Yes, its a coming thing, consumers will want to buy branded apparel and other items to represent themselves in the metaverse. Therefore, companies will begin merchandising for the metaverse. In a recent article from WSJ titled I Spent 24 Hours in the Metaverse. I Made Friends, Did Work and Panicked About the Future. the author makes a statement at the beginning “Here’s a lesson from the metaverse: Avatar attractiveness is a thing.” and goes on to describe getting attention from the stage in a virtual comedy club.
People will pay money for branded products merchandised for the metaverse
Nike recently revealed that it has filed 7 trademark applications and plans to make and sell virtual apparel and athletic shoes. According to CNBC Nike is hiring for virtual design roles. Many brands have been building virtual worlds, and lots of industry articles are discussing the role of virtual.
This is a new version of dress for success, where the individual consumer can be physically sitting in ripped sweat pants on a dirty old sofa, while attending a star studded event in virtual couture. We may be approaching a time when people will be willing to spend more on their virtual wardrobe than they do on real, physical clothing.
Retailers and brands must prepare to merchandise for the metaverse
Will there be a virtual Macy’s or Nike store in the metaverse? Too soon to say, but expect the metaverse to become a digital channel. Since all products are virtual, merchandising and marketing will be a great challenge for traditional organizations. Merchandising for the metaverse will require new views of consumer specificity, design and pricing. The metaverse gives the opportunity to depart from limitations of reality. Materials will have little to now cost. If you want a solid gold Versace dress, you are paying for the designer name and the design itself. If you want shoes that really fly, no problem, Nike can provide them, in any color you can envision. How much are consumers willing to pay? Well that remains to be seen, but failing to plan to participate is a sure way to fail to succeed.
Looking for ideas
In planning and preparing for this, I am looking for your ideas. This is the start of what I hope to make a robust conversation about the future. Please feel free to share your thoughts on merchandising for the metaverse.