Potential of Metaverse for fashion branding

Sanjana Ranjan

Master's thesis

Potential of Fashion Branding in the Metaverse

Abstract:

Metaverse is the next generation of internet, social media, and e-commerce that has already caught the attention of marketers for marketing and branding. This thesis aims to investigate why and how marketers would expand their fashion branding in the metaverse and understand its future. It also aims to create a guide that fashion brand managers can use to understand metaverse and related concepts and how to use them for fashion branding. In order to achieve this, a qualitative approach has been chosen where semi-structured in-depth interviews are conducted to draw meaningful conclusions. The study presents many critical reasons why brands and marketers must consider having a presence in the metaverse. One of them is that the near and far future is exceptionally bright and provides unprecedented branding opportunities, even in terms of profitability and despite some uncertainties and risks. The brands must utilize the time now and in the near future for experimenting in this space because even other brands already in the metaverse are still trying to understand how to work and function effectively and efficiently. The study also presents easy ways brands can enter and perform branding along with the performance measures, risks, factors to consider before diving in and the appropriate time to enter the metaverse. In order to help brand managers, the study provides a framework that answers most of the doubts and questions they may have, along with the critical steps they could follow to start their journey in the metaverse from scratch and perform branding.

Abstract:

Metaverse is the next generation of internet, social media, and e-commerce that has already caught the attention of marketers for marketing and branding. This thesis aims to investigate why and how marketers would expand their fashion branding in the metaverse and understand its future. It also aims to create a guide that fashion brand managers can use to understand metaverse and related concepts and how to use them for fashion branding. In order to achieve this, a qualitative approach has been chosen where semi-structured in-depth interviews are conducted to draw meaningful conclusions. The study presents many critical reasons why brands and marketers must consider having a presence in the metaverse. One of them is that the near and far future is exceptionally bright and provides unprecedented branding opportunities, even in terms of profitability and despite some uncertainties and risks. The brands must utilize the time now and in the near future for experimenting in this space because even other brands already in the metaverse are still trying to understand how to work and function effectively and efficiently. The study also presents easy ways brands can enter and perform branding along with the performance measures, risks, factors to consider before diving in and the appropriate time to enter the metaverse. In order to help brand managers, the study provides a framework that answers most of the doubts and questions they may have, along with the critical steps they could follow to start their journey in the metaverse from scratch and perform branding.

Keywords

Blockchain, Gaming, Immersive technologies, Future of Metaverse, Metaverse, Fashion Branding in Metaverse, NFTs, Communities

Keywords

Metaverse, Fashion Branding in Metaverse, Future of Metaverse, Blockchain, Gaming, NFTs, Immersive technologies, Communities

Language used: English

Date on which the thesis was submitted / produced: 15. 5. 2023

Thesis defence

• Date of defence: 5. 6. 2023
• Supervisor: Daniela Kolouchová
• Reader: Václav Stříteský

Vysoká škola ekonomická v Praze

Master programme:
Management