Here Comes The Metaverse!

Time and again we’ve spoken about the realities of the new fashion retail world, and in those discussions the metaverse has often emerged as one of the most intriguing ideas. Since last year, there has been a considerable surge in the percentage of people who understand the concept of the metaverse, its possible implications and employment, and the tremendous opportunity it holds. Wunderman Thompson Intelligence, through its report titled ‘New Realities: Into the Metaverse and Beyond’, shares a brief outlook on this new digital universe and what fashion & beauty brands in the sphere have been up to.

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In its recent report – New Realities: Into the Metaverse and Beyond – Wunderman Thompson Intelligence describes how the metaverse is re-shaping our realities. Fashion brands must take note that the future is changing and changing fast, and that the metaverse may soon be a reality we’re living with here in India, too. According to data shared in the report, 85% people believe that the fashion industry will be impacted by the metaverse. In fact, 86% believe that retail, 83% believe that B2B, and 80% believe that the beauty industry will be impacted by this digital universe!

Awareness is on the Rise

Wunderman Thompson Intelligence’s findings show that while only 32% people had heard of the metaverse as of July 2021, by March this year, 74% people had already heard about it one way or the other. Yet, there still exists a lack of clarity in the understanding of the concept. Only 15% of the people surveyed said that they knew what the metaverse was and could explain it to someone else.

Fashion, Retail and the Metaverse