Taking a Metaverse and Web3 Approach to Retail
Retail brands recognized the need for dominance in the eCommerce space, but omnichannel today means there is a new world to embrace, the Metaverse. Brands that fail to embrace the Metaverse could miss out on millions of consumers who spend hundreds of hours a month on virtual platforms.
One retailer who understands the value and importance of the metaverse is Coach. Inspired by the vision of Creative Director Stuart Vevers, Coach is a global fashion house founded in New York in 1941. With the help of Renee Klein, Coach is forging new retail paths through a Metaverse and Web3 approach.
Klein is the VP of Global Digital Experience Services at Coach. Retail Refined’s Melissa Gonzalez got to sit with Klein to discuss the Metaverse at the recent Retail CEO Influencer Summit in New York. Klein’s role overseeing digital platforms gives her a unique perspective in understanding how the consumer journey interacts with Coach’s platforms, where they spend their time on external platforms, and how these platforms can create new opportunities.
“Last December, we launched our first NFT available in North America,” Klein said. “Six months after that, we launched our second NFT in June. The first NFT was a moment for us to celebrate our eightieth year. We had several NFT characters created from a game we had also developed.” The eight characters, ten NFTs behind each, were claimed within eleven seconds on eight days preceding Christmas. “The reactions we got were incredible.”
Throughout the conversation, Gonzalez and Klein discussed:
- Best practices for engaging with Web3 and the Metaverse
- Authentic approaches to capture what the Gen Z market is looking for in brand relationships
- Collaborating with the Gen Z community in building new products
“What we have seen work is when we open the doors and say, let’s have this conversation, and let’s participate in building something new together,” Klein said. “As we continue to test, learn, and evolve, bringing in the community is going to be critical.”
Klein is a seasoned Web2 eCommerce and brand marketing expert who oversees the NFTs and metaverse strategy for Coach, including full-funnel customer journey mapping, paid & organic media, and marketing plans across existing platforms, and emerging Web3 spaces.
Before driving emerging marketing, platform, and communication opportunities, Renee was an eCommerce executive in the fashion and beauty sector with over 15 years of experience delivering results, consistently driving double-digit topline growth and bottom-line profitability.