Fashion in Metaverse: The Future of the Fashion Industry
The Metaverse resembles the early days of the internet in the 1990s and promises new opportunities that need to be carefully explored. Despite nostalgic memories of platforms like “Second Life,” it is evident that the Metaverse is unstoppable.
“Fashion in Metaverse” opens up another field for companies to engage customers through immersive experiences. Virtual spaces not only provide a chance to build a curated community but also enable innovative e-commerce strategies.
Mathias Ullrich, CEO of Liganova, shares valuable insights on how fashion brands can navigate successfully in the Metaverse. Virtual meeting places that emerged during the pandemic and the thriving gaming industry have evolved into social environments. These environments offer billions of people not just gaming but also learning and idea-exchange opportunities.
Fashion companies must adapt their strategies to effectively connect with customers in the Metaverse and utilize this world for their offerings.
Target audience needs are crucial
Although long-term experiences in the Metaverse are still evolving, the essence remains unchanged: Providing unique experiences for the target audience is crucial. Merely being present in the Metaverse is insufficient without considering the specific needs of the audience. An example of this is the European Union’s Global Gateway Gala, a 24-hour beach party in the Metaverse that failed to attract participants as it didn’t cater to the needs of the younger audience.
As guests in the Metaverse, companies must seek partnerships, adapt to the community, and carefully analyze successful activities on the platform to adjust their concepts accordingly. Long-term success requires building an engaged community.
The goal is to inspire enthusiasm
Virtual events in three-dimensional digital worlds exert a fascinating appeal on people. The enthusiasm for the Metaverse became evident when Travis Scott’s Fortnite concert attracted an incredible 45.8 million visitors. Users explore the Metaverse with their avatars and increasingly encounter brand worlds.
The key lies in designing brand-specific environments that can be photorealistic or illustrative, natural or architectural. Fashion brands can create extensive Metaverse spaces for virtual trade shows, product launches, and virtual showrooms. Similar to Disney’s “Encanto” Casa Madrigal, these spaces offer a unique world beyond reality. Companies have the opportunity to create brand experiences that transcend time and space, captivate target audiences, and reflect their values and visions.
Similar to the shift from traditional retail to experiential New Retail, the concept of “Fashion in the Metaverse” requires brands to create unique incentives. However, to foster community-building, these incentives must be tailored to their target audiences. A notable example is the Gucci Town x Vans World collaboration, where existing brand presences on Roblox were connected through new digital goods and games for a unique experience.
Quests and interoperability have proven to be successful techniques in 2023. By providing game incentives where participants can acquire digital goods and the ability to switch between different worlds and platforms, individual and exciting brand experiences are created for users.
Integrating the Metaverse into E-commerce
The Metaverse will be extensively integrated into companies’ E-commerce strategies in the foreseeable future. It’s not a matter of “if” but “when.” At the Metaverse Fashion Week 2023, Artificial Rome presented an exciting glimpse into the future of product presentation in the Metaverse: high-resolution, photorealistic, interactive, and visionary.
Online sales tools, integration with online shops, and options to purchase clothing and NFTs transform brand presentations into sales tools. The Metaverse promises revolutionary shopping and interaction dimensions for both customers and businesses.
Physical and digital reality: a symbiosis
The fusion of physical and digital worlds opens up extraordinary experiences. A prime example is Pokémon GO, seamlessly integrating virtual elements into the real environment, earning Niantic up to $900 million annually. This gamification concept can apply to brands and stores too. Digital incentives can rejuvenate struggling businesses, foster brand loyalty, and generate revenue in both analog and digital realms.
Artificial Rome created a viral multiplayer game for KIA, attracting over a million players. The next step for such viral community formats could be expansion into physical spaces, unlocking new game levels. The company could connect multiple multiplayer tracks or launch a new viral game to boost community engagement.