Metaverse in fashion industry development: applications and challenges

Abstract

This article studies the peculiarities of using metaverse in fashion industry. Given the technical limitations, the metaverse is being considered as a marketing tool in this industry. There are several key areas for fashion brands in virtual worlds: branding, goods, virtual fashion, and digital skins, distribution channels and logistics, interaction with consumers, and customer information. Fashion companies using the metaverse are aiming to promote their products and connect with consumers by creating and/or expanding product concepts in a virtual world, building brand trust and attracting new customer groups. Increased costs of customer acquisition through paid digital marketing increase brand interest in the metaverse as an alternative channel. Benefits of the metaverse for the fashion industry include limitless online format for product and brand concept development, reaching new customer groups, a new level of multi-channel approach companies are developing, expanding the space for testing new products, developing customer experience, holding their attention, etc. In spite of meta universe's advantages for the fashion industry, at the moment it doesn't have a mass application in the sphere of fashion brands, there are only a limited number of active clients in virtual worlds. The article marked some problems of the development of the technology in the industry. The results of the research let us conclude that the metaverse is perspective for the fashion industry development, and it is necessary to solve the mentioned problems, as well as to work out concrete mechanisms on the legislative level and on the level of company strategy, which minimise the risks of fashion brands' presence in metaverse and maximally will satisfy the consumers' desire in virtual reality.