The fashion industry is one of the most revenue-generating industries in the world today as it generates about $1.5 trillion every year. But the surprising fact here is that the fashion industry has remained more or less unchanged for the past few decades, where every other industry is using technology to revolutionize its operations.
However, all of that is changing with the advent of social media as now customers need hastened access to all the latest trends in the industry. Fashion businesses were quick to realize this, and most businesses are agile enough to leverage fashion technologies for better and augmented growth.
Therefore, let us take a look at technological trends that are changing the world of fashion.
Artificial Intelligence (AI)
Artificial intelligence or AI is changing not just fashion but almost every other industry, mainly because it is an excellent tool to enhance customers' shopping experience.
Therefore, today there are numerous fashion businesses that are using AI for their chatbot technology and improving the shopping experience of customers. Furthermore, businesses use this technology to track customers' behaviour and recommend fashion products based on their preferences. Many fashion brands also blend AI with inventory tracking to get a competitive edge on forecasting different fashion trends.
Internet Of Things (IoT)
As we already know, IoT or the Internet of Things is a network of interconnected devices that can share data with each other through the internet. The fashion industry has been relatively quick to recognize the potential of this technology and leverage it for its benefit.
Among all other fashion technologies, this has been one of the most effective tools. It enables a business to facilitate smart clothing while enabling buyers to try on different clothing items virtually. On top of that, certain fashion businesses are now using the internet of things to enhance their inventory management, providing customers with an accurate amount of available inventory.
Numerous businesses dealing in fashion are using data analysis to enhance the efficiency and efficacy of their business processes. The latest software solutions emerging in the market enable businesses to weed out damaged or defective goods, making the entire process far more efficient.
In addition, the rise in cloud computing has allowed businesses to ensure better collaboration between different departments. Some companies also use data analysis to predict the emerging fashion trends and produce the goods beforehand while leaving all the competitors behind.
This is one such technology that is getting better by the day, and the fashion industry is not shy to take advantage of it. This is one of the fashion technologies which has significantly affected the way we shop for clothes.
It is fair to say that platforms like Instagram have enhanced access to the latest fashion trends, and eCommerce websites have made fashion items accessible to the customers. Today we have the ideal blend of social media and eCommerce, where customers can shop directly from social media platforms.
Technology is changing almost every business at a pace that we have never experienced earlier. Therefore, it is for the good that the fashion industry is finally motivated enough to leverage these technologies and drive growth.