The Dynamics of Fashion: How technology will be it’s leading force in 2020
Although fashion is one of the largest industries in the world, it’s surprising that it still operates the way it used to 20 years ago. Its labour-intensive nature makes it one of the most exploited industries in the world. Low-cost manual labour and unfair wages have become a hot topic of discussion. But the need to match up with the hyper-connected consumer of today has given way to new and exciting technologies.
We do live in an insta-age right now and social media has become a top priority for us to look at. It has also changed the way fashion is consumed and has been training customers to want immediate access to the latest trends. But at the same time, younger generations want to stand out of the crowd. They want something different. They seek products that could be tailored to their preferences and needs. This “mass-made clothing will soon lose its touch though. As this trend continues to rise, it will make less sense for companies to produce large quantities of clothing well in advance.
As consumers lives’ start becoming increasingly intertwined with the digital world, many designers and brands will have to innovate the latest technologies to push the limits of marketing, wearability, manufacturing and production. From the latest in artificial intelligence to the boom of mobile commerce, 3D printing and blockchain, 2020 will definitely see a boom in Digital Fashion Technologies!
Here are some key highlights we will be seeing in 2020:
The Blockchain industry will be booming in 2020. Blockchain will be scaling and maturing this year. 2019 saw the potential that Blockchain had, and it confirmed the importance of it for fashion retailers. Farfetch, LVMH, Microsoft and Ba&sh all offered options for resale through blockchain-enabled purchases. 2020 is going to see an increase in retailers looking to blockchain strategies to accelerate. This will provide a unique digital identity to them. The following years could also see the rise in the development of luxury payments through this cyryptocurrency
Digital Clothing Luxury brands have been offering digital clothes. This concept (also know as smart clothing) rolled out when Gucci let customers virtually try on Ace sneakers through their augmented reality. Louis Vitton also designed skins for their League of Legends characters. Drest also sold digital versions of leftover Farfetch inventory. Although these won’t be priced as luxury items, it’s definitely, and intriguing method for brands to play around with technology and engage with their consumers better.
Some brands have also been using digital designs to understand market appetite. They test their pre-order designs before they go into production. Companies invite consumers to give their feedback.
In recent years, brands have used Artificial intelligence to enhance customers; shopping experience, forecast trends and offer inventory-related guidance. Chatbots are essential for growth of your brand and touchscreens were increasingly being used to improve customer experiences and product suggestions. The AI technology behind these algorithms tracked the consumer’s journeys to match with the correct products for them, personally.
Internet of things (IoT)
Technology has directly affected how we interact with others, our bodies and has given the word “comfort” a new meaning. With advancements like wearable technology gadgets and apparel technology, fashion has made great advancements to improve clothing for our daily lives. Multi-functional designs, smart clothing, wearable spaces, and responsive sportswear has seen significant development in recent years. According to a study, 70% of retail decision-makers want to adopt the IoT to exponentially improve customer experience.
Rapid Data Analysis For Quick Adaptation
The internet and new software tools available on the market have made life incredibly easy. Feedback and alerts from companies from defects are delivered in real-time. This helps retailers save money, deliver adequate products and eliminates waste.
The past few years are a testament to the fact that technology and fashion will be walking hand in hand. From VR dressing rooms and temperature-changing smart fabrics- technology has really given us many useful marvels. The industry has always been hungry for innovation. Being the zeitgeist of our present times, fashion is also a reflection of ourselves. And like tech, it will remain fast-paced and cyclical!
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Content Reference: Netgains Digital Marketing Agency
Read more on Fashion Tech at How Artificial Intelligence (AI) is helping Fashion Retail
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