The fashion industry is constantly evolving and currently, it's moving towards digital technology solutions and better data analysis. A popular google term for the future of fashion is AR or Augmented Reality. This technology can project clothes on your body through an avatar. This brings a retail shopping experience to the customer’s home.
Another new evolution of designs and innovation is products known as “smart clothing”, this refers to clothes with embedded technology that syncs with your mobile phone and watch. Furthermore, technologies such as AI, deep learning and machine learning are still in their infant stages. There is untapped potential in such technologies. For example, AI can free up employees by automating daily micro-decisions and finding hidden sales potential in the mass products and a point of sales (POS).
New technology improves speed and speed is critical to the fashion industry. Understanding consumers trend is a crucial factor for success in the fashion industry. To identify and automate the dynamics in consumer behaviour, YAYA has been using Chainbalance's Smart Merchandise Management solution since 2019.
The fashion industry accounts for 4% of the international market value with around $406 billion and as such this industry is an important part of the global market for jobs. The fashion industry also accounts for 10% of humanity’s total carbon emissions.
4 experts from different areas of the market expressed their opinion on the future of fashion.
Mauricio Warchaftig, Chief Sales Officer, Chainbalance:
Cooperation and partnerships between retailers and brands will intensify due to greater transparency and above all, processes such as the classic pre-order will be under scrutiny to become faster and more cost-effective.
Prof. Dr Ingo Rollwagen, Professor für/for General Management and innovation in knowledge-based and creative industries:
It is becoming clear that the path from the digital, virtually available and fashion product (even via NFTs) is also leading faster to the deliverable product, which finds its way to the customer in a significantly differentiated and controlled manner.
Markus Wahl, Managing Director Männer-ModeHaus WAHL
Customers don't want to go to the store, they want to do it through online shops. We expect these two trends to develop even more strongly in the future. To this end, we are excited about how new data can moderate and AI can support us.
Johannes Diehl - Head of E-Commerce, FRANK WALDER
The big challenge is to find the right tool for the target group and the business. Curated shopping, live shopping events, 3D fitting rooms, video chat consultations, and onsite interactions of the customer with the brand. The toolbox is big and the demands of customers are more diverse than ever.
Photo Courtesy: Canva
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