During the COVID-19 pandemic, consumers have made a major shift in their shopping habits from face-to-face to online browsing. Now, as Metaverse begins to gain momentum, will fashion become a compelling use case?
In this clip, “Virtual Opportunity Show “ upon Motley Fool Live, Recorded on June 7thMotley Fool contributor Rachel Warren and Travis Hoium share some ideas on how Metaverse plays a role in fashion retail.
Rachel Warren: One of the things the article pointed out was that retailers need to know what’s basically behind, and what’s not starting to consider embarking on the Metaverse hype. Now is the time to prepare for the virtual future. This article gives some examples of these very famous brands like Gucci, Louis Vuitton and Dior. The fashion industry is at the forefront of many retailers building their own space in the Metaverse. We have seen many of them in luxury brands.
There was a really interesting article in Vogue businessFor example, marketers, store designers, merchandisers, etc. have said they need to start thinking very differently about what a store is. In an empirical world, why do we use industrial retail as a template for the future? We are looking for a retailer who is just starting to enter the Metaverse. We’ve already seen luxury brands building their own digital interactive experience. Given these concerns about the transition to e-commerce and the death of retailers, the Metaverse seems likely to be the answer to those concerns. Many companies that have been working to reduce brand loyalty in the digital age have 3D experiences, immersive interactive experiences, and more space than when shoppers visit websites to shop online. You can spend more time within. Go to the actual physical store.
It’s really interesting considering what this looks like in different spaces. Again, I think it’s the most widespread and early adoption in these industrial business applications, but on the more creative side, I think retailers have a lot to explore here. For example, Bloomberg estimates that the Metaverse market could reach a valuation of $ 800 billion by 2024. So this is basically two years later. Currently, we know that gaming hardware and software, services, these companies have a lot of market share in the Metaverse, but we just build an immersive space and probably do interactive shopping. Not only are retailers a lot of opportunities to enter, but they are not only an experience, but also a partner for creating virtual worlds in-game. This is what brands like Gucci and Louis Vuitton are already doing. There is a lot to note here. Looking at how the Metaverse will revolutionize retail space, I think this is a specific area that I will follow in more detail. I’ll probably talk more at the show.
Travishoium: It’s really interesting to see what actually builds. I think I’m always wondering what some of these realities are. Because much of it looks like a lot of projections like, oh, this new technology, how it can be used. On the other hand, looking at the performance of retailers over the past two years, we can see that companies with a very strong presence in physical stores are performing quite well. I think the idea of doing everything in the Metaverse in the near future was probably a while back.
That said, you grew up, as we said Microsoft Some of the industrial designs they are doing last week. There are use cases that make it really valuable. I remember seeing a demo of people doing fashion apps five years ago. You can try something to see what it looks like and use digital tools to size yourself.That’s what I find really interesting, and if you’re Gucci, you’re such a high-end retailer, show someone what they look like, size them, and do it all digitally. Can be, it may be really convincing and probably a little difficult Target To pull it off.
Warren: It may be interesting. I think it’s clear, but personally, I don’t think this is like everyone trying out costumes that they plan to buy or retail at Metaverse within a couple of years. But I think it will get more attention from retailers. I find it interesting to see more in-store shopping revived in various retail sectors last year or so. I think some of them are just very tired of people having to buy everything online and not being able to leave the house. They want to go home again. I think this works well with e-commerce strategies, but in the future I think online shopping will spend on over-the-counter shopping, at least in many sectors. understand. I may be wrong about it.
Hoium: There may also be some interesting use cases.Think of a company like this: Stitch correction.. Their niche is this boutique content, trying to do this dance from “I have a personal stylist” to “AI will do it for you”. Speaking of it all digital and my name is Travis, I’m 6’2. It’s just this weight. Here are the dimensions of my arm. The sleeves are long enough.I Apple –Switch to VR mode with Apple glasses and walk in the closet with 10 different options, all automatically selected. That’s the vision I think there’s probably a niche that makes a lot of sense. Yeah, let’s see how it works. You have to get more hardware.
Warren: Much better [laughs] Less than [laughs]..
Hoium: Yes, it’s going to be smaller, and it’s not a very attractive investment for retailers, as it would be if there were only 8 million VR headsets in use, of which only 500,000. But yeah, when people get more devices, I think they will definitely invest. It will be interesting to see what they are sure to test.