The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Walmart-backed Flipkart India Pvt. launched an in-house innovation arm called ‘Flipkart Labs’ to explore ways to expand onto the metaverse.
Through the innovation arm the Bengaluru-based e-commerce marketplace aims to test non-fungible tokens, or NFTs, virtual immersive storefronts and play-to-earn, according to a company statement Thursday.
One of the first areas of focus for Flipkart Labs is to collaborate with the web3 community and set the standard for commerce in the metaverse. web3, the next iteration of the internet, will have a profound impact across e-commerce solutions, said Naren Ravula, vice president, product strategy and deployment at Flipkart Labs adding that it “leverages the best of latest technology like blockchain for real world use cases that can digitally transform businesses like ours.”
Started in 2007, Flipkart caters to over 400 million users. US-based retail giant Walmart bought a controlling stake in Flipkart for $16 billion in 2018.
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Can The Metaverse Transform Fashion Business Models?
There may be a better analogy than e-commerce to size up fashion’s metaverse opportunity: will it be more like streaming or 3D movies?
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.