This is how the fashion industry can benefit from artificial intelligence etc
Author: House of Eden
For decades, digitalization has become increasingly important in the Western world. According to McKinsey analysis For example, human collaboration using an AI-generated language will account for half of all computer interactions by 2024. According to this analysis, the fashion industry can also benefit from the developments: fashion companies that are already embedding artificial intelligence in their business models can expect a cumulative increase in cash flow of 2030 percent by 118. This means that so-called fashion technology can bring about a promising change in the entire fashion industry.
What is meant by fashion technology?
Fashion Technology includes innovative technologies that are integrated into clothing and the fashion sales process. This can include electronics, fabrics, 3D printing, augmented reality (AR) for virtual fittings, fashion design apps or artificial intelligence e-commerce platforms for personalized shopping experiences.
Fashion Technology is revolutionizing the fashion industry by using innovative apps, virtual fittings and automated production chains to promote sustainability. For example, these technologies extend the lifespan of clothing, minimize returns, reduce material waste and enable more environmentally friendly production processes.
The top fashion technology trends
These opportunities arise for the fashion industry as digitalization progresses:
1. Hyper-personalization through data analytics
Specific data analysis can significantly change the market. Brands therefore have the opportunity to better adapt to their target group by filtering customer preferences according to various aspects. In addition, fashion brands can offer increasingly suitable and individual offers because the data analysis shows what the consumer is interested in at that moment.
2. Fashion in the form of VR or AR
VR or AR makes it possible for people to examine fashion virtually before physical production. This means companies can plan their designs more specifically and customers can make decisions about clothing items without ever physically owning them. This minimizes or avoids returns and bad purchases.
3. Transparency and traceability
Blockchain technologies help the fashion industry to fully track supply chains. This means consumers can precisely trace the origin of the clothing items. Traceability can also provide a certain level of authenticity and security, for example with the help of digital IDs or passports. According to the McKinsey report, 50% of fashion decision makers see traceability as one of the top five factors for reducing emissions in their supply chains.
4. Smart clothing
Smart clothing defines the fitting of the garments to the wearer. For example, the body temperature can be regulated or it can provide stability in weak areas, especially for older people. Made from sustainable materials, it offers perfect wearing comfort and experience, which promotes the longevity of the products.
5. Optimized Stores
Stores can be designed efficiently and sustainably. Better selection of materials and layout optimization of the sales areas. Optimized data can not only shape product availability and demand in real-time, but also improve staff allocation and training.
6. Efficient production
In production chains, automation of manufacturing processes and artificial intelligence enable more efficient use of materials. This leads to reduced energy consumption and demand-driven production that does not produce excessive quantities. In addition, advances in textile technology also enable more environmentally friendly production techniques. Dyes, materials and finishing processes can be developed using modern technology that requires fewer harmful chemicals and resources.
7. AI as a fashion advisor
In addition, an AI can interact with customers differently than a human because it has already collected data about the person's preferences that a human counterpart cannot know as quickly. By precisely analyzing the customer, suitable cuts or colors can be determined for the person, for example.
Fashion Technology offers new perspectives for sustainability in the fashion industry
Fashion technology opens up numerous opportunities for fashion companies. It is crucial that companies start thinking about how they can adapt their brands to these developments in order to keep pace. The McKinsey report even predicts a 23 percent decline in cash flow for companies that do not embrace the fashion technology trend. It is therefore becoming increasingly important to actively deal with these changes and make appropriate adjustments.