thing charity Thread Together. The fashion space is no stranger to brushes with the metaverse, but for The Iconic’s CEO Erica Berchtold, Web 3.0 isn’t something the business is entering lightly. “We’ve been talking about this a lot over the last year, and we didn’t want it to be gimmicky – it had to somehow loop in our customer, as well as our DNA,” Berchtold told Inside Retail.  “We didn’t want it to just be a token ‘we’re selling NFTs now’ thing, we wanted to try to take the customer on the journey of what this new world will be like, and show them how it might work.” The way the business did this was through the content of its Runway X show, which featured models walking and interacting with digital doubles of themselves on the catwalk. Beyond the sale of its first NFT, Berchtold said the fashion space has many new opportunities as the internet evolves. “It really comes down to prioritisation,” she explained.  “We’ll be trying to find the right balance. We don’t want to wait for it to be a big thing before we enter – we want to remain at the forefront of online fashion – but we’ve also got a lot to do in other areas of our business.  “So, it’ll be about what our customers want from us right now.” Considered a success While the business is certainly focused on what fashion will look like in the metaverse, it’s also staying up to date with the kinds of clothing customers want to purchase – physically – on the marketplace itself. Namely, second-hand and circular fashion are booming through its Considered Edit – a collection of items that meet The Iconic’s criteria for ethical, sustainable fashion.  “Two of the brands that we had on the runway [on Wednesday] have been doing really well – Azura Reborn and The Real Deal. We added them on to the site, and before we could do any kind of promotion around them, customers had found them and started buying them up,” Berchtold said.  Azura Reborn is a company that allows international brands, such as Prada, Louis Vuitton, and Tiffany & Co, to sell their second-hand products online. The Real Deal, on the other hand, is a Sydney-based vintage fashion seller. “People are really looking for this stuff, and I think that’s where the Considered Edit helps. It makes it easier for people to find this kind of product,” Berchtold said.  “The traffic we get coming through that avenue is pretty enormous, and at this point, close to 20 per cent of our range has at least one of the Considered attributes, but more than 20 per cent of our sales come from it.” The lipstick effect The Iconic has seen the impact of the rising cost of living in Australia, with some customers cutting back on their fashion buys, while others funnel what they would have spent on more basic purchases towards more impressive or extravagant buys.  “The lipstick effect is not just about beauty – it extends to anything that makes you feel good,” Berchtold said.  “People might decide that if they can only buy one or two things this month, that they want those things to be special. We’re seeing so much colour, and really dressy dresses, because people want to feel like they’re spoiling themselves. “In saying that, retail is never easy, but that’s what makes it interesting. You’ve got to constantly reinvent and evolve your business.” With the holidays fast approaching, Berchtold is confident that The Iconic’s recent efforts to broaden the range beyond fashion will position the business well into the new year.  Now ranging toys such as Lego and Barbie, as well as home essentials and sports products, the retailer is aiming to be a one-stop-shop for time-poor parents this year.  “I know for me personally, I have three young kids, and the idea of having to drag them with me to a shopping centre on a Saturday in the next few months [feels impossible],” said Berchtold. “So, we want to put our best foot forward and get in front of customers with a broader Christmas offering, remind them that we’re not just a fashion marketplace anymore, and help them get their holiday shopping done early. With all the campaigns coming up, from Click Frenzy to Black Friday, it’s going to be busy.”