Amongst the creative industry, the fashion league has foreseen a significant evolution in the recent past. With the online fashion market booming, other players like e-commerce companies, tech giants and international manufacturers have come on board to further foster innovation in the industry. Reports suggest that the global market will be valued at a whopping $765 billion by the end of 2022, with the e-commerce sector constituting over 35% of the total fashion revenue.
Gone are the days when fashion was only about pure design, clean manufacturing and distribution. Today, the fashion game has upgraded with marketing, technology and social media playing an integral role. They are responsible for not just delivering gorgeous apparels but producing memorable fashion experiences. With technology having a close association with fashion, the pandemic has instilled this trend further. Shoppers have become more reliant on online platforms to purchase their products while companies focus on improving features, directly reflecting on customer engagement. In line with the recent developments, Dr Sanjay Batheja will explore the impact of technology on the future of the fashion industry.
Dr Batheja is the Co-Founder & Director of Capital University College, a leading business and design higher education institution. With over two decades of experience in the education field, Dr Batheja has played a pivotal role in developing and shaping fashion programs. He has further mentored students to win regional and international fashion competitions.
artificial intelligence has been extensively used to enhance customers shopping experience, analyse trends, improve sales, and produce data that can be used to develop future trends. This digital aid has also offered inventory-centric guidance. With touchscreens, chatbots, customizable features and product suggestions the core of every online fashion store, AI technology can easily track customer journeys and persuade them to make the purchase. While some corporations heavily rely on AI for customer service, this tool can be profitable in the line of supply chain management and trend forecasting as well. For example, some top-tier companies have been using AI to track inventory as it provides real-time access to data with high accuracy and efficiency. This has enabled fashion brands to streamline their warehouse operations. These functionalities highlight how AI can be incorporated for further development and shaping the fashion industry for customers to buy their favourite products.
Internet of things (IoT)
The Internet of Things (IoT) is described as a line of objects which are embedded with digital tools to enable an exchange of data. This is one of the most happening trends in the fashion market. Year after year, fashion has continued to display improvements with an apt reflection of reality in our daily lives. A few decades ago, fashion brands focused more on style and less on comfort. Today, we see the right balance between the two with an emphasis on customer satisfaction. The industry has further analyzed the demands of contemporary lives and represented them in the best way possible. With wearable gadgets and apparel technology, IoT
has great potential in the fashion market. This is evident in the sportswear division with smart clothing, multi-functional designs and responsive wearable spaces being incredibly developed.
This way, designers are no longer limited to just experiment with new designs but are given a platform to redefine ‘wearability’.
Mobile technology is witnessing rapid advancement day after day. From smart wallets to Insta shopping, mobile technology can be arguably claimed as the ultimate digital tool. Not only has this technology impacted our day-to-day routines but it is announced as one of the fastest growing divisions in e-commerce. As per reports circulated by Insider Intelligence, mobile
commerce is set to reach over $280 billion by the end of 2021. With such great impact, numerous fashion corporations have already banked on mobile commerce to reach out to their target audience, build engagement, and improve brand awareness and ultimately drive sales.
Also, with the evolution of digital wallets such as Apple and Android pay, brands are looking to optimize their online platforms as purchasers depend on this mode of payment. In fact, according to BigCommerce, 66% of millennials choose to buy products online rather than purchasing them in-store. Hence, as brands integrate their digital presence through mobile commerce, they are sure to take the market by storm.
These are a few ambitious marketing strategies that are sure to improve the overall brand image.
It can prove to be a great success for the fashion industry but not short of any challenge. With AR and VI calling for expensive investments, it can also be difficult to measure ROI. These trends will certainly bring more brand awareness with personalization and customizable products. On the other hand, it wouldn’t take time for brands to turn from ‘cool’ to ‘creepy’ when products are bombarded on their feed. With this thin line of redefining the future of fashion, it is up to the brand to build mechanisms that will help them surpass these challenges.
In line with this, Capital University College has the world’s 30th ranked Master in Fashion Management in partnership with Italy’s Rome Business School. Through this program, students can bank on the future skills required to produce designs and get further insights to effectively manage leading fashion brands. The program has the ideal balance of knowledge and practical experience, enabling professionals to successfully embark on their fashion journey.
Alternatively, students can also enrol for the Professional Diploma in Fashion Design in technical collaboration with the 28-award winning institution, London College of Arts. This is a 6-months rigorous course where students can get hands-on experience in fashion design, production and illustration.
–By Pari Sagar