The metaverse for consumer goods, retail and fashion companies
Virtual fashion, often in the form of non-fungible tokens (NFTs), had its first breakthrough in 2022.
Whether from Nike, Gucci or smaller fashion brands: The demand for these new, digital consumer goods was suddenly there – and has presented many retail and fashion companies with major challenges.
How should companies deal with the metaverse?
Is this demand just a passing trend or the beginning of new customer needs?
The retail and fashion industries are once again being revolutionized by the Metaverse, an immersive, digital world. This virtual world enables companies in the retail and fashion sectors to reach new audiences, create immersive customer experiences, and build more digital relationships with their target audiences.
At the same time, this shift to digital products presents many companies with new problems in dealing properly with this new form of digitization.
Trading fashion and goods on the immersive internet
In the Metaverse, companies can open virtual stores, host virtual fashion shows, and sell purely digital goods and fashion items.
This application is just the beginning of an exciting development. The metaverse will continue to grow and become more important for the retail and fashion industries. However, various application possibilities already exist today:
Sale of digital or "phygital" products (a combination of physical and digital products).
New marketing channels and innovative branding in virtual worlds
Use of virtual influencers (based on artificial intelligence).
Immersive customer experience (e.g. virtual demos, shopping & concerts)
VR training for sales staff and employees
Inventory management and warehouse navigation supported by augmented reality
Learn more about the Consumer Metaverse in our workshops
Examples of industries from the Consumer Metaverse
The first companies from the retail and fashion industries have already entered the new world of Metaverse. The idea of digital products and selling them in virtual worlds, for example, to dress an avatar, has given a new impetus in many management levels.
Nikeland from Nike
Fashion brands are under constant pressure to reinvent themselves in order to offer their existing customers something new or to attract new customers. Nike has ventured into the metaverse in the process.
With the creation of “Nikeland,” a virtual sports world in Roblox, Nike has created a new brand experience to reach young target groups in particular.
Players can experience the brand in the virtual world in a variety of ways, from virtual fashion stores for their avatars to collaborative sports games.
But that was just the beginning. Alongside this, Nike is building its own Studio .Swoosh to give artists and designers the opportunity to build digital fashion and sell it together with Nike.
Rimowa
A “phygital” is a product that consists of both a physical and digital component. For Rimowa, this idea was the entry point into the Metaverse.
For this, Rimowa created a suitcase with a futuristic design that could be purchased as a physical product if a digital non-fungible token (NFT), like a digital certificate of authenticity on a blockchain, was also purchased with it.
The success spoke for itself: a strong upselling effect of the case as well as a great marketing and PR success were the result.
How can we support you?
We walk the path to the metaverse with you
The metaverse poses significant challenges for many companies, while also offering a multitude of new opportunities. We would be happy to discuss the possibilities for your company in the Metaverse with you. Our team is looking forward to a first conversation with you.
We support companies from the consumer goods, retail and fashion industry...
The changes and innovations brought about by the metaverse pose big question marks for many companies.
Uncertainty about future trends leads to short-term rushed activities and projects without considering the long-term perspective and possible consequences from hasty conclusions.
...develop new products and services in the metaverse
...identify innovative and deployable technologies
...analyze disruptive trends and innovative business models
...define short- and long-term strategies for the metaverse
...prepare and implement the implementation
