The buzz around metaverse is amplifying at a damn good speed. Eyes are on creative digital atmospheres that are hyper-interactive in nature. People can work, play, socialize, stroll (with their avatars tho’), and shop. But the stage at which metaverse is i.e. infancy, pupils get diluted here. In a broad sense for the fashion industry, it’s a win-win opportunity to make Gen Z and other tech-savvy young strollers/buyers engage and convert.
How the role of nonfungible tokens (NFTs), gaming, and virtual fashion will get shaped in the future of shopping? Plus, what info do they need to click-n-tap?
*Gen-Z spent an average of eight hours per day on screens in 2020. Part of the appeal of virtual worlds is the chance to engage with others and build communities — a need that was exacerbated when global Covid-19 lockdowns put an end to most in-person social contact.
*Gen-Z spent an average of eight hours per day on screens in 2020. Part of the appeal of virtual worlds is the chance to engage with others and build communities — a need that was exacerbated when global Covid-19 lockdowns put an end to most in-person social contact.
With an unlimited supply of marketing hype, indications are– that these digital fashion assets are capable of driving significant revenue. Social shopping, prominently social commerce is experiencing a rush in terms of engagements from brands, consumers, and investors. With the unlocking of new channels, consumers shop seamlessly – discovery to checkout.
The pandemic-influenced friction is using social media to search, stroll, and shop – social shopping has gained a foot/click hold at global levels. Moreover, these social media conglomerates are investing heavily to bring various shopping features to take advantage of new functionalities. Thus, felicitating digitized shopping experience.
The super apps integrate many retail channels in a single app (that is on the rise in first and third-world countries). From discovering, shopping, checkouts, payments, and many more you can think of. The whole retail industry is/will segregate(d) as per the online commerce practices and consumer behavior.
**the grand design approach to innovation – where a new product or service emerges fully formed in the mind’s eye of the innovator before it is developed and commercialized – can be more effective than design thinking under certain circumstances, most notably when a market is in its early formative stage of development.
THE POSSIBILITY
It can vary from being positive and negative, in terms of sustainability. This generation is getting enlightened by the boon of virtual reality – shopping, investing, payouts, and many more. But while we shop our favorite brand in the metaverse, or just walk through and get that virtual in store experience , training a single AI model would emit 626,000 pounds of carbon dioxide – as per research by the University of Massachusetts.
The green perception of it has raised many brows, through it reduces carbon footprint by canceling out physical travel. But at the same time.
Another one – Can the fashion industry in meta be left like a game where you’ll buy the outfits to make your avatar look good? Guess what, guess not.
*The State of Fashion 2022, Mckinsey
**The Kind of Creative Thinking That Fueled WeChat’s Success, HBR