In an industry marked by evolution, it can be a challenge to stay ahead of the curve. New technologies and changes in the sneaker market can dictate the latest trends and influence the customer experience. If you’re looking for insight into how technology affects the sneaker game, look no further. In this blog post, we analyze some of the biggest technological developments that have disrupted and elevated the sneaker market and dive into the brands that are getting a head start on this movement!
A Growing Sneaker Market: An Overview of the Sneaker Boom and its Impact on Tech
In recent years, sneakers have become more than just a form of footwear. They have become a cultural phenomenon, representing not only style but also innovation and technology. The sneaker industry has seen a massive boom, with consumers constantly seeking out the latest designs and collaborations. According to Statista, the global sneakers market is forecasted to reach over 100 billion (USD) in revenue by 2026. But what many may not realize is the correlation between this boom and advancements in technology.
Sneaker companies are incorporating advanced technology into their designs that enhance the overall customer experience beyond just wearing shoes. This fusion of fashion and tech has created an entirely new market, attracting both sneakerheads and tech-savvy consumers alike. The sneaker boom may have started as a trend, but its impact on the intersection of fashion and technology is undeniable.
The Role of Social Media in the Elevation of Sneaker Culture
In recent years, social media has played a significant role in the elevation of sneaker culture. Through platforms like Instagram, Twitter, TikTok, and YouTube, sneaker enthusiasts around the globe can connect with each other like never before. Sneaker fashion has become a massive industry, partially due to the influence of social media.
In addition, platforms like StockX and GOAT have simplified the purchasing process, giving sneakerheads access to rare and limited edition releases that were once nearly impossible to obtain. With social media providing a global platform for sneakerheads to showcase their collections and share their love of the sneaker culture, it’s clear that its impact will continue to shape and elevate the industry in the years to come.
Augmented Reality Taking Customization to the Next Level
Augmented reality has generated a buzz of excitement and for good reason. This innovative technology is now taking customization to a whole new level, allowing users to fully immerse themselves in a virtual world, transforming the way customers interact with and purchase sneakers.
Wannaby, a startup from Belarus, created an app called “Wanna Kicks,” which uses AR technology to allow consumers to virtually try on shoes. This kind of technology has significantly reduced the need to physically try-on shoes and has streamlined the purchasing process, making it more convenient and efficient for customers.
In addition, AR has allowed sneaker companies to create unique marketing campaigns and immersive experiences, such as virtual pop-up shops and interactive product releases.
Augmented reality is a game-changer, delivering personalized experiences that were once impossible. As this technology continues to evolve, it will be interesting to see the creative ways brands use AR to create effective marketing campaigns and build brand hype among customers.
Brands Leveraging Web 3.0 Tech to Elevate Their Sneakers
The sneaker industry has always been competitive, and with brands leveraging Web 3.0, the race is getting even more exciting. Using Web 3.0 technologies, companies are taking the sneaker game to the next level by creating digital twins of their products, bridging the gap between physical (i.e. “phygital“) sneakers and the digital world, and allowing for unique experiences and personalization like never seen before.
Some brands already connecting their sneakers to the digital dimension include:
One of the most well-known brands utilizing Web 3 technology is Nike. In 2021, Nike acquired RTFKT, which leverages the latest in game engines, NFTs, blockchain authentication, and augmented reality to create one-of-a-kind virtual products and experiences. Starting April 24th, for example, those who purchase a Sneaker NFT on OpenSea will be able to redeem it for the physical pair during RTFKT’S Forging Event which ends May 8th. Finally, when their sneakers arrive, owners can link their Sneaker NFT to the physical sneaker and access unique experiences.
SONRA partnered with collectID to connect their sneakers to the digital dimension as a way to engage and build meaningful connections with early adopters of the brand. Through this digital twin technology, SONRA rewards loyal customers of the brand through an incentives system available exclusively to those who own a pair SONRA sneakers.
Similar to SONRA, KangaROOS also uses collectID technology to provide their sneakers with a digital twin. Through the digital twin, KangaROOS told the story of their limited, sustainably-made Environment Day sneaker. For each sneaker sold, KangaROOS planted one tree on behalf of product owners and product owners were able to receive updates on the growth of their tree directly through their sneaker’s digital twin.
SOL3MATES is one of the first Web-3 native sneaker brands, owned by Chalhoub Group, the largest retail operator in the Middle East. SOL3MATES offers 10,000 “SOL3MATES OG NFTs” as an entry ticket into their community which boasts a wide range of benefits including guaranteed pre-access to SOL3MATES releases, a digital twin to their sneakers, early access, preferred pricing, rare sneaker giveaways, freebies, discounts, and more.
Flowers for Society
Flowers for Society is a fashion brand that uses Web3 to leverage and democratize product creation and distribution in order to create new and more responsible ways of consumption. Customers who purchase their footwear products are gifted a custom NFT which serves as a membership that grants them access to future releases, limited editions, and collaborations.
With the integration of Web3 technologies, consumers can now step into a virtual world and interact with these sneakers in a way that was impossible before. These digital twins offer a new way for brands to connect with their audience, increase engagement, and elevate their brand. It’s an exciting time for sneakerheads, as we watch the industry evolve and adapt to the innovations of the future.
Future of the Sneaker Industry – What’s Coming Up Next
The sneaker industry has gone through a revolutionary transformation in the past few years, reaching new heights of innovation and creativity with technological advancements, collaborations, and fashionable designs. As we move forward, it is interesting to wonder what’s next for this ever-evolving industry.
The rise of Web 3.0 and phygital products create many exciting opportunities for sneaker brands to build communities and create loyal customers. With the constant evolution and innovation of the sneaker industry, we are sure to see some amazing new developments on the horizon.
Are you ready to put your best foot forward with phygital technology? Contact the collectID team today to get started.