Fashion retail is going through a period of intense changes that point towards an exciting scenario. The evolution of technology and focus on customer experience is inspiring retailers to look at how they can make their brands more engaging and relevant. This means increased investment in fashiontech, the concept of digital luxury fashion.
With mobiles that work like computers, computers that work like TVs and TVs that skip ads, the new marketing has become a process of infiltration. If in the past, fashion magazines used to guide customers on what was trendy and what to buy, today customers are responsible for creating trends and influencing the traditional market. This new two-way relationship between shoppers and brands is guided by advanced tech.
Artificial Intelligence, one of the buzz technologies today, is at the heart of this new trend. By developing algorithms that react to data, brands can easily understand what customers want and how to engage. On the creative side of the business, AI, 3D and patterns creation is helping designers to find new inspirations and sustainable materials to use.
With such an exciting scenario ahead, brands are investing heavily in fashiontech solutions. London-based retailer Asos, for example, is spending €95 million in AI technology this year alone.
Reaching the right customers and ultimately making marketing efforts more efficient is just one of the several innovative uses of artificial intelligence and augmented reality throughout all sectors. Unsurprisingly, AI has been referred to as the 4th Industrial Revolution.
Augmented Reality is also deeply transforming the way people interact with the world. The game Pokemon Go, one of the first global initiatives to popularise AR, drove over 500 million people into sponsored physical stores. In fashion, it can allow customers to interact with clothes and accessories anywhere, compare items between brands and virtually try them on.
The best part? Fashiontech is developing in a very democratic, err, fashion. While e-commerce takes advantage of visual search, online fitting rooms, 360° videos, personalised suggestions with AI and virtual try, brick-and-mortar benefits from its own innovations. Smart shelves and fitting rooms, on-demand 3D printing and knitting, optimised inventory and mobile point-of-sale systems to eliminate the traditional checkout are just some of the initiatives. To prevent shoplifting, stores will create a network of information that can use AI to monitor people and stop theft.
In the production line, manufacturers can use 3D body scanning and sizing databases to create custom-fitted clothing, while big data solutions help brands and stores to get pricing and stock right. Meanwhile, back in the office, anti-counterfeit technologies support brands in the war against fake products, and smart tools allow investors to monitor real-time ROI on brands.
When it comes to increase conversion and reduce returns, two metrics that have greatly affected both online and physical apparel stores, every help is welcome.
As fashiontech transforms consumer behaviour beyond recognition, brands must think about ways it can continuously improve customer experience as a whole. It’s critical to success that retailers and investors understand and adapt as the industry moves towards virtualisation and disruptive technologies. In this exciting new frontier, an extensive digital diligence can help fashion brands evaluate market position, identify trends and potential risks.
onefourzero’s digital diligence uses data to generate commercial reports on specific competitors and the whole the sector, helping to identify your digital market position and develop effective strategies. To find out more, contact firstname.lastname@example.org