Why Fashion Brands Are Moving To Develop a Metaverse Platform?

Planning to develop a metaverse platform for your fashion retail business? But before that, why there’s a lot of buzz around metaverse?

How metaverse is offering new opportunities to engage the new generation and other tech-savvy young customers? And what do businesses need to do to successfully tap in?

In today’s fast-paced digital world, it’s no secret that businesses need to constantly innovate to stay relevant and engage customers. This is particularly true in the fashion retail industry, where competition is fierce and customer expectations are constantly evolving. Enter the metaverse – a virtual reality space that offers a new frontier for fashion retailers to engage with customers in innovative ways.

According to a recent survey, there will be 1.4 billion AR device users by the end of 2023. In fact, 70% of tech leaders have predicted that the AR market will surpass the VR market in revenue. 

All-in-all, 61% of customers say that they prefer retailers with AR experiences but 51% of retailers said that they are not prepared to use AR or other new technologies. 

However, as the pandemic forced many businesses to pivot to digital, fashion retailers have to look towards the metaverse as a new means of a powerful platform that help engage with customers in new and exciting ways.

But what exactly is the metaverse, and why are fashion retailers turning towards it? Let’s check out this video. 

Simply put, the metaverse is a virtual reality space where users can interact with each other and with digital objects in a simulated environment. This technology has the potential to revolutionize the way we shop and consume fashion, offering new opportunities for engagement and personalization.

In this blog, we will delve deeper into the world of the metaverse and explore how fashion retailers are using it to engage with a new generation of tech-savvy customers. 

We will also examine the challenges and opportunities that businesses need to consider when developing a metaverse platform for their fashion retail business. So if you have finally made a decision to hire an app developer in India to develop a metaverse platform for your fashion business, then fasten your seatbelts and get ready to explore the exciting world of the metaverse!

Looking for the developing ecommerce app that can add an edge to your business? Read more to understand the “How much does it cost to develop an Ecommerce app and its cost, features and tech stack?”. 

Why Fashion Retail Businesses Are Moving Towards Metaverse Platforms?

With the fact that the global metaverse market is expected to reach $936.57 billion by the end of 2030, industry tech gains like Microsoft, Google, Apple, Facebook, and many more are heavily investing in the metaverse. And Fashion industry is not an exception. That’s not all!

In fact, the Metaverse platform is majorly worked with the combination of AR, MR, and VR technologies which is globally expected to make a market size of USD 28 billion. The fashion retail industry has a major contribution to these technologies. 

This is why most luxury fashion brands like Gucci, Nike, Burberry, Ralph Lauren, Louis Vuitton, and more are trying their hands on the Metaverse platform.

If you’re still in doubt about the future of metaverse platforms and where they will go in the future then you need to take a sneak peek at some important stats and facts.

Image Source: explodingtopics.com

Understanding the Impact of Metaverse on Market and The Overview of Metaverse Industry

• According to statistics, even at the very early stage, there are 400 million monthly active users of metaverse and 80% of metaverse users are younger than 16. 
• The reports from Fortune Business Insights say that the global virtual fitting room market size is forecast to grow from $3 billion in 2022 to $13 billion in 2028. 
• According to a Dynata report, over 25% of global consumers are interested in trying virtual experiences.
• It is considered that the retail industry is one of the major sectors impacted by Metaverse technology.

Image Source: retaileconomics.co.uk

In the age of digitization, if you are still expecting that hiring a software developer in India to create a retail app is enough for your business expansion then you might be far away from the market competition. To successfully tap into it, businesses must rethink and reposition themselves due to new customer values in the metaverse. Also, you have to make sure that your brand value should align with your customer’s expectations in both the real world and the metaverse. 

But the central question is, how do fashion brands can make an entry into the metaverse world?

How Fashion Retail Businesses Are Entering Into the Metaverse Platform?

The fashion world is quickly evolving and paving its way into the virtual world of the metaverse. With more people embracing this digital world, fashion brands are now focusing on entering into the metaverse platform to reach out to their audience in a more engaging and interactive way.  But before you hire Indian app developers, you must be wondering how to get enter into the metaverse world…

So if you are also chasing the same question then here are some unique and highly engaging use cases of how fashion brands are entering into the metaverse platform:

Organizing Virtual Fashion Shows:

The industry’s luxury fashion brands are now hosting virtual fashion shows on the Metaverse platform. A leading fashion brand “Gucci” has hosted a virtual fashion show on Roblox, where players could watch the show and interact with each other in a virtual Gucci Garden. This allowed the brand to reach out to a new and younger audience and create an immersive experience for its customers.

Virtual Try-Ons:

One of the biggest challenges of shopping online is not being able to try on clothes before buying them. However, with the metaverse, fashion brands can now offer virtual try-on. For example, Burberry launched a virtual try-on experience on its website, where customers can try on its latest collection using augmented reality technology.

Virtual Pop-Up Stores:

In the age of digitization organizing pop-up stores are a great way for fashion brands to create a buzz around their latest collections. However, with the metaverse, brands can now create virtual pop-up stores that allow customers to explore the latest collections and even purchase items.

To get started with the Metaverse platform, you can choose to hire a dedicated development team in India where you can easily list products. For example, Balenciaga created a virtual store in the game “Afterworld: The Age of Tomorrow,” where players can explore and purchase items from its latest collection.

Branded Avatar Items:

Another way fashion brands are entering into the metaverse is by creating branded avatar items. These are digital items that players can use to customize their avatars. For example, Louis Vuitton created a limited-edition skin for the League of Legends character Qiyana, allowing players to dress their character in Louis Vuitton clothing.

Collaborations with Metaverse Platforms:

Finally, fashion brands are partnering with Metaverse platforms to create immersive experiences for their customers. Just like Nike partnered with the metaverse platform Roblox to create a virtual store where players can buy exclusive Nike items and participate in virtual training sessions with Nike athletes.

These are the few potential ways fashion brands can capitalize on the Metaverse platform and bring a great jump in their revenues. But to get started with the virtual store, you need to understand how to develop a metaverse platform.

Key Metaverse Technologies To Be Used For Developing Fashion App

The Metaverse relies on a variety of technologies to create a seamless and enjoyable experience. These technologies work together to ensure that the Metaverse is both entertaining and safe, while also offering profitable opportunities.

Virtual Reality (VR)

Virtual Reality isn’t just about gaming and fun; it’s expanding into education, medicine, and more. In the Metaverse, VR can let users explore virtual worlds, try on virtual fashion items, and even attend virtual fashion shows, enhancing the fashion retail experience.

Augmented Reality (AR)

Augmented Reality enriches real-world environments with computer-generated elements like sound, video, or graphics. In a fashion retail app, AR can allow users to see how different outfits would look on them using their phone’s camera, making virtual try-ons possible.

Artificial Intelligence (AI)

AI in the Metaverse mimics human behavior, automating actions and solving problems. For a fashion retailing app, AI can personalize recommendations based on a user’s style, previous purchases, and browsing history, creating a tailored shopping experience.

Blockchain

Blockchain ensures secure transactions by using cryptography. In a fashion retailing app within the Metaverse, blockchain can authenticate the origin and ownership of virtual fashion items, allowing users to confidently buy, sell, and trade unique digital clothes.

Read more if you’re looking to Develop an blockchain-based financial app and its cost.

Technology

3D technology helps create lifelike virtual objects and scenes. In the context of a fashion retail app, it enables users to view clothing and accessories from all angles, providing a more immersive and detailed shopping experience.

NFT (Non-Fungible Token)

NFTs are digital assets known for their uniqueness. In a fashion retailing app in the Metaverse, NFTs can represent exclusive virtual fashion items. Users can collect, showcase, and trade limited-edition digital outfits, enhancing the sense of ownership and exclusivity.

For a fashion retailing app in the Metaverse, these technologies could come together in a way that allows users to virtually explore fashion collections, try on digital outfits, attend virtual fashion events, and even purchase unique NFT-based fashion items with confidence.

Since Metaverse is a new technology so if you want to stay ahead of the competition, then it is worth hiring AR/VR developers in India from AppsDevPro.

What Features You Can Integrate In Metaverse-Based Fashion Retail App?

In a metaverse-based fashion retail app, you can integrate a range of innovative features to create a unique and immersive shopping experience. Here are some exciting features you could consider:

• Virtual Try-Ons: Allow users to virtually try on clothing and accessories using AR technology. They can see how different items look on them in real-time through their device’s camera.

• Custom Avatars: Let users create personalized avatars that reflect their own style and preferences. These avatars can try on various virtual outfits, helping users visualize their fashion choices.

• Virtual Fashion Shows: Host virtual fashion shows where users can attend and watch the latest collections come to life in a dynamic and immersive environment.

• NFT Fashion Items: Introduce limited-edition, NFT-based fashion items that users can buy, own, and trade. These digital clothes can showcase unique designs and carry a sense of exclusivity.

• Interactive Storefronts: Design interactive virtual storefronts that users can explore. They can walk through digital stores, interact with items, and make purchases in a visually appealing setting.

• Personalized Recommendations: Utilize AI to offer personalized fashion recommendations based on users’ preferences, browsing history, and previous purchases.

• Social Integration: Enable users to connect with friends and interact in the virtual fashion space. They can share their virtual outfits, attend events together, and even shop collaboratively.

• Realistic 3D Details: Use 3D technology to showcase clothing and accessories with intricate details. Users can zoom in, rotate items, and examine textures closely.

• Fashion Designer Collaborations: Partner with real fashion designers for virtual collaborations, allowing users to own digital versions of their favorite designer’s creations.

• Virtual Fitting Rooms: Create virtual fitting rooms where users can customize their avatars with accurate body measurements for even more realistic try-ons.

• Event Participation: Organize virtual fashion challenges, contests, or themed events that users can participate in, fostering engagement and creativity.

• Blockchain Authentication: Use blockchain to verify the authenticity of virtual fashion items, reassuring users that their purchases are unique and genuine.

• Social Sharing: Provide easy sharing options that let users showcase their virtual outfits on social media platforms, extending the app’s reach.

• Interactive Fashion Catalogs: Create interactive digital catalogs where users can flip through pages, explore different collections, and get more information about each item.

• In-App Purchases: Allow users to seamlessly purchase virtual fashion items using secure payment methods, enhancing the shopping experience.

By integrating these features, you can transform the fashion retail experience in the metaverse, offering users a dynamic and engaging way to explore, try on, and shop for virtual clothing and accessories.

Do want to develop an ecommerce app but not sure how much does it cost to develop an app with these advanced features? If yes, then read more to know the top tips to develop an ecommerce app in India.

How To Develop a Metaverse Platform For Your Fashion Brand?

The concept of the metaverse is not new, but it has gained significant attention in recent years. A metaverse is a virtual space where people can interact with each other digitally. It is a fully immersive experience where users can engage in different activities, including shopping. 

So if fashion brands are all set to take advantage of the metaverse to connect with their customers and enhance their shopping experience. Then here is a step-by-step guide on how to develop a metaverse platform for your fashion brand:

Define Your Goals and Understand Your Objectives

Before you start developing a metaverse platform for your fashion brand, you need to understand your requirements. What do you want to achieve by creating a metaverse platform? Are you trying to increase brand awareness, drive sales, or enhance the customer experience? Defining your goals will help you determine the features you need to include in your Metaverse platform.

Conduct Market Research and Analyse Existing Metaverse Platforms

Before you start building your own metaverse platform, it’s important to research existing platforms to see what’s already out there. Some popular metaverse platforms include Decentraland, Somnium Space, and The Sandbox. You should evaluate each platform based on factors like the user experience, customization options, and pricing.

Understand Your  Budget Limits

Developing a metaverse platform can be an expensive deal, so you need to determine your budget before you start. While deciding on a budget, you’ll need to consider the costs of hiring a cross-platform app developer in India, hardware, hosting, and maintenance. 

Choose a Platform and Software Development Tools

To build a metaverse platform, you’ll need to choose a platform that’s compatible with your business needs and budget, such as Decentraland or The Sandbox. 

You’ll also need software development tools that allow you to build and customize your platform, such as Unity, Unreal Engine, or A-Frame. These tools provide the framework for building the virtual environment, creating avatars, and integrating your products. You may also need to use additional software for hosting, content creation, and asset management.

Develop a Metaverse Platform

To develop a metaverse platform you will require to hire a software development team in India that may consist of developers, designers, project managers, and quality assurance engineers who have experience building virtual environments and integrating products.

The team will work together to create the user interface, customize the environment, and integrate products into the platform. They will also test and launch the platform, and maintain and update it regularly. Effective communication, collaboration, and project management are essential to ensure the development process is efficient and the end result meets the business goals and objectives.

Test Your Platform

Once you are done writing the codes, now it’s time to test the platform in various environments. To ensure that your metaverse platform run smoothly, it is important to conduct both manual and automatic code testing to eliminate the risk of having bugs or programming errors.

Launch Your Metaverse Platform

Different operating platforms have other guidelines for launching an app. So if it is for an Android native platform, you can choose to hire an Android app developer in India, an expert in launching a platform, and help you market your platform to attract users and generate interest. 

Maintain and Update Your Platform

Once your platform is live, you’ll need to maintain it and update it regularly. You may need to fix bugs, add new features, and optimize the user experience. You’ll also need to monitor the platform to ensure it’s running smoothly and address any issues that arise.

So these are the few steps that help you develop a metaverse platform rightly. But one such major concern about entering into the metaverse world is, how much will it cost you…

How Much Does It Cost To Develop a Metaverse Platform For Your Business?

Developing a metaverse platform for your business can be a complex and expensive process, depending on the scope of the project. A metaverse is a virtual world that provides the opportunity for users to virtually explore and interact. Usually, this platform is supported by various advanced features such as artificial intelligence, blockchain, and virtual reality that make this platform highly engaging and demanding among younger specifically.

As far as the cost of developing a metaverse platform is concerned, that can be varied widely, depending on the features and functionality you want to include. Some factors that can impact the cost of development include the size and complexity of the virtual world, the type of graphics and animation used, the level of interactivity and user engagement, and the number of users you expect to support.

A rough estimate for developing a basic metaverse platform could be around $20,000 to $50,000, depending on the above factors. However, more complex and feature-rich platforms can easily cost several million dollars or more.

Some of the key costs associated with developing a metaverse platform include the cost to hire full stack app developers in India, UI/UX designers, purchasing servers and other hardware, licensing third-party software and technology, and ongoing maintenance and updates.

To reduce costs, you may consider partnering with a metaverse development company or leveraging existing platforms like Decentraland or Somnium Space, which provide tools and infrastructure for creating and hosting virtual worlds. However, it’s important to carefully consider the long-term viability and scalability of any platform you choose, as well as its suitability for your business goals and objectives.

Ultimately, the cost of developing a metaverse platform for your business will depend on a range of factors and variables. It’s important to carefully plan and budget for this type of project to ensure that you can achieve your goals and create a compelling and engaging virtual world for your users.

Conclusion: How Can AppsDevPro Help You Get Started With Your Metaverse Platform?

As the world of fashion continues to evolve, it’s becoming increasingly important for brands and retailers to establish a presence in the Metaverse. However, navigating this new digital landscape can be daunting, especially for those unfamiliar with the latest technologies and tools.

That’s where AppsDevPro’s software development comes in. We specialize in helping fashion brands and retailers create custom visual environments that will thrive in the Metaverse. By leveraging cutting-edge technologies like AI, AR, VR, and 3D modeling, we can help you establish a strong presence in this exciting new world.

When you hire a mobile app developer in India, you will be assured that experts will help your brand create a unique visual identity that will resonate with your audience across multiple Metaverse platforms. From creating stunning 3D models of your products to crafting immersive virtual shopping experiences, we can help you transform your brand and stay ahead of the curve in the rapidly evolving fashion industry.

With our skilled tech team by your side, you can accelerate your transformation and bring your brand’s vision to life in the Metaverse. So if you have any requirements and doubts about developing a metaverse platform, then you can drop a query below or contact us!

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