Physical and Digital Value
Virtuall is a digital fashion distribution platform that allows fashion brands to effortlessly build customer journeys across the Metaverse, enabling easy access to AR, 3D content creation, and more. - All simply by the click of a button.
Digital value products offer an exciting new way for fashion brands to engage with consumers and monetize their designs. As technology advances, we will likely see even more innovative uses for digital value products in the digital fashion world.
E-commerce allows fashion brands to reach a global audience while also offering the opportunity to tailor marketing campaigns to specific target audiences. In addition, NFTs enable fashion brands to create digital products with unique ownership and scarcity, offering collectors and enthusiasts the chance to own a one-of-a-kind piece of fashion history.
Creating value products can be a game-changer for e-commerce
With the help of 3D technology, fashion brands can create a digital visualization of their products that allows customers to see the product from all angles. This can help customers make more informed purchasing decisions, reducing returns and exchanges and increasing dwell time on the product, increasing customer conversions.
A study from Shopify shows that merchants who add 3D content to their stores see an average 94% conversion lift.
In one case example from NYC-based handbag retailer Rebecca Minkoff showed:
- Shoppers were 44% more likely to add an item to their cart after interacting with it in 3D
- Customers were 27% more likely to place an order after interacting with a product in 3D
- Visitors were 65% more likely to place an order after interacting with a product in AR
Nike has used 3D and AR to create customer value and achieve e-commerce success. In 2019, Nike launched "Nike Fit," an AR feature that uses computer vision to suggest the best shoe size for users. This reduces the risk of returns due to sizing issues. Nike has also used 3D technology to create detailed product visualizations on its website; their 3D customizer allows customers to generate personalized sneakers in a detailed 3D view.
Read more about AR in our last published blog post here.
Link NFTs to specific products and AR filters
Non-Fungible Tokens (NFTs) are unique digital assets that cannot be replicated. Fashion brands now use NFTs to create unique digital fashion items, such as virtual sneakers or clothing, that customers can own and trade.
For instance, Gucci created a digital sneaker that was sold as an NFT, adding value to the item and providing an opportunity for the brand to generate revenue through the sale of NFTs. By creating one-of-a-kind digital fashion items, fashion brands can attract a new audience, increase brand loyalty, and create a new revenue stream through NFT sales.
Combining AR and NFTs allows fashion brands to create unique and valuable digital fashion items that customers can try on virtually and own as one-of-a-kind assets. By linking an NFT to a specific product detected by AR filters, brands can attach rewards and discounts to enhance the customer experience. This attracts a new audience, increases brand loyalty, and creates a new revenue stream through NFT sales. AR and NFTs can potentially revolutionize the fashion industry and add value to the customer experience.
When discussing sustainability (a pressing concern for the fashion industry), combining this technology can help brands be more transparent about their environmental impact.
By using blockchain and other digital solutions, fashion brands can track their supply chains and share that information with customers in a clear and trustworthy way.
This can help to prevent greenwashing and allow customers to make more informed purchasing decisions.
Incorporating storytelling and engaging content can further enhance the customer experience and strengthen brand loyalty.
We have developed a jacket that effectively showcases the combination of various technologies, and this jacket is soon available for purchase as an NFT.
In conclusion, fashion brands can create value products in the digital space by utilizing technologies through NFTs such as 3D, AR, and interactive content. These value products can enhance the customer journey, increase brand awareness, and promote sustainability.
Contact Virtuall to learn more about what opportunities lay ahead for your brand.