The metaverse has successfully turned many heads around, particular by luxury brands and high-end goods, such as art, fashion, and jewelry. The new business model helps fashion and luxury brands to engage with audiences in a new way and make their shopping journey even more eventful.
The best jewelry design software works on similar lines and helps ornament companies to let their customers design their rings, earrings, and bracelets. The custom-made tool enables brands to communicate with their buyers and establish a strong bond directly. Their customers can select, design, and preview the product using 3d technology before heading for the final payment.
Online Jewelry Design Software Enables Fashion Companies Thrive in New Virtual Solutions
As the period of prolonged lockdowns was over, physical events have returned with a twist. During the lockdown, people used advanced technology that enabled them to carry out their daily tasks and other leisure activities using immersive technologies. The rise of virtual events along the lines of Web3 is making it evident that more people are interested in attending such events, and it is even better when they can use it while shopping offline. For instance, Metaverse Fashion Week (MVFW), which debuted in March, received mixed responses; fashion and luxury brands have learnt their lessons and planning for the second iteration scheduled for the next year. According to Morgan Stanley, there is a huge scope for good luxury makers to sell virtually as they do physically, and the market is anticipated to get bigger by $57 billion by 2030. Luxury houses need to incorporate new changes in their strategies to make way for the metaverse and help customers enjoy shopping. The metaverse mementoes akin to VIP lanyards, ticket stubs, and post-event Instagram pic are considered potential driving factors for fashion and beauty brands to encourage loyalty and reward engagement. They also appeal to the data-shy sentiment of the emerging Web3 community and are a relatively easy way in for the NFT curious.
Given the speed with which customers are engaging and responding to fashion houses to experience digital interactions, the metaverse is poised to grow swiftly. The new business model has become a favourite playground for high-end Gen Z consumers. According to statistics published by Influencer Marketing, more than 1.1 billion mobile AR users exist around, making it a prime and yet relatively untapped market for luxury brands and retail jewelers. Jewelry is the perfect category for the metaverse, and the domain promotes collectable nature and boosts brand value more than any other fashion or luxury domain. It is up to brands how they create meaning in a virtual world where people congregate and socialize. Since ornaments can be considered an integral part of socializing, the metaverse offers the perfect opportunity for jewelry brands to let their customers make social connections and explore new ways of shopping.
Jewlery shopping is always considered a highly personalized purchase; therefore, offering personalized and customized shopping experiences in the metaverse can take the business to new heights. With the help of new-age technology, brands have a better opportunity to provide an immersive brand experience that is highly exclusive, making it the most successful strategy to be the game-changer. For instance, personalized experiences can be created to create and strengthen brand loyalty by offering short-term avatar/customer preferences for specific customers to celebrate their or your milestone. These ornaments can be swapped out or updated every few months. In fact, brands and designers will have a world of time to branch into other categories without any real-world limitations, such as shortage, rarity, or even security. In the metaverse, ornaments will have a unique way to stand out and increase brands’ social interactions. For instance, incorporating a customization solution, such as the 3D jewelry design online will enable jewelry companies to offer a personalized customer experience. The tool enables luxury labels to venture into various other domains of fashion and provide seamless customization and digitization features to their buyers. Brands will also have the option to leverage word-of-mouth marketing due to its user-friendly interface and seamless shopping experience.
Similarly, NFTs can be tied to rewards to compel buyers to return to your site more often. For example, a pair of NFT earrings can be used to increase in value with every friend referral or anytime a new piece of jewelry is purchased. Neiman Marcus started the same strategy and offered InCircle points for customers who opted for promotions. This would offer them the option to promote and give away more rewards each time customers purchase another NFT or attend an event or resell their NFT (with your store earning royalties each time the NFT is resold). Jewelrs can do the same and create special events by tapping on famous personalities to bring luxury experiences to life. It is easier to create “worlds” without real-world limitations. Considering the case of popular jewelry brand Messika hosted a partnership with celebrity Kate Moss during the Drest fashion styling game in the metaverse. In a short period, visitors were able to dress or style Kate Moss’s guest avatar with their preferred ornaments and apparel from other designer labels. Likewise, a pioneering jewelry collection project, Chains NFT, hopes to collaborate with big names in the fashion industry, including Tiffany & Co and Louis Vuitton, to become the first jewelry store in the metaverse marketplace. The Chains team claims it is currently creating around 10 000 “hyper-realistic” pendants and chains through crypto jewlers to start soon minting. The NFTs will be available on the Opensea market platform starting at 0.134 Ethereum (US$3,164.02) a piece, and buyers are entitled to join an “exclusive yet expansive club” to provide owners with a “far more involved experience than the typical NFT.”
NFT or the metaverse is a thriving market at present, and many fashion and luxury brands are ready to acquire or invest in these digital solutions to venture into a new stream. Many leading names in the luxury industry have collaborated with Rtfkt to launch virtual experiences in Roblox. Diesel is one of the many names to launch its virtual platform D:verse in March 2022. The site allows visitors to purchase unique NFT versions of the brand’s clothing and physical pieces. Likewise, LVMH has been an avid investor in digital start-ups and firms as part of its annual Innovation Award. On the same note, fast-fashion retailer, Boohoo has revealed a new NFT avatar collection collaborating with four female artists. The collection will include 230 unique traits and features, referencing distinct fashion items for the brand’s product range sported by 30,000 one-of-a-kind avatars.
Understandably, moving to Web3 can be daunting and overwhelming; however, one needs to plan their business strategies from 4-5 years down the line; this is the appropriate time for luxury businesses to start learning about the new business models and exploring the future holds for the fashion domain. The jewelry design software by iDesigniBuy helps ornament brands and retailers to lead in the virtual space with its novel customization and digitization features. Our experts hold in-depth knowledge of the subject matter, and advanced features provide innovative platforms to thrive.