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Metaverse as Future Promising Platform Business Model: Case Study on Fashion Value Chain

Author

Listed:
  • Saravanan Periyasami

    (R&D Manager Laundry Operations, Thuan Phuong Co., Ltd. (Garments-Embroideries), Ho Chi Minh City 700000, Vietnam)

  • Aravin Prince Periyasamy

    (School of Chemical Engineering, Aalto University, 02150 Espoo, Finland)

Abstract

The concept of a ‘business model’ refers to a collection of descriptions that highlight the most significant aspects of the business. The metaverse is already a reality that can be considered plausible; it is a digital world that can be accessed by various technologies, such as virtual or augmented reality, and it is a place in which people are able to communicate and collaborate with one another. Businesses are making an attempt to capitalize on a trend, since it is anticipated that the metaverse will become more decentralized in the near future because it provides outstanding possibilities for expanding business. In this article, we discuss a few aspects of the current business model, as well as the emergence of the metaverse and their influence in the existing business models, with emphasis on the fashion and retail industry. Users of the metaverse have the ability to personalize digital representations of themselves, known as avatars. These avatars may be utilized in virtual worlds, online games, and other types of online communities. The way advertising works in the metaverse is quite similar to how it operates in the real world. Because of this, there is a promising future in store for the future of marketing and advertising in the metaverse. The new virtual environment will inspire us to devise novel formulae and procedures, which will influence the user in previously unimaginable ways. In addition to that, the possibility of the metaverse becoming connected with generation Z (also known as gen Z) would be additional advantages that will help the company’s bottom line in the decades to come.

Suggested Citation

  • Saravanan Periyasami & Aravin Prince Periyasamy, 2022. "Metaverse as Future Promising Platform Business Model: Case Study on Fashion Value Chain," Businesses, MDPI, vol. 2(4), pages 1-19, November.
    • Handle: RePEc:gam:jbusin:v:2:y:2022:i:4:p:33-545:d:969154
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    2. Apetrei Andreea & Constantin Marius & Deaconu Elena-Mădălina & Dinu Mihai & Pătărlăgeanu Simona Roxana & Petrescu Irina-Elena, 2024. "Eco-chic or trendy-chic? Decoding consumer preferences in sustainable and fast fashion across the EU," Management & Marketing, Sciendo, vol. 19(2), pages 179-210.
    3. Zhong, Ziqi & Zhao, Elena Yifei, 2024. "Collaborative driving mode of sustainable marketing and supply chain management supported by metaverse technology," LSE Research Online Documents on Economics 121160, London School of Economics and Political Science, LSE Library.
    4. Park, Hyejune & Lim, Rachel Esther, 2023. "Fashion and the metaverse: Clarifying the domain and establishing a research agenda," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    5. Jinlu Shen & Xiangyu Zhou & Wei Wu & Liang Wang & Zhenying Chen, 2023. "Worldwide Overview and Country Differences in Metaverse Research: A Bibliometric Analysis," Sustainability, MDPI, vol. 15(4), pages 1-25, February.
    6. Pham Quang Huy & Vu Kien Phuc, 2024. "Contribution to accelerated internationalization with digital forensic accounting and metaverse circular business model innovation for Vietnam-based SMEs," Journal of Innovation and Entrepreneurship, Springer, vol. 13(1), pages 1-28, December.
    7. Heidemann, Gerrit & Schmidt, Sascha L. & von der Gracht, Heiko A. & Beiderbeck, Daniel, 2024. "The impact of the metaverse on the future business of professional football clubs – A prospective study," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    8. Lazar Gitelman & Mikhail Kozhevnikov, 2023. "New Business Models in the Energy Sector in the Context of Revolutionary Transformations," Sustainability, MDPI, vol. 15(4), pages 1-21, February.
    9. Sunhilde Cuc, 2023. "Unlocking the Potential of Blockchain Technology in the Textile and Fashion Industry," FinTech, MDPI, vol. 2(2), pages 1-16, May.
    10. Mohammad (Behdad) Jamshidi & Arash Dehghaniyan Serej & Alireza Jamshidi & Omid Moztarzadeh, 2023. "The Meta-Metaverse: Ideation and Future Directions," Future Internet, MDPI, vol. 15(8), pages 1-31, July.

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