Future of Fashion is Digital
2020 was the year that everything changed in the fashion business. As the coronavirus pandemic sent shockwaves worldwide, the sector had its worst year on record, with nearly three-quarters of publicly traded businesses losing money. The fashion industry, like many others, is facing unprecedented difficulties, with sales and profits under pressure. However, the evolving landscape is producing pockets of momentum, and despite the pandemic’s continuous, widespread impact, some fashion businesses are developing innovative strategies to remain in the market. The epidemic has increased demand for digital devices and spaces, enabling innovation, efficiency, and new methods for organizations to develop. The transformation is irreversible, and it will continue to open up chances to develop sharper, smarter operational models and distinct consumer offerings that are more tailored to each client.
FASHION SYSTEM TRENDS
Less is More
Covid-19 emphasized the necessity of shifting the profitability mentality after proving that more items and collections do not always bring in more tremendous financial success. Instead, companies must decrease complexity and identify ways to promote full-price sell-through to lower inventory levels. This can be achieved by adopting a demand-focused approach to assortment planning while also increasing flexible in-season responsiveness for new items and replenishment.
When it comes to environmental protection, the fashion industry understands that “less is more,” which means that the less influence we have on our environment, the more advantages flow to businesses, individuals, and natural life. Scaling circular business models, in which organizations adopt a variety of tactics to decrease waste and make more effective use of resources and assist their consumers in doing so, is one possible option for fashion to lessen its environmental impact. As a result, circularity is moving from the fashion periphery to the center stage in 2021.
A 2020 research project calculated the carbon footprint of buyers and designers traveling to the four major fashion weeks (New York, London, Paris, and Milan). It discovered that the overall emissions amounted to 241,000 tonnes of CO2e, comparable to driving 51,000 automobiles or lighting the Eiffel Tower for 3,060 years.
More than three-quarters of respondents stated environmental impact is an essential consideration when making shopping decisions.
The more significant the proportion of made-to-order businesses, the less overproduction you would experience. “The first thing luxury has to focus on is smaller runs, ideally a run of one,” stated Louis Vuitton CEO Michael Burke.
Meanwhile, Reebok has put its ideas to the test with customer votes, making manufacturing reliant on votes exceeding a certain level of demand.
What happened to consumers?
Since the beginning of lockdowns, over half of the European customers have shopped less in physical stores. Years of online innovation and development occurred in a couple of months, as companies concentrated on earning money from the only accessible channel throughout many markets: e-commerce. With the online metaverse on its way, and we’re going to spend more time and money in virtual worlds, there’s one key question: What will you wear?
Digitally created clothes and accessories that retailers paste over a customer’s images or videos for posting on Instagram and other social media platforms.
The Fabricant is a Danish digital fashion house. It achieved fame by selling the world’s first digital-only garment, the “Iridescence” dress, on blockchain for $9,500. Richard Ma, CEO of blockchain security company QuantumStamp, purchased it for his wife, Mary Ren.
Dress-X is a digital fashion store that allows customers to buy virtual clothes and “wear” them in videos or photos. The process is as follows: you choose an item, upload a photo of yourself (Dress-X recommends what sorts of images work best), place an order, and wait for 1 to 2 days for the clothes to appear in your email inbox.
Consultation, second opinion, and product demonstrations will be happening live with live streaming shopping platforms delivering brand messages in real-time. Accelerated decision-making, limited time offers, and infinite options will be available at your fingertips.
Virtual reality try-on’s
Technologies that allow customers to try on accessories or footwear have been around for a long time. Wanna Kicks, for example, will enable you to try on sneakers using your smartphone, while Dangle by Face Cake allows you to try on the jewelry. Face® AR by Vertebrae, for example, will attach a set of spectacles on your face in 3D, among other things.
With the emergence of artificial intelligence (AI) (such as deep learning and other technologies), it has become possible to use digital technology in fashion design. In certain circumstances, modern technology may assist in delivering more engaging shopping experiences, reduce return rates, reduce waste, and even replace actual items with virtual ensembles.
If this trend continues, the fashion industry will become increasingly reliant on technology in the future. Those who are still doing things the old way (which has been demonstrated to be unsustainable) will be forced to adapt.
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