Since metaverse’s inception, the world has been constantly introduced to new business models and novel solutions to connect the gap between the physical and virtual world. These continuous developments offer lucrative opportunities to explore and market the product with a significant new sales path. Similarly, our shoe designer online, a customization solution, allows luxury companies to capitalize on the novel technologies emerging in the fashion industry. The tool helps them offer top-notch customer service to their buyers and lets them define their fashion tastes and design their funky pair of footwear.
Online Shoe Designer Offers Solution to Capitalize on Lucrative Opportunities
The interest in the metaverse is gradually increasing, and many retail analysts suggest that these trends clearly influence real-life trends. That typically happens through evolving already-established aesthetics or adding an element of fantasy to clothing. The concept of dressing like a video game character fits with popular fashion trends, like Y2K, as well as subcultures like fairycore and cyberpunk and the enduring appeal of dystopian films like The Matrix. For instance, Kanye West’s Yeezy Gap Engineered by Balenciaga drop was a talking point this February. Its launch was the talk of the town due as it drew inspiration from music, art, culture, and video games. These new influences include art depicting the culture and making shopping fun with video games that have caught the eye of shoppers. These aesthetic values are gradually seeping into physical fashion. The new collections are now launched as a mega event, and many big names, such as Miu Miu in the past, have shown that these tactics can work tremendously well if properly strategized.
Edited’s global retail data indicates that new arrivals for even mini-skirts that are inspired by Miu Miu‘s viral ser and often worn by female skins have gone up by 56 per cent year-on-year in the first quarter of 2022. Leather is up by 58 per cent, platform shoes are high by 161 per cent, and combat boots are higher by 20 per cent. These trends are extremely encouraging for the younger generation that grew up around technology. Many fashion students are using these technologies to showcase their talent. They prioritize physical garments inspired by the virtual world, with out-of-box designs and concepts that are akin to gaming skins. These designs can often be 3d rendered before they are presented physically. These changing landscapes are emerging as a powerful tool to promote and market products and expand the business. Luxury brands are early devising virtual collections to drive trends in the real world.
In the current blog, we shall look at various factors that help fashion and luxury brands to promote their collections through the new business model.
Let us have a look at these elements:
Digital Assets Have Become A Luxury Symbol
The young and dynamic Web3 enthusiasts are keen on the fashion sector to be more adoptive of technologies than it ever has been. The young buyers dominated by millennials and Gen Z want to associate with brands willing to adopt new technology and promote themselves as part of a community. Many experts in the fashion and luxury domain have suggested that using digital solutions has helped them steer Ledger into the sector. Luxury brands are also collaborating; for instance, LVMH and Fendi on a logo hard wallet case are now working with Place Vendôme jewellers to create branded or diamond-encrusted hard wallets worn by hip-hop stars like Latto and Saweetie.
These digital assets have become part of brand value, and with the advancement in technology, such as NFTs have emerged as a turning point for fashion houses. These solutions have created a huge demand among buyers to the point that they have increased the appetite for physical fashion inspired by the metaverse. In the near future, we shall see more people wearing apparel along with stylish accessories that have a picture of their crypto punk on them rather than using any brands’ name or logo. People have a perfect opportunity to wear their favorite brand by displaying their digital wallets. These new measures of identity building are helping brands to reach the last person standing.
Similarly, our 3D shoe design online helps footwear companies to increase their customer base by letting their customers take the upper hand in deciding what footwear they want to purchase and how they want it to look. The custom-made solution enables brands and retailers to leverage the new digital platform and sit on the passenger seat while also guiding their buyers on how to customize their products. You can help them select the product and advise them on what color combinations or patterns will look good on their product. Besides, brands will have more time to focus on other essential aspects to expand their business.
Digital Sphere Helps Brands to Explore New Opportunities
Luxury is under the tremendous influence of gaming, crypto, and digital fashion aesthetics. Therefore, we have seen immense excitement among leading names in the fashion domain to present themselves at Metaverse fashion Week preferred to create digital twins of their physical or existing collections. Brands are now willing to debut using their already made collections rather than showcasing new designs and propelling new trends. For instance, Tommy Hilfiger showed its SS22 collection during the fashion week by bringing the see-now-buy-now concept for both the digital product and physical twin offered offline. The commitment brands are showing to meet customers’ demands and provide a lucrative opportunity for brands to experiment more.
The luxury industry needs digital space exploration opportunities to gain more revenues, and they must do it to recover all the past losses they had during the lockdowns. In a social climate culture where increasingly consumers are aware of the impacts of their fast fashion consumption, it also opens a window of possibilities to shift the gear toward sustainability. Brands are far better equipped to meet all aspirations of their customers and shine brighter on the right side of history. With digital solutions coming into the picture, fashion and luxury labels don’t have to worry about using excessive raw materials or disruptions in the supply chain. The labor cost is minimal in the new technology-driven business model and manufacturing products remotely.
Additionally, the release timelines for brands to display their collections will be shorter, and there will be no overstock problems or discounts. As a result, margins are extraordinarily high, and the scarcest items will immediately become an asset class. This is a perfect storm for the fashion industry.
Virtual Solutions Ensure Transparency and Traceability
The digital space offers various advantages to fashion brands and retailers, but one of its biggest benefits is that it increases traceability. The blockchain-based “smart contracts” enable a company to continue collecting royalties, where each item can get resold. Likewise, it makes tracking easy as it helps fashion houses close the gap on transparency and guarantees authenticity. For example, Aura, a private blockchain consortium founded by LVMH, Prada, and Richemont, helps buyers access information about a product’s entire supply chain. They can know the source from where the raw materials were brought, factories where it was manufactured, and other domains, including aftercare and second-hand sales. Many brands are eager to jump on this bandwagon with the metaverse on its realm and other related technologies.
Morgan Stanley estimates that the potential value of the metaverse is around 10 per cent of luxury companies’ revenues in ten years’ time. With a contribution of up to 25 per cent of the EBIT. In fact, it is anticipated that, at least for some fashion and luxury brands with a strong appeal among young buyers, the digital component will become even more relevant in the near future as modern buyers are increasingly shifting their allegiance to sustainability and other crucial aspects of fast fashion. They are more interested in products, experiences, and digital components of the business of the luxury companies, which will be far more crucial than it already is, all thanks to the metaverse. As brands are increasingly becoming a signifying factor for imparting values and attributes through their products, experiences, and digital presence, leading brands like Adidas, Balenciaga, OTB, and Gucci are leaving no stone unturned to building up a specialized internal organization dedicated to the metaverse.
In a nutshell, indeed, the metaverse is still in its budding stage, and fashion companies and customers are yet to make it a part of their daily lives, but its future is extremely promising. Luxury brands are leading from the front and helping the world with the metaverse developments. Moving to the virtual sphere offers numerous benefits to companies and helps them increase their creativity while also balancing nature. It empowers the independent and budding brands and retailers to take a long view and dare to imagine, be creative and spectacular. Likewise, the 3D shoe customizer by iDesignBuy helps luxury brands and retailers to transform their physical world into digital reality. It further empowers brands to celebrate their customers’ individuality, self-expression, creativity, and distinctiveness with top-notch customer services. We provide the best, relevant, and robust business solutions that help fashion companies scale higher.