There has been much discussion about the metaverse and how it may affect the future of retail. With digital apparel and collections in the fashion business, more and more firms are putting their toes into the virtual realm. Earlier in March, the fashion industry even hosted its first big fashion show, “Metaverse Fashion Week” earlier in March. The beauty sector is likewise developing in parallel, but it is playing catch up with its more established competitor.
That, however, is where the beauty resides. While the metaverse is still a developing area and idea, there are several potential for beauty companies to interact, create, and grow communities in the virtual world. The metaverse offers potentially infinite possibilities since it is not limited by physical world constraints such as venue booking or supply chain concerns. Users of the metaverse merely need to log into the appropriate platforms to access the material provided by the many beauty businesses.
Beauty businesses, as more than just a marketing tool, should avoid just hopping on the metaverse bandwagon. There should be a storytelling aspect that the company is attempting to convey to their consumers via digital means. Estée Lauder is an example of this, having collaborated with Metaverse Fashion Week to develop an NFT of their legendary Advanced Night Repair (little brown bottle). As a consequence, people had a better understanding of the brand’s history, components, and how they should feel after using the product in real life.
Image: Estée Lauder
This is one method that companies may use to interact with consumers and reach out to individuals who are unfamiliar with the brand. “It’s not about age; it’s about attracting and interacting with new groups of customers who are already involved in the metaverse and interested in electronically connecting with beauty and fashion companies,” says Jon Roman, Estée Lauder’s SVP of global consumer marketing.
On the metaverse, there is room for more. Aside from engaging customers with sponsored content, beauty firms selling cosmetics may use the virtual realm as a testing ground for forthcoming launches. These cosmetic companies might begin by providing a digital version of their items. The concept is akin to Augmented Reality (AR), in which new goods might appear on users’ avatars or on themselves via a filter. MAC Cosmetics, L’Oreal, and Sephora also provide virtual try-ons so that customers may see themselves before making a purchase.
Brands may further advance the story by simulating how their items might be used in real life, which improves the relationship between both parties. In terms of how users may express themselves through their avatars, the metaverse’s potential appears to be endless. More bizarre beauty styles may be accessed through this third-party platform, as well as new areas of inclusion and self-expression.
Despite all attempts to improve the client experience in the metaverse, it is nevertheless critical that these beauty firms translate digital components into practical results. Finally, income is required to keep the metaverse operating. After nearly two years of online Zoom meetings, one widespread feeling is that the virtual world cannot replace real meet-ups.
This is where beauty companies may step in and fill the void. After gathering enough information from its interactions with metaverse users, it may generate cosmetics looks according to their preferences. Each look may be minted and issued in limited quantities to people who have earned their stripes by participating in online activities, tying up with other parts of the metaverse such as NFTs.
The link to the real world may be delivering them the actual goods used to create the distinctive beauty look in the metaverse or inviting them to a store where professional makeup artists from the company can reproduce the looks. The cosmetic procedure might possibly be mechanized and programmed into a robot as technology improves. To see what the future could hold, look no farther than the late fashion designer Alexander McQueen‘s Spring 1999 presentation. Of course, to be user-friendly, the scale and size of those paint-spray robots must be reduced.
The possibilities provided by the metaverse are mind-boggling. If beauty firms play their cards well, the metaverse may not only enhance its consumers’ interactions with the brand, but it may also become the next Mother Lode of gold.