The Role of Technologies in The Fashion Industries
Technology is changing fashion at such a rapid pace and in a massive all-encompassing way. When we talk about technology changing fashion we’re not only talking about eCommerce, but it’s also everywhere. It’s in-store, supply chain, manufacturing, logistics, delivery, cost, and customer service, every layer of the fashion value chain is being impacted by technology. The concept and patterns with the right mix of colours are the key points in designing a costume to make it appealing to the customers. AI can detect new demand patterns by predicting the current trend which reduces the forecasting error.
In fashion, the manufacturing of apparel is a labour-intensive industry. There are routine tasks now that AI can perform with greater precision at faster rates, from netting to the sorting of clothes, reducing the extra costs on the staff. AI-enabled machines and robots can easily stitch fabrics perfectly while at the same time identifying defects in the fabric and offering quality control to ensure the real colour of the design match the new colours.
The big challenge in the world we live in is for traditional retailers to understand how to be relevant digitally, both in terms of brand building and selling products through the digital channel and then for the digital channel to build engaging experiences, both visually and eventually also physically. If they don’t, they run the risk of the irrelevant. It offers the brand opportunity to extend itself to consumers which gives the consumers a lot more touchpoints.
Fashion industries are one of the pillar industries of the country. that is why this empowers support from its customers in this industry. Finding the right start-ups in fashion tech, scouting the latest trends like blockchain, big data, artificial intelligence, and nanotech.
It is especially important to look at people as people and to deeply understand what drives them to buy products, use products, and be engaged by products and brands. Leverage your understanding of all the different variables to innovate. Technology, manufacturing, marketing, branding, distribution, and so on create a solution that makes sense for the people and is meaningful and relevant for the people. It is estimated that around 75% of fashion retailers have invested or planned to invest in AI.
We are also seeing modern technologies offering a more hyper-personalized type of engagement for consumers and we’re also seeing a lot of assistive techs come into play in the market as well. The beauty sites employ an app that lets the consumers customize their foundation based on their exact skin tone match at any time, simply by tapping at their skin with their phones. This is an exciting experiment in going down the path of consumer relevancy to the most granular level.
There is no space anymore for mediocrity. There is just space for excellence and something extraordinary for people. If you don’t do it somebody will do it first for you. Digital transformation offers a fantastic opportunity for businesses to learn more about the consumer journey. They use a lot of digital signals, primarily from social that can inform their decision to come up with better ideas to win the consumer’s heart.
Customization, improved customer service, and communication, better buying and planning, inventory management, reduced returns and improvement in product discovery are the major benefits of getting technology involved in the fashion industry. Some major fashion retailers using AI are Alibaba, Amazon, H&M, Tommy Hilfiger, and Asos.
No doubt AI is revolutionizing the fashion industry in ways that nobody would have thought. Retailers, manufacturers, designers, and managers alike are learning to greatly benefit from this rapid change by harnessing the underlying power of AI machine learning.
Our predictions for the next few years are capital raising with companies that have a handle on technology and that are communicating with technology. One of the biggest things we see is around the whole idea of diversity and inclusivity at the forefront of consumers’ minds. The next wave is the view of relevancy, establishing an emphatic relationship with the consumer around real values that impact society. There is a great landscape of many technologies. There is very much excitement around these companies and then how they go beyond that into physical brick and mortar, that’s very exciting to think of.