The world of fashion has the capacity to change faster than ever in the digital era, and those with an eye on what's happening right now and a feel for what's coming next are in a powerful position to gain a competitive advantage.
We know it pays for innovative garment retailers and manufacturers to invest in the latest industry technologies, and have taken a closer look at some prominent tech trends in the fashion industry.
Shopping online
We already know that consumers are using their smartphones more than ever to browse and buy fashion items. Online retail, the popularity of social media platforms and rising smartphone use is all working to redefine how consumers connect with fashion brands. Bloggers can broadcast live from catwalk events, and consumers can browse fashion offerings in their own time and review products online. Conversely, retailers can influence purchasing decisions of shoppers around the world, so long as they offer omni-channel communication and services to shoppers.
Updating stores
Despite the boom in online shopping bricks-and-mortar stores are still an important source of revenue for garment retailers, and new in-store technologies are being introduced across the high street. From RFID tracking technologies to virtual fitting rooms, technology can help to add creative and functional value to stores, meeting the modern consumer’s demands for convenience and keeping the nation’s high street in business.
Efficient supply chains
The Internet of Things (IoT) is also set to transform the retail industry, as fashion items themselves can communicate information to fashion brands via the internet. RFID tags can be tracked around warehouses and stores, aiding inventory control and customer service. This ‘connected’ approach gives consumers higher expectations than ever, but also provides retailers with unique opportunities.
Understanding consumers
Historically, companies could simply examine the success of their previous collections, but today a wealth of real-time information can be harvested to direct fashion brands towards upcoming trends.
Editd was launched to help apparel retailers and suppliers deliver on-trend products at the right price and time, by providing valuable big data and real-time analytics on the fashion industry. The company claims to have the biggest apparel data warehouse in the world, compiling information from brand websites, fashion blogs and social media platforms to give retailers invaluable insight into the minds of their target market.
The company’s dataset includes 53 billion data points, 15 million high-resolution images, and covers over 1,000 retailers, while its social media dashboard draws inspiration from more than 800,000 individuals. User dashboards can be customized, and British online retailer Asos cites this tailor-made service for a 33% increase in sales in Q4 2013.
Keeping up with technology
Fashions may change, but now technology in the garment industry is a major player that won’t be going away. Technology now has a deep impact on the way that garments are manufactured, marketed, sold and purchased. Retailers who fail to embrace innovation in the garment industry will quickly fall behind in the race for market.
