For Nicola Mendelsohn, vice president of Meta’s global business group, the first thing newcomers tend to ask about the metaverse — “What is it?” — is also one of the hardest to answer.
“That’s a huge question to start with,” she told James Fallon, editorial director of WWD, in a fireside chat at WWD’s virtual Tech Forum. But she defined the baseline concepts as “the next computing platform … a future that extends beyond what just fits in the palm of your hand. It really is the next version of the internet.”
This virtual environment’s defining characteristics lie in its immersiveness and ability to make visitors feel transported to another place, whether real or utterly fantastical. In that way, it has a lot in common with high fashion and beauty — which may partly explain why the technology has practically become an obsession for these and related sectors.
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In reality, the metaverse is just one of several areas where Meta and its Facebook, Instagram and other apps intersect with the fashion industry, a fact that inspired Mendelsohn’s session: “Meta’s Vision for Shopping — Livestreams, Metaverse, NFTs and More.”
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Turns out, these disparate-seeming pieces actually fit together, with one leading to the others or working in concert.
Take livestream shopping, for instance.
Its bustling momentum in Asia is taking a foothold in western regions, largely due to the efforts of platforms like Facebook, Instagram, Snapchat, Amazon and others. A clear extension of social video, it’s another way to bring a more immersive or interactive quality to online shopping. Another is augmented reality, with virtual try-ons and other filters and effects leading to real conversions.
All of it factors into the holy grail for online shopping: Discovery.
“Commerce has been a part of Meta’s business for a long time now. It started with brands using personalized ads, and we’re really seeing more and more driving in this area — because how do you find out about something that you don’t even know that you want?” said Mendelsohn. “You’ve got to go on a whole discovery notion … and where we’re going is a continuation down that path towards much richer, more personalized experiences.”
Now fashion is one of the keys to Meta’s vision of the metaverse.
The tech giant has always seen it as one of the most creative and tech-forward industries. Mendelsohn cited examples off the top of head: Burberry, as one of the first to livestream fashion shows on Instagram Stories; Karl Lagerfeld’s conversion of the Grand Palais into a grocery store for a 2014 Chanel show, tricked out with tech for lights and music to form an immersive and sensorial experience; Prada’s interactive 3D store experience using Meta Quest VR headsets, and beauty AR by Charlotte Tilbury, Sephora and others, with virtual try-on and purchasing built in, leading to other projects in apparel.
“I have so many examples, like I’m bursting to share them with you. Because fashion really is leading the way here,” she continued. “The Gap used AR effects to let people virtually try on this puffer jacket. And we’re seeing very strong conversion as well. It’s not just the fun thing to do — it’s actually moving in and people are actually buying it.”
Her advice for brands that are interested in broaching the virtual world, but not sure where to begin is to utilize “the tools that exist today, while having a nod as to what’s coming as well.” Specifically, she recommends exploring AR, which is a more approachable extension of the metaverse.
Others may track what other brands are up to, including central roles for some of Meta’s own metaverse efforts, like its new avatar store.
“We’re excited to launch the store so that people can more fully represent themselves, and fashion is right at the heart of this announcement,” Mendelsohn added. “We know people want to purchase premium outfits, and so it’s really exciting to have the likes of Balenciaga, Prada and Thom Browne, which I would say are three of the most iconic fashion brands that are driving culture today.
“You can buy now, things to dress yourself. So commerce is powering the way that the world works, and it will do as well in the metaverse.”
Even if this a keenly idealistic take on the tech’s prospects, the Meta executive is apparently not alone in believing it. Mendelsohn cited a statistic from economists from Analysis Group, who estimated that the metaverse economy could be worth roughly $3 trillion globally in the next decade.
That’s also how long the tech will probably take to truly arrive. In Meta’s own view, the wait will probably be five to 10 years long.
In the meantime, the surge in digital sales and social commerce that the company saw over the pandemic is laying some groundwork for what will come next, whetting the appetite of younger consumers for more advanced experiences.
“We did some research on some Gen Z and Millennials, [and] they want to have immersive experiences,” she elaborated. “Four in five shoppers anticipate that new technological development in AR and VR are going to improve their lives, and more than six in 10 shoppers think AR technology can actually help them when they’re shopping as well.”