Technology is becoming increasingly significant in the fashion industry, altering the ways in which fashion is developed, promoted, and consumed. Be it the invention of electric sewing machines, or the emergence of e-commerce platforms, the fashion industry has always been at the forefront of innovation.
According to the Industry Analyst Consensus of CB Insights, the fashion industry will be one of the largest in the world by the end of the decade, with an estimated worth of more than $3T. And, today, fashion technology is evolving at a breakneck pace.
Robots that sew and cut fabric, AI algorithms that predict fashion trends, virtual reality clothes—a slew of innovations demonstrate how technology is automating, personalising, and speeding up the fashion industry.
While there has been much abuzz in the last decade, here are five ways technology has transformed the fashion industry massively:
- Design and production: Technology is increasingly being used to facilitate the design process, with tools such as computer-aided design (CAD) software and 3D printing being used to create final products. CAD allows designers to create detailed technical drawings and patterns, which can then be used to produce physical samples or even final products using 3D printing. This can speed up the process and eliminate the need for time- and money-consuming physical sampling.
- Marketing and Sales: Through social media, e-commerce platforms, and other digital channels, technology is being leveraged to reach and engage customers. This includes utilising data analytics to comprehend customer preferences and more precisely target marketing initiatives. Fashion brands, for instance, can use social media to advertise their products, interact with consumers, and learn important details about consumer preferences and behaviors. E-commerce platforms give users a simple and convenient way to shop online. They may also be used to track client information and tailor marketing campaigns.
- Sustainability: To prevent more environmental damage, many consumers and fashion brands are adopting the concept of “slow fashion.” This is a great step that has been made possible only because of the mass buzz that happened all over social media. Technology is also being used to address sustainability challenges in the fashion industry, such as the use of water and energy in production and the generation of waste. For example, companies are using blockchain technology to trace the origin of their materials and ensure that they are ethically and sustainably sourced.
- Virtual and augmented reality (VR and AR): VR and AR are getting increasingly popular for creating immersive shopping experiences for consumers that allow them to try on clothes and accessories without ever having to leave their homes. This can help reduce the need for physical stores and can also provide a more convenient and interactive shopping experience for customers. VR and AR can also be used to create virtual fashion shows or other immersive brand experiences, which can help to engage customers and generate buzz around new collections.
- AI for future trend forecasting: Through its ability to help businesses analyse and interpret data more quickly and correctly than people, artificial intelligence has the potential to completely transform trend forecasting. Messages posted on social media and news articles are examples of large amounts of unstructured text data that can be analysed and interpreted using a number of techniques, including natural language processing (NLP). Organizations can spot new trends and how the public perceives them by analysing the language and attitudes used in texts.
(This article is written by Arpita Katyal, CEO Roperro, and the views expressed in this article are her own)
