The rise of digitalization has opened wide opportunities for the fashion industry. Recent reports show that the global online fashion market will reach around $765 billion by 2022, this simply means an increase of $281 billion will be projected that is 58% higher than this year. It is also predicted that more than 36% of total fashion sales are expected to be greater online, which is 27% higher than this year. The fashion business comes under the category of the fastest-growing retail industry these days, this industry is at the cutting edge of the e-commerce scene.
Nowadays, the fashion industry is redefining digital disruptions. This digital disruption phase has proved to be beneficial for the traditional players who are dealing in the fashion industry. According to one of the recent research, more than 6,985 retail stores were closed across the U.S. in 2017 alone, this number marks a 200% increase over the years when it comes to the store closures. While due to the financial crisis in 2008, more than 6,163 stores were closed across the U.S.
The impact of digital disruption was experienced by all the sectors, and especially by the fashion industry. It impacted everything, starting from production to marketing to sales, and much more. Thus it becomes important for fashion giants and startups to consider the latest technological trends for re-shuffling and upbringing for their business.
Modern Technological Trends: Know How It Is Reshaping the Fashion Industry
In recent years, the businesses who are dealing in the fashion sector have started leveraging the use of modern technology. They know it well that the impact of modern technology can be ignored these days. This can help them to stay competitive, especially in the present market, where e-commerce is in full force.
Modern technology is revolutionizing the businesses that operate their business. Businesses these days are using the latest technologies like artificial intelligence, big data analytics, augmented reality, and many more to streamline their business process.
Thus it becomes essential for all the retailers to adapt to embrace and a new landscape for their fashion business, this modern technology can prove to be the turning point of the fashion industry. Listed below are some of the modern technological trends which have a great impact on the fashion industry.
Internet of Things (IoT)
This modern technology has offered various opportunities for all business industries, including the fashion industry. This modern technology allows them to interact with every object through the internet.
According to recent research, more than 70% of retailers are ready to adopt the Internet of Things (IoT) technology, during the survey they responded that this modern technology could help them to provide the best customer experiences to their prospective consumers as per their demand. By considering IoT technology, fashion giants can craft advanced garments that pose the ability to track heartbeat, count calories burned, and much more of the individual who opts for it.
Artificial Intelligence and Big Data Analytics
Artificial intelligence (AI) and big data have created a buzzword in the business world, and the fashion industry is not an exceptional one. Most of the retailers who are dealing in the fashion sector have started jumping onto the digitalization bandwagon. They are opting for the latest solutions and machines to boost their business process and to reach more and more consumers worldwide. A.I can help fashion players to predict the fashion trends, it helps them to decide what to sell and when to sell.
AI-powered systems and solutions pose the capabilities to understand and learn the fashion preferences of individual consumers. It also suggests the item as per the style and taste of any of the individuals. Many fashion brands and retailers, such as Walmart and Amazon, have started leveraging the use of A.I for their business operations.
Chatbots are becoming the norm these days when it comes to offering the best service to the customers. Amazon has more than 100,000 robots for shipping and packaging operations worldwide. Many of the fashion retailers are using AI-driven virtual assistants and chatbots to improve customer service.
This digital connectivity era has introduced a new way of shopping that is mobile commerce. Now, almost all customers prefer to go online when they want to make a purchase from retailers. As per the BigCommerce survey, almost 2 out of 3 millennials prefer to choose for online shopping rather than choosing to go physically to the shops.
Mobile retail commerce revenue is projected to increase from 2018 to 2022. The smartphone retail commerce sales are expected to surpass 345 billion U.S. dollars from 148 billion U.S. dollars in 2018.
Most of the consumers these days, preferring to buy business products or services online using their mobile devices. Thus it becomes essential for retailers to think of developing their business presence online. They can hire developers using a professional app like linkedin or any other. Hired developers will help for adopting advanced app solutions or for developing a feature-rich website for their business. This advanced solution will not only help you to offer the best service to your customers, but it will also help you to satisfy your customers’ demands in the most accurate and efficient way.
Virtual Reality and Augmented Reality
Nowadays, mobile customers prefer to browse everything with a few taps on their smartphones. They go through numerous options before making the purchase, listening to songs on spotify clone script, or any other work. However, there are multiple scenarios where brands have suffered a backlash from consumers who don’t receive the product, which matches their expectations. But the advent of augmented reality and virtual reality has changed the game by merging the online and physical world of retailers.
Consumers can try-on avatars is one of the biggest hits in the fashion industry. An app using augmented reality technology has been developed by developers these days, this advanced app enables shoppers to try outfits and customize correct measurements before making the purchase for the same. The report by DigiCapital represented that virtual reality and augmented reality-based products will generate around 120 billion in revenue by 2020.
As this modern technology is offering added value to fashion retailers, it becomes mandatory for them to consider developing an advanced solution for their business using this latest technology.
Summing It Up
Technological advancement proved to be a boon for all business sectors and especially for the fashion sector. It helps the fashion sector to grow forward to digitalization. These modern trends can help fashion businesses to grow more in less time. They can develop effective strategies using collected information, this can lead them to grow more speedily in their business sector. The latest technological trends can also help you to maintain their reputation as the frontrunners in the online retail market.
Gaurav Kanabar is the Founder and CEO of Alphanso Tech, an India based IT Consulting company that provides music streaming platform development service and other app development services to individuals as per their specified demand. Besides this, the founder also loves to deliver excellent niche helping readers to have deep insight into the topic. Contact Gaurav Kanabar at Twitter or Linkedin Profile.