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1. Introduction: Exploring Metaverse & Sustainability Trends in E-Commerce
The trend can be illustrated as the comprehensive direction of transformation of a market element with respect to the audience or customers. The trend reflects the movement of transformation to make rigid changes over the operations of any particular segment of the market. Therefore, the majority of organizations of different industries prefer to follow a similar direction to the ongoing or upcoming trend.
The trend generally evolves through a directional transformation under a "Single lineage" or parallel transformation across the lineage. On the other hand, it can be stated trend evolution rise through a specific direction across a group of population with respect to a prolonged time.
The theory of trend encompasses a merger between "Contextual material" and "Traditional epidemiological indicator". According to the "Dow Theory", the market movement has relied on primary, secondary and minor trends. Along with that trends have been facilitated with accumulation, public participation and panic phase.
STEEP analysis
Social : In contrast, the social factor across the different industries has a critical role in terms of emerging and portraying sociological norms across human begins. Trend sociology reflects an approach to the systematic development, utilization and institutionalization of a cultural phenomenon. Therefore, the integration of individuals, culture and economy can be observed through the continuous development of trends in the field of fashion.
Technological : The transformation of technology through the decades has influenced the trends of industries with respect to culture and living. The scenario of the last few years has projected that digitalization has brought a huge impact on trend development. Therefore it can be stated that AI, AR and metaverse technology are the new-edge pursuits of technology that transforming the trends.
Environmental : Environment sustainability has played a significant role in terms of disruption over the decades through human actions. However, modern-day trends are connected with sustainability thus trend innovation addressed sustainability. Therefore, trends with sustainability with respect to e-commerce are rising along with new technological development.
Ethical: In terms of ethics, the trends reflect that trends must transform society towards a positive and social culture. Besides that, trends must not hurt the spirit of humanity and disrupt the good bigness of the population.
Political : The trend brought a needful transformation in the economy and social relations and promotes a diversity of culture. Therefore, political factors have a major role in terms of the promotion or practice of any particular trend across their regional population with distinct nature of sustainability-based e-commerce.
2. Innovators and influencers
Nowadays technological advancements have facilitated a new perspective of e-commerce through "Artificial Intelligence", AR and metaverse. The innovators have played a critical role in terms of the development of a concise and effective approach to business retailing (Arpaci et al. 2022). Due to such an approach, the establishment of climate empathy can be increased and a major step towards environmental sustainability can be achieved.
The trend has been mainly innovated by developers and designers of different industries with respect to the new approach. In the case of industries, the starting-stage purchasers of products are recognized as innovators of trends. Therefore, it can be stated that they have been considered the trend-setters of any new trend across any kind of industry. Marketers, fashion bloggers, and social media influencers are the major influencers associated with the e-commerce of any particular trend. Besides that, models, actors and actresses and public figures also have been identified as the core influencers of any particular trends.
Therefore, huge interventions in the E-Commerce prospects can be noticed that broadly influences environmental sustainability. Marketing, sales, distribution and purchase have been associated with the business operations of every industry. Innovations in the field of industries nowadays have been focused to achieve sustainability with respect to their developments and operations.
Influencers also have a major role in terms of catalyzing the growth of industries. They mainly connected with the marketing of concerned industry products across a targeted population. The different types of influencer marketing have been promoted through decades and the approach of influencer marketing has been transformed with every step of technological advancement. Several decades earlier, influencers have been used to promote products through a manual campaign technique depending upon an altered e-commerce approach. That process involves multiple operations that hurt the spirit of environmental sustainability (Faruk et al. 2022).
Figure 1: Global population data with internet and social media users
The report reflects that approximately 63.1% of the global population has access to the internet and nearly 4.7 billion of the global population thus approximately 59% of people use social media platforms (Statista.com, 2022). Due to such type of technological advancement, influencer marketing strategies have been also transformed and adopted that advancement in terms of promotion of a vast range of products of industries. Therefore, as a result of this scenario, social media and digital marketing practices have been widely cultured through the e-commerce of industries globally. This advancement has made a direct and positive impact on environmental sustainability (Müller et al. 2021). The influencers of every industry have been present across digital platforms and advertisements and campaigns of concerned products have been run through a virtual platform.
3. Trend mapping
Focused research 01: Technological
1. Hindsight
It has been observed that technology has played the most abundant role in terms of the generation of a new dimension of e-commerce by developing a particular trend. It can be that some new pursuits or trends have been brought into practice across diversified industries. The influencers such as celebrities have promoted such trends and people became motivated in order to embrace the trend. The use of 3D technology along with AI and metaverse has brought a new trend of marketing through the virtual world with respect to e-commerce of industries (Nundy et al. 2021). As a result of this scenario, different industries have transformed their approach to marketing and addressing the higher levels of customer experience. Thus, the metaverse has projected a huge significant possibility of addressing global customers and increasing the level of customer experience. Along with that, the new trend development with an advanced technological approach to operations management has brought managing customer base and product reach this technology has a major advantage (Zallio and Clarkson, 2022). On the other hand, barriers to environmental sustainability also can be mitigated through the adoption of this technology over the e-commerce approach of industries.
2. Insight
Recently a new trend of metaverse has been evolving across the e-commerce of different industries. It has been observed that the technology has been driven by AI and 3D technology and delivers a premium-level customer experience in the virtual world. This type of marketing approach has been adopted by top global brands such as Gucci, Louis Vuitton, Nike and Zara. Therefore, it can be stated that the virtual world became a popular concept featuring audio and visual experiences. Besides that, communication technology has given a huge opportunity for interaction among people from different sources and locations. Thus, the industries have a hugely significant opportunity to develop a virtual world for the advancement of e-commerce with the help of metaverse technology (Trunfio and Rossi, 2022). On the other hand, Speedo unveiled its new fabric-based swimsuit during the 2020 Olympics and "Ralph Lauren" also developed jackets based on wearable technology. Therefore, it can be observed that engagement with technology over wearable products is rising across the globe. The athletes of the Olympics and celebrities are rolling as the trendsetter of upcoming trends with respect to the technological development of e-commerce and projecting a new trend.
3. Foresight
The use of modern-day metaverse technology along with AR and AI going to set a new trend in marketing and product promotion with respect to e-commerce. Due to such type of trend development, customers of different products can have a better customer experience with respect to product promotion. On the other hand, a trend of wearable technology is about to emerge in the industries. The influencers have already made their footstep towards the promotion of those trends. Therefore, it can be stated that the development of trends in the field of e-commerce has been driven by technological advancement. In contrast, the adoption of technological transformation in e-commerce has opened a huge opportunity in terms of delivering effective customer experience and making the foundation of a new trend. Therefore, the products of the industries can be concisely presented through a virtual world thus customers can get a 360-degree experience of the product. The marketers and influencers of the concerned industries much more effectively implement the theories of market segmentation.
Focused research 02: Ecological
1. Hindsight
The developments of trends nowadays have been heavily driven by ecological factors thus industries have made a concrete focus on sustainability factors to transform e-commerce approaches. Therefore, issues of carbon emission and recycling of products have been widely incorporated into the current trends. Thus, the rapid promotion of recycling, reuse and reduced approach to sustainability has been evolving through the current trends. However, industries also making major steps towards the development of e-commerce and establishing a new trend through sustainable approaches. Industries have been globalised nowadays thus a huge representation of the global population has been noticed and there has a need for the transformation of e-commerce to address sustainability factors. Therefore, it can be stated that global customer reach has been broadly increased and addressing those customers through the traditional approach was complex. Besides that, environmental sustainability became a major rising issue with the operations of e-commerce.
2. Insight
The 2020 Olympics have projected a new trend, torchbearers have worn trousers and T-shirts developed or manufactured from recycled plastic. On the other hand, beds for athletes have been generated with recycling and reused cardboard that set up a new version of a trend by addressing sustainability. Besides that, the last Olympics medals have been produced from the electronic waste obtained from smartphones (Raimi et al. 2021). Therefore, it can be stated that a major trend of environmental sustainability with respect to the development of different industrial products can be observed (Olympics.com, 2021). Athletes and celebrities have infused the trend in front of the global population thus they are the core trendsetter with respect to those scenarios. As a result of this scenario, events, and the promotion of products also can be infused with help of marketers and influencers with a much more concise and rigid approach.
3. Foresight
The innovators and influencers have formed a trend with respect to promoting the use of recycled products and a new pursuit of e-commerce. Due to the concerned approach, a huge benefit of addressing environmental sustainability and maintaining ecological diversity can be accurately performed. Therefore, global people will follow up the trend of using a concerning type of products in their daily life and needs. As a result of this scenario, carbon emissions and GHG production can be mitigated and technology has played a critical role in the transformation of the e-commerce approach of industries. It can be stated that in the upcoming days, most industries will focus on the development of trousers and T-shirts from recycled products. This type of trend can have a successful flight due to modern-day cutting-edge technology and AI over the e-commerce approach. Hence, customers can be more rigidly categorised based on demographic, behaviour and psychographics (Spaji? et al. 2022). Along with that sustainability issues with marketing, campaign and product promotion or event can be mitigated too.
4. Final trend board
Metaverse technology has been facilitated with the potential of developing a virtual world. Thus, different brands of different categories of an industry can develop their virtual world comprised of products they generally offer and campaigning or events. Therefore, people from any region of the globe can get into that virtual world with the help of the internet and smartphones or AR or VR devices (Wang et al. 2022). Hence, the metaverse can transform the e-commerce approach and formulate a new trend that mitigates barriers to sustainability. Along with that people can participate and make allies and groups across the platform in terms of exploring products. The technology has been featured with a 3D perspective thus audience can move across the virtual world of concerned brands. Besides that, they can choose their avatar thus product outfits of multiple brands can be performed (Khatri, 2022). Hence, it can be stated that a high level of customer experience can be observed with respect to the incorporation of such technology in the e-commerce practice of industries.
Figure 2: Final trend board
Nowadays, trends have been generated through the incorporation of technology over e-commerce with the perspective of addressing ecology. Thus, it can be stated that upcoming trends have been facilitated with a major approach to recycling and rescue-based product development. A few brands of different industries have shown the trend path of development of products through suitability aspects. Besides that, it has been also observed that the use of wearable technology has also been a queue of upcoming trends (Elmassah et al. 2021). However, the rise of trends has been already noticed due to the engagement of influencers such as celebrities. Hence, the audience can explore the product experience through collaboration with other partners due to the altered e-commerce approach (Sun et al. 2022). Thus, it can be stated that audiences can enjoy the company of their choice during their shopping for different products.
The metaverse technology has been also facilitated with customization features thus marketers and influencers can design the virtual world season specific. Therefore, multiple occasions and events can be celebrated in the virtual world with a new e-commerce approach. This approach can be brought a huge competitive advantage to brands in different industries with respect to the marketing of products. Thus, brand promotion and visibility can be increased with the eco-friendly nature of e-commerce design. As a result of this scenario, gathering and events through a virtual approach leave a direct positive impact on the increasing sustainability of the environment (Nica et al. 2022). However, this technological advancement has a critical role in terms of the mitigation of sustainability issues by restabilising a new mode of e-commerce across different.
Due to the metaverse technology, audiences can access a much easier guide in terms of finding the right product. It has been explored that people have major attraction over such type of technological advancement thus a robust nature of public gathering over any particular brand can be noticed. On the other hand, most people have the intention of participating in events organised by brands of different industries. Due to many complexities, the majority of people failed to live that perspective of events. However, those events can be facilitated with a virtual approach (Falk et al. 2022). Therefore, it can be stated that such technology has a critical role in terms of addressing and mitigating sustainability issues due to the virtual approach and altered version of e-commerce.
5. Trend implications
The trend implication with respect to the technological advancement over e-commerce in the fashion industry has been reflected through this segment using "Gibbs' Reflective Model".
Figure 3: Trend board
It can be described that role of technology has been profoundly increasing across each and every aspect of living hood. In terms of the implementation of the trend, I have thoroughly explored that the use of technology has a major role in terms of addressing sustainability issues. I have realized that sustainability has been coined as a major challenge with respect to the growth of fashion industries. I have explored the popularity and significance of metaverse technology in terms of the development of the virtual world for fashion industries that have been enriched with enormous opportunities. The e-commerce of fashion industries can be much more concisely transformed with metaverse technology and much more environmental sustainability can be gained. It can be described that concerning technological advancement has the potential to generate a huge competitive advantage in terms of delivering a better customer experience. According to the report, the global fashion industry has reached a margin of approximately 1.7 trillion dollars during the period 2022. The fashion retail market segment has been projected to have a growth rate of nearly 6.1% thus it has been estimated that by the end of 2023 it will become 1.95 trillion dollars (Zallio and Clarkson, 2022).
I have felt that products in the fashion industry can be more sustainably promoted by using metaverse technology. In my feeling, the virtual experience of products of the concerned industry can increase customer reach and also boost brand visibility. It has been observed that marketers and influencers of fashion brands can perform customization of the virtual world with respect to products and camping or events. As a result of this scenario, a new dimension of e-commerce can be brought into practices that have the major potential to address barriers to sustainability. Therefore, I have felt that addressing and managing such an extensive and broad customer base can be effectively managed through this approach.
I have evaluated that, with the transformation of technology, the mind and behaviour perceptions also have been altered. I have explored that the business approach of the fashion industry has transformed and the marketing approach also has been significantly developed. I have evaluated that various elements of e-commerce have changed the scenario of sustainability and promoted an eco-friendly approach. Besides that, I have explored that traditional marketing approaches have been transformed into digital media and social marketing and influencers have evolved with the trends.
I have analysed that in terms of the growth of the fashion industry, marketing and promotion with respect to the customer experience have played a critical role. Thus, gathering a large audience under a single platform matters a lot. Therefore, I have also covered that every rising trend has been driven by the factors of technological advancement. In my view, future aspects of the development of trends in the field of the fashion industry can be noticed with the use of recycled materials and the incorporation of technology in the products. I have also analysed that the global population can participate within a single virtual world thus barriers to sustainability can be mitigated.
It can be concluded that I have learned sustainability issues that remained within the fashion industry can be addressed through technological advancement. The emerging trends of the fashion industry have to make an alignment with new technologies. I have learned that metaverse technology can proliferate the issues of marketing and sustainability with respect to the fashion industries. Along with that socioeconomic relationships with customers in terms of the market segment of fashion products also can be improved through the incorporation of such technologies.
In contrast to the scenario, an action plan with respect to the incorporation of metaverse technology across the fashion industry can be implemented. In my opinion, marketers and influencers have to make collaboration for the development of the virtual world with respect to any fashion brand. I have also observed that audience characters of the concerned virtual world must be developed using AI and AR. In my view, AR can deliver an option of customization of audience characters with respect to concerned products. This might bring a huge impact on customers in terms of retaining a high level of customer experience.
Collaboration among marketers and influencers has to be made.
AI and AR also need to be used for the development of audience characters.
The facility for the customization of products needs to be developed.
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