ifkad articles

Digital Transformation in the Fashion Industry: Metaverse as an Additional Business Platform or a New Innovative Stakeholder Interaction Model

Michelle Grillo, Sabrina Bonomi

Digital transformation changed the way of doing business. In recent years, the fashion industry has undergone a profound change. The climate of uncertainty, the challenges related to the VUCA context, and ethical and environmental issues necessitated implementing digital strategies and increasing sustainability and social responsibility oriented. Creating new and solid links with online Millennials communities sensitive to sustainability is also essential. The priorities are less advertising bombardment to induce purchase and more conversations to build trust, setting up environments of interactions (Noci, 2011). The year 2022 has been marked by the profound participation of many fashion houses, luxury but also fast fashion, in Metaverse, that have not only made agreements to be present within it but have also contributed to its development. They have implemented a presence in the Metaverse as part of their marketing strategies not to lose a competitive advantage. At the same time, new and exciting start-ups have sprung up to a new and flourishing area of business. This paper aims to understand whether the Metaverse in the fashion industry can be regarded as a new and additional e-commerce platform or if it can be considered a new sustainable business model based on innovative interactions between its stakeholders.

IN: Proceedings IFKAD 2023 – Managing Knowledge for Sustainability
PP: 2494-2507