Innovative value propositions in the fashion metaverse

ABSTRACT

At the present time, fashion companies experiment with the metaverse in pursuit of innovative value propositions (IVPs) to offer to customers, and this paper addresses that phenomenon. The metaverse is a “phygital” space that rests on a range of different technologies, leveraging the benefits they generate and enhancing their potential applications. We carried out an exploration of 17 cases across the fashion industry by deploying a “metaverse ethnography” to utilise thick data (qualitative information such as observations, feelings, and reactions) which offers contextual and qualitative insights. Our main contribution consists of a framework that has identified the metaverse as an enabler of IVPs. We address three main activities that fashion companies carry out to leverage the potential of the metaverse: crafting resources, designing contexts, and enabling experiences. Within these activities, fashion companies offer new value promises to customers and activate new strategic levers; both of these result in IVPs. We highlight implications for scholars, practitioners and for further research.

KEYWORDS:

• Value proposition
• metaverse
• NFT
• experience
• resources

Disclosure statement

No potential conflict of interest was reported by the author(s).