Why the Future of Shopping Relies in Wallet Relationship Management – WWD

Digital wallets are quickly adapting to become the next big stage of how consumers shop, sell and engage with products online.

Wallet relationship management, otherwise known as WRM, is slowly being developed and rolled out by new technology firms coming out of Silicon Valley.

Samir Addamine, chief executive officer and cofounder of Absolute Labs, a wallet relationship management platform, has already started his mission.

“Wallets we believe will overtake emails, cookies and other Web2 [the current state of the internet] identifiers,” said Addamine, who has been building companies around digital marketing in the last 15 years.

Absolute Labs is already active in the U.S. and Europe with eyes set on the Asian market next, which is imminent in the company’s growth and expansion.

“When you have the contents of somebody’s wallet, and the things that they own, you don’t need to necessarily know exactly where they live, or what their total demographics are, because you already know a decent amount about their purchasing power and their purchasing history,” said Gmoney, CEO of 9dcc, a crypto-native luxury fashion brand, and NFT platform Admit One, during a talk with Addamine and Daniela Ott, general secretary at The Aura Blockchain Consortium.

“You allow people to come into the community at the pace that they feel comfortable for,” he added.

Gmoney has set up a weekly talk titled “FOMO Fridays,” where members of his community can tune into an informal chat to hang out with other members to have discussions around NFTs, crypto and the future of technology.

Lately, the conversations have revolved around life extension, longevity, AI and how fashion is inserted into these aspects.

“The very existence of blockchain technology and Web3 in general is to give consumers exactly what they want. It’s about giving ownership back to the consumer,” said Addamine, who believes that with the rise of WRM, consumers will have more control of their own data and anonymity will be guaranteed.

At the Global Fashion Summit in Copenhagen last month, Fanny Moizant, cofounder and president of Vestiaire Collective; Aude Vergne, chief sustainability officer at Chloé, and Natasha Franck, CEO and founder of Eon, discussed the importance of bringing all the moving parts of fashion together, which includes the physical item itself and the digital product ID behind it.

It was revealed in February that Chloé would partner with Vestiaire Collective and technology start-up Eon on digitizing their luxury goods for instant resale.

“[Products IDs] will be the future of how brands actually sell to customers. They will know the exact profile of users’ closets,” said Franck, adding that brands will be able to manage and use their products while adding value to them, something she believes has been lost in the traditional shopping process.

Addamine and Gmoney both agreed that WRM will become the base for every user, where there will no longer be a worry about shifting to other platforms.

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