Impact of Technology in Fashion and Retail
Fashion Tech is now rapidly becoming a growing and vibrant ecosystem that is now supported by incubators and accelerators like New York Fashion Tech Lab and Silicon Valley’s Fashion Tech Accelerator with an objective to guide new Fashion Tech Innovators. With the help of technology, we can create more robust, energetic, transparent and sustainable fashion ecosystem.
Streamlining processes, developing more efficient systems, and modernizing operations within the fashion industry are indispensable components of the fashion tech sector. Supply chain technology makes enhances the efficiency of the processes, while the use of data analytics, social media tools, artificial intelligence and augmented reality helps in simplifying guide purchasing and business decisions
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Latest Tech Trends in Fashion
AI (Artificial Intelligence) is one the most pioneering technology which is helping brands and retailers with features like predictive forecasting, capacity planning and merchandising while improving the accuracy of deliveries and along with product availability.
AR (Augmented Reality) is helping online shoppers with buying by enabling them to choose their right look and size by a smart blended reality mirror overlaying clothes on to users. It’s a genius tool that further helps online retailers to reduce the number of returned items.
Blockchain is a new digital record which gives the guarantee of product safety, authenticity and ethical standards as records cannot be altered once they are added to the blockchain. Consumers can rest assured where and out of what material an item was made, who made it, what were the conditions they worked in and how much they were paid.
Contactless payment integration with smartphones, smartwatches and even now on smart clothing is simply convenient as it prevents theft. The first high-tech automated convenience store is in Asia which requires no checkout, no cash and has no sales staff.
Facial recognition technology is now used as payment mode to pay for products. It is also useful in identifying varying levels of customer satisfaction. It also provides insights on consumer’s purchasing decision process or pattern by identifying individuals and creating more personalized experiences for them.
Voice interface like Apple’s Siri, Amazon’s Alexa, Microsoft’s Cortana and Google Assistant are all inspiring representatives for the voice-based interface! Voice user interfaces are now creating a new paradigm for human-computer interaction whereas in retail it can be a new form of conversational commerce – which will be simply more efficient, frictionless and much more convenient than typing.
Visceral experience is in contrary to digitally enabled experiences that are both online and offline, more physical and they will be back in focus. Fashion brands and department stores especially will have to create places or pop-ups that offer consumers authentic emotional connections and experiences thus engaging with their body, mind, and soul. As at the end of the day it’s all about community, entertainment, and education, whether that includes tech or not!