created in the virtual city,” he says. Judging by the doctor’s words, the limits to this virtual city exist only as they do in the real world.
“The city has real economics of supply and demand, it will have a mayor and an official land department to oversee real estate and business transactions,” he adds. There are three types of citizens in the virtual city: 1) Businesses and government entities, 2) spending and non-spending and 3) real estate investors.