Few brands are presenting their collections in a hybrid way (physically and in the metaverse space) this edition of New York Fashion Week, “As is the case with Tommy Hilfiger, who held his parade in Brooklyn and Roblox simultaneously, Online platform where users can create their own virtual worlds with a creation system called Roblox Studio. It is estimated that around 60,000 million messages are sent”, Nuria Loret added some data on the current dimension of conversations already occurring in various metaverses commented to give. Although, perhaps, The most striking of the data is that the trading volume will represent a market of approximately 700,000 million euros by 2024.A logical figure if we look at the 450,000 million euros generated in 2020.
Based on these data, and her extensive experience as Senior Consultant at Metric Salad, a company specializing in the creation and management of these virtual spaces to maximize interactions with its customers and employees, Nuria Loret predicted that the metaverse”Will result in profits for fashion and luxury brands in excess of EUR 50 billion by 2030However, in order to make the most of what Metaverse can offer us, it is essential to design strategies optimized for new channels and tailored to the values, consumption habits and expectations of the users it is intended to reach. With this goal in mind, Loret has identified seven keys that will allow us to develop strategies for brands and companies in the luxury and fashion sector in various locations across the metaverse:
This is so essential in the fashion and luxury sector and this can be attributed to the fact that the metaverse is an environment free from tangible restrictions, which provides even more options for creating innovative shopping experiences that allow hyper-personalization and behavioral data to be used. will be captured. Depth to create tailored experiences.
Another essential aspect currently in the management of fashion and luxury brands is to increase the loyalty of our buyers thanks to the fact that shopping spaces in the metaverse can encourage greater interaction between customers, even when they are in different worlds. be in ,
The much-needed sense of exclusivity and scarcity in fashion and luxury can be enhanced in the metaverse with private spaces for top-tier customers with exclusive access to limited-edition NFTs. For example, says Loret, “Gucci’s Dionysus bag was sold for $4,100 worth of Roblox currency, which is a much higher price than a physical bag.”
Loret, who has realized this benefit through NFTs and Passport, says, “It is important to understand that the technologies behind the Metaverse provide solutions for preventing fraud and detecting counterfeit products, which are prevalent in the worlds of luxury and fashion. One of the Achilles heels.” Blockchain. Enabled digital devices, thanks to which the authenticity of physical goods can be verified.
“The metaverse should not only mean abandoning the physical reality required for fashion and luxury products, but it can also have a digital element or a physical alternative to vice versa,” Loret says, adding to what brands like Nike are already doing. Huh. and its Nikeland metaverse, which challenges its users to combine both realities.
“Any new context opens up an infinite field for innovation in new products”, highlights the senior advisor at Metric Salad, a company that seeks to help its customers discover new, more effective products from the possibilities offered by Metaverse. Showing it, allowing different brands. To expand into new markets or to link NFTs to a specific digital asset in the metaverse.
“The Metaverse will be unique in terms of market research and product development,” says Loret, referring to the fact that brands in the fashion and luxury sectors will be able to engage their customers in the process of developing new products across all examples. For, use steps and NFTs as rewards for your efforts.
Feature Image: Unsplash. Photo by Cullen Smith on
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