The fashion and retail industry is on the brink of a revolutionary transformation as the Metaverse emerges as a new platform for brands to connect with consumers.
With the potential to revolutionise brand awareness, customer experience and engagement, companies are eagerly embracing innovative online experiences and immersive digital spaces.
In this article, we delve into the future of fashion retail and explore the ways in which the internet will reshape online shopping and consumer interaction with retail brands.
AR-assisted “Virtual Try-On” experiences
One of the key advancements already making waves in the fashion retail world is the integration of augmented reality (AR) into standard web2 sites and apps.
This technology enables customers to gain a more detailed view of a product and simplifies their purchasing journey. By leveraging AR, brands are reducing pain points and increasing conversion rates.
On retail websites, customers can utilise AR tools to project products onto their bodies or visualise them in their homes.
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For instance, the IKEA Place app empowers customers to digitally render furniture and accessories into their homes, allowing them to assess how items fit and complement their existing decor before making a purchase.
Forward-thinking brands creating a presence in the Metaverse
Innovative brands are taking a step further and venturing into the Metaverse by establishing personalised, immersive and interactive virtual stores, lands and brand experiences.
Nike, a trailblazer in this space, has introduced Nikeland, an exciting fusion of a game and a showroom. Nikeland features NIKE buildings, arenas, and fields, accompanied by mini-games and a virtual showroom showcasing the latest digital products.
Forever 21, a prominent fashion brand, has also made its mark in the Metaverse by creating a virtual space within ROBLOX. Users can engage in a game that simulates running their own virtual Forever 21 store, adding an element of excitement and interactivity to the brand experience.
Web3 brands are even establishing physical stores to sell merchandise and provide educational experiences related to web3 technologies, such as setting up crypto wallets.
How blockchain will impact retailers
Blockchain technology is poised to revolutionise the retail industry by enhancing transparency in tracking product origin and journey.
By utilising blockchain, retailers can bolster customer trust and loyalty through improved transparency. This technology allows brands to reduce supply chain management costs and grant consumers greater control over their data.
Retail brands harnessing the power of NFTs
Innovative retailers are already capitalising on non-fungible tokens (NFTs) to offer unique, limited-edition items that can be purchased, stored and traded digitally.
NFTs provide unparalleled customisation and personalisation options, making them an ideal tool for retailers aiming to differentiate their products and reward loyal customers.
Furthermore, brands can employ NFTs as membership tokens, granting holders exclusive access to communities, content, contests, or products. Some companies utilise a “token gating” approach to restrict access to specific content, enhancing the exclusivity factor.
A recent example of NFT adoption by a retail brand is seen in Glenfiddich whisky, which sold 15 limited edition bottles, each accompanied by its own NFT, for $18,000 each. Buyers received a special NFT art piece of the bottle as a certificate of ownership. All 15 bottles sold within seconds of their release.
As the fashion and retail industry embraces the Metaverse, AR technology, blockchain and NFTs, the landscape of online shopping and brand-consumer interaction is poised for a paradigm shift.
The future of fashion retail is promising, with endless possibilities for brands to connect with consumers through immersive experiences and innovative digital spaces.