Fashion brands will be successful in attracting younger shoppers. Patrice Lovet, CEO at Ralph Lauren, metaverse will provide a plethora of opportunities.
Ralph Lauren now features a virtual visit. Young shoppers can buy digital apparel. Also, it can even have virtual coffee at Madison Avenue Store. In the National Retail Federation’s annual conference, retailers are busy making decisions.
They are considering buying real estate in the digital world. The digital world will feature e-commerce. Gaming and social media will create a virtual platform. Louvet himself is participating. He has already made his avatar. The avatar is wearing rugby.
He stated, “There are a lot of parallels actually between the metaverse and Ralph’s vision because we are not a fashion company. We are in the dream business.”
The strategies will set the younger shoppers open to retailers. Online retailers will try their best to acquire more shoppers. There are a lot of parallel factors involved in the metaverse.
Fashion brands will score high when it comes to younger shoppers. Online retailers are trying their best to go ahead in the race. Recently, Nike bought virtual sneaker RTFKT. It aims to create a digital world.
Walmart also filed trademarks. It indicates the vision to sell virtual goods. It will sell goods ranging from home decor to personal care. It will offer virtual currency. The shoppers can use non-fungible tokens or NFTs.
Luxury brands like Ralph Laurel will launch better virtual experiences. Gucci also tends to follow the same pattern.
The CEO also informed about the participation in Zepeto and Roblox. The shoppers can dress their avatars with products from Ralph Lauren apparel. Metaverse can bring in a lot of revenue to the company. They sold 100,000 units in just one week of collaboration.
Ralph Lauren is yet to sell NFTs. However, it will bring more money to the company. Metaverse is here to change the retail business.