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The Opportunities & Challenges of the Metaverse for Fashion Brands

In: The Garment Economy

Author

Listed:
  • Courtney Chrimes

    (University of Manchester)

  • Rosy Boardman

    (University of Manchester)

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.

Suggested Citation

  • Courtney Chrimes & Rosy Boardman, 2023. "The Opportunities & Challenges of the Metaverse for Fashion Brands," Springer Texts in Business and Economics, in: Michelle Brandstrup & Léo-Paul Dana & Daniella Ryding & Gianpaolo Vignali & Myriam Caratù (ed.), The Garment Economy, pages 389-410, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-33302-6_20
    DOI: 10.1007/978-3-031-33302-6_20
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