The Opportunities & Challenges of the Metaverse for Fashion Brands

Courtney Chrimes () and Rosy Boardman ()
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Courtney Chrimes: University of Manchester
Rosy Boardman: University of Manchester

A chapter in The Garment Economy, 2023, pp 389-410 from Springer

Abstract: Abstract Immersive technologies such as augmented and virtual reality, gaming platforms, blockchain, and non-fungible tokens (NFTs) enable brands to converge virtual and physical realities leading to the much-anticipated arrival of the metaverse. Tipped to be the next phase of the current internet, the metaverse is envisioned to be a more immersive alternative reality that brands and consumers can enter. While mass adoption of a fully-realised metaverse has yet to come, the adoption of immersive technologies is starting to materialise in fashion brands’ marketing strategies. Fashion brands must learn how to leverage these new technologies in order to keep up with changing consumer behaviour and stay ahead of their competitors. This conceptual chapter discusses the opportunities and challenges faced by fashion brands as they start to enter the metaverse. Opportunities that brands can grasp include the creation of new brand-consumer immersive experiences, community building, new revenue streams, new forms of influencer marketing, and the traceability of products. Challenges that brands face encompass data privacy, diversity and inclusion, technological reliability, and adoption issues.

Keywords: Metaverse; Immersive Technologies; Fashion; Augmented Reality; Marketing (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-33302-6_20

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