Where is all this Meta stuff going?
Well, according to Karin Tracy, Head of Industry, Retail, Luxury, Fashion at Meta, it has the potential to go far and fashion shouldn’t risk being left behind.
“It’s the next big thing, it’s going to be the disruptive successor to the mobile web, and we like to call it the Internet Incarnate because we don’t just watch it – we’re going to be there,” she said. declared. , speaking Thursday in a virtual Fashinnovation session titled “Fashion Moves from Magazines to Mobile, to Metaverse.” “For retailers, I just want to be clear, this is not going to be a replacement for in-store experiences. It’s about improving everything we do with the goal of connecting consumers to the brands we love. »
Comparing the metaverse to a “Sci-Fi” stage akin to remote access or mobile connectivity, Tracy went further, saying, “This will be the biggest marketing opportunity brands will see since inception. of internet. (And the certainty that Meta aims to move forward).
“Just as we saw early on with the internet and mobile, there will be entire industries, ecosystems and brands created around this that will revolutionize everything we do. The way we play, the way we learn, the way we buy…and that’s why this is such an exciting chapter for this industry, and for this industry being part of who will create and build this. It’s not going to be built alone,” she continued.
Meta projects that one billion people will participate in the metaverse, not to mention millions of jobs created and hundreds of millions of business capital flowing.
“We’re all going to build this together,” she said.
Acknowledging fashion’s relatively fast approval rating for the Metaverse, Tracy said, “what brands are already doing today will still be relevant in the Metaverse tomorrow,” in the sense of “multidimensional marketing.” She predicts: “Everything you see in the world will be purchasable, and everything purchasable will be personalized.”
And traditional brands and nimble start-ups are already getting started.
Mentioning the value of a measured or test-and-learn approach depending on the industry, Tracy went on to say that comfort is king as brands need to get comfortable with access to “holistic” digital and physical environments. Visual search and AI are just a few tools she says will unlock friction.
While there was a lot of excitement about the future, neither Meta’s recent financial earnings nor the ongoing impacts on users’ mental health were discussed.
As of Thursday morning, Meta shares were down 24.3%, a $220 billion plunge after the company’s earnings report was released on Wednesday. Among billions in operating losses, for the first time in history, Facebook’s daily active users declined.
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