4 Technologies That Will Define the Future of Fashion Industry
Jan 3, 2019
The fashion industry is at its zenith, and it continues to thrive with time. It saw significant changes in the past few decades due to growing technology trends. The emergence of new technologies has opened new avenues for fashion brands to pitch their businesses and drive sales.
Apart from scaling the business, the technology has also infused new ideas in the fashion world. Today, you can wear fashion products like Google Glass and Apple Watch which not only add a sense of aesthetics to your appearance but also simplifies the life.
Similarly, the arrival of high-tech printing technologies has made it possible for you to create your own patch according to your specific needs.
This fusion of technology with the fashion industry is getting better with every passing year, and we can predict a promising future of the fashion industry.
In this article, we will discuss some of the hottest technologies that will shape the future of the fashion industry:
1. Artificial intelligence
Artificial intelligence (AI) makes it possible for fashion brands to analyze big and complex data and use them to create viable business strategies as well as produce better fashion products. According to a report by McKinsey & Company, the AI has the potential to generate 3.5 trillion dollars to 5.8 trillion dollars in revenue across the 19 industries. This figure is lucrative for every business including fashion retailers.
Image Courtesy: Fashion Retail
With the help of AI, fashion retailers can grow their business in more than one way. Today, fashion retailers can use AI to get insights into customer behavior based on their shopping history. Based on this data, they can learn about the preferred apparels of their target audience, analyze their buying power, know about their favorite products, etc.
This information is crucial for fashion retailers as it can help them position their products, set the right rates on their products, and produce garments according to the preferences of their clientele.
2. Augmented Reality (AR)
Augmented reality is another emerging technology that has an impact on the fashion industry. AR allows consumers to experience a fashion product in a real-life environment using a mobile app. With this technology, fashion retailers can make it easier for consumers to choose the right apparel or accessory that matches their specific needs.
Nike is an excellent example of fashion brand that makes use of augmented reality to streamline the buying process of its customers. It launched an AR-enabled app for its Converse product which allows the customers to test out a pair of the shoe using the superimposed graphics. If a customer likes a shoe, he can simply angle his camera on his feet, and the phone will show the superimposed image of the shoe.
Image Courtesy: Gap
Gap also worth a mention here. It uses the power of AR technology to facilitate its customers in the buying process. The company has recently launched an app namely “DressingRoom” app which enables the customers to try out their apparels without going to a Gap store.
All they need to do is install the app on their phone and select the dress they intend to purchase. And finally, the customers have to insert their measurements. The app will show a life-size dummy wearing the dress using the exact measurements.
3. Experiential Stores
An experiential store is any brick-and-mortar store that uses the elements of entertainment in retail. But that is too narrow a definition to explain the real potential of an experiential store. An experiential store merges the different aspects of retail business under one roof including marketing, sale, and customization. The ultimate goal of an experiential store is to improve the customer experience so that more people engage with a brand and make a purchase.
A report by PSFK reveals that 55% of the retail executives believe that they are likely to spend a portion of their marketing budget on in-store experiences within the next two years.
Nike is among the first fashion brands to adopt the idea of an experiential store. It opened a 55K-square-foot store that serves basketball shoes to the clients. To give a more real-life experience, it opened an expansive trial area where the customers can shoot hoops using the Nike shoes.
Image Courtesy: GQ
Well, we knew that Nike does care about its customers. The customized apparels of Nike that allow custom patches are proof of its thoughtfulness towards its clientele. But what it does with experiential store is something exceptional.
Uniqlo is another international fashion brand that thrives on the concept of the experiential store. Under its experiential store, it arranges the yoga sessions, conducts tennis competition as well as host activities for children. All these things help this brand hook its clientele and improve their buying experience.
4. Mobile Commerce
Smartphones are ubiquitous in our lives. Nowadays, we can do practically everything using a mobile phone that we can do in a physical store. The increasing role of mobile commerce has led many fashion retailers to add more customer-friendly mobile shopping experiences in their brand.
Image Courtesy: Statista
This chart by Statista shows that mobile e-commerce is likely to reach up to 3.56 trillion dollars by 2021 which makes up 72.9% of the total e-commerce sales worldwide. According to another survey by Statista, the total number of mobile retail commerce buyers will be more than 1 billion by 2021.
Today, retailers make use of online ads, and social mobile marketing to drum up their business and increase their outreach to bigger markets. The availability of mobile wallets has further eased the online shopping for mobile buyers.
Asos is one fashion brand that is actively using the potential of mobile technology to facilitate their clientele and improve their shopping experience. The company recently launched its mobile app which allows the customers to shop their favorite products and make quick payment thanks to the hassle-free checkout feature which also allows the customers to see their entire payment details.
Image Courtesy: Femde
Earlier this year, it introduced a visual search tool in its app which enables the customers to upload photos of their favorite pieces of clothing, and the app will suggest similar products to them. Since its launch, it has been downloaded more than 10 million times, and it has superseded the sales of big brands like H & M and Zara with a marked difference.
SSENSE is another fashion brand that leverages the growing influence of mobile platform. It is a social commerce website that hosts a massive community of fashion retailers who publish photos of their best fashion products, such as custom embroidered patches, on this website. It allows users to voice their opinions as well as share their favorite items to their friends and family.
It also offers a mobile app to capture the audience on the go who can see the various products of popular fashion retailers. So if a customer likes one of their products, he is redirected to the site of the retailer. It has an impressive figure of 20 million unique visitors who come to its website every month, according to a study by Smart Insights.
The fashion industry is a billion-dollar business. In today’s era, technology is the driving force that helps this industry grow and penetrate the bigger markets. We discussed here some of the best technologies that are accelerating the growth of the fashion industry. Hope, it helps you learn about the coolest technological advancements that will shape the future of the fashion industry.