While some brands are still figuring out their approach to Web3, Puma is a true believer. The sportswear manufacturer sees Web3 as a commerce opportunity on the same level as the e-commerce and social media boom. And this time, Puma is trying to hit the bottom of that trend.
This brand is not familiar to Web3. The company already has its own Unreal-Engine-based virtual world, Black Station, and a non-fungible token called Super Puma PFP. We also do in-game activations like: That being said, Puma is looking to tie all these kinds of investments into a more fully formed plan.
A key element of the company’s Web3 strategy is its relatively broad definition of the term, which includes both NFT projects and non-blockchain immersive worlds such as “Fortnite” and Roblox.
“We basically define it as a new marketing technology that shapes the way consumers interact with brands,” said Ivan Dashkov, head of emerging marketing technology and Web3 at Puma.
As Web3 ceases to be a flashy experiment and becomes a consistent component of brands’ ongoing marketing mixes, this holistic approach to the space is growing in popularity. This is the same definition of his Web3 used by his Vayner3, a self-proclaimed “Web3 consultancy” that became one of the launch partners of Roblox’s partner program last month.
“These are the conversations we have with our partners as we think about the next era of the Internet,” said Avery Akkineni, president of Vener3. “Whether it is an immersive experience or blockchain-based, there will be a lot of adjacent technologies involved.”
The reason Puma leans so heavily towards the Web3 approach is simple. Puma sees Web3 Commerce as a possible arrival as it doesn’t want to miss the next big change ship in retail again. Crustal movement.
“When this happened, we weren’t sure if e-com would take off, but now we’re slowly trying to catch up. The same thing happened with social media. I think they were wondering how much to invest in social media,” Dashkov said. “Now we are in his Web3 world, with all sorts of new technologies coming up. As a brand, looking back at e-com and social, I definitely don’t want to miss the One.”
Puma’s e-commerce business has grown explosively in recent years, and the brand’s e-commerce is projected to grow 11.8 percent in Q3 2022, accounting for about 5% of Puma’s direct-to-consumer sales in the quarter. account for 138 million cases. While the dollar has a large share, that figure is still a fraction of that of rivals such as Nike, whose e-commerce sales surpassed his $13 billion last year. The Metaverse economy could be worth trillions of dollars by 2030, according to a report released by Citi last year.
For the time being, opportunities for direct commerce in the Web3 environment are still somewhat limited. Puma customers can buy physical sneakers through the brand’s BlackStation virtual space, but buy physical merchandise directly through more popular virtual platforms such as ‘Fortnite’ and his Roblox. still not possible. But industry observers see more opportunities for commerce on these platforms as inevitable, highlighting the potential benefits of Puma’s initial investment.
“It’s the whole mindset of omnichannel retailers that they want to meet consumers wherever they are, right?” said Justin Hochberg, CEO and founder of Virtual Brands Group. “We sell in Bloomingdale’s, we sell in pop-ups, we sell in e-com, we sell in DTC, etc. Now there is a new channel called the Metaverse where consumers increase.”