The future of Fashion & Tech
The future of Fashion & TechAs one of the world’s largest sectors, with a predicted $3.3 trillion by 2030, it’s surprising to realise that the way fashion functions now hasn’t altered all that much in the last two decades.
This is due, in part, to the fact that it is still very simple to find low-cost manual labour in many nations and to offshore any high-cost manufacturing expenditures. However, growing worries about fair pay, pollution, and the desire to satisfy today’s hyper-connected customers have given place to new and intriguing technology.
We do, indeed, live in an insta-age. Customers have been educated to expect rapid knowledge of the latest trends as soon as they reach the catwalks, thanks to social media. Simultaneously, younger generations seeking to separate out from the crowd seek items that may be customised to their own requirements and tastes. Furthermore, mass-produced or fast-fashion apparel appears to be losing favour.
But, why is fashion industry innovation important?
Not only is innovation necessary to continuously improve the customer experience, but it is also vital to guarantee that the fashion business moves forward. Fashion is currently the world’s second most polluting sector, behind oil, and this is not sustainable in the least.
Many fashion innovations aid in ensuring the sustainability of clothing products or the production process, hence growth and creativity are inextricably intertwined. If fashion firms strive to be more inventive and sustainable, they will be able to gain new customers and revenue while also reducing their human and ecological effects on the earth.
So, what are the most important fashion technologies right now?
Artificial intelligence (AI)
In recent years, companies have used AI to improve the shopping experience of their consumers, analyse data, increase sales, anticipate trends, and provide inventory-related advice.
In-store bots and smartphones are being utilized to enhance customer experience and personalised product recommendations. It’s nearly difficult to visit a fashion brand’s website and not come across some type of AI chat tech that’s being used to improve the client experience. Algorithms that track clients’ trips to pair them with the correct items are part of the AI technology.
While these customer care technology solutions are intriguing, forecast and logistics are two of the most lucrative AI applications. For example, real-time inventory control has become essential for companies since it saves time and allows for more effective facility management and operations.
Furthermore, firms might gain a major competitive edge if we integrate stock control with AI’s sophisticated data prediction capabilities for trend forecasting. Rather than depending entirely on conventional methods of trend forecasting, which include observation and data collecting from fashion designers, style spotters, and influencers, firms may now have quick access to data that helps them to plan the proper designs and volumes in a timely manner.
Omnichannel has undergone a transformation
With purchasing taking place across social media, storefronts, and the internet — sometimes for a single transaction — the term “omnichannel” has become practically useless.
As online assortments expanded, the major emphasis in e-commerce was on search, discovery, data, and personal recommendations.
The “future store” was also rebranded, with new concepts including “connected retail,” “social retail,” and “hybrid” shopping. According to Salesforce, trips to retail stores drove 60% of digital purchases internationally during the Christmas season, making businesses and retail technology more significant. Inventory-tracking technology such as radio frequency identification tags gained traction as retailers fulfilled online purchases and vice versa.
Fabrics that are unique
Novel materials are probably the future of fashion as another method for designers to differentiate themselves and entice as a sustainable alternative.
All of the evidence suggests that eco-leather is not a highly sustainable alternative. Startups are addressing this by developing lab-grown leather that does not hurt animals. Similarly, numerous other firms are developing super-strong spider silk.
Internet of Things (IoT)
Internet of Things (IoT) Furthermore, it is conceivable for IoT goods to give design ideas based on your behaviours, in addition to tracking your health.
Over the last three years, smart clothes, wearable environments, multi-functional concepts, and adaptive athletics have all advanced dramatically. As our actual lives grow more intertwined with our virtual lives, many creators have been exploring and pushing the boundaries of what wearability entails.