Oct 18,2016

Relation of Fashion and Technology

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Relation of Fashion and Technology

With the latest technology being introduced, the world of fashion is also changing while taking some advantages from the new technologies. In this era, everyone loves to get closer to the technology and they are making efforts to reach at the highest level of technological fashion.
It is simply stunning to know that how the latest technology and fashion have met up to make magnificent perfect works of art that the market demands. With some amazing fashion innovation, technological pieces are no more simply practical but they have turned out to be a piece of fashion statement. They are intended to be flaunted while likewise giving various brilliant advantages.
From the small processors to slim Smart phones, technology gadgets appear to be set on vanishing immediately and inexplicably. With much littler devices, fashion industries have finally incorporated innovation with the latest fashion without making any awkward and strange styles.
Everyone knows that Fashion is a quickly evolving kind of industry. One style will keep the market energized for just a small period of time, and after that you need to change over. Incorporating tech into fashion guarantees to be a standout among all the most energizing advancements in fashion world. Rather than simply boasting about style, fashion designers can now tout the technology in their own pieces.

The vision of computer as an innovation is not new in industry of fashion, but rather it is at last running standard with substantial weights including Macy’s, Target and few others, utilizing visual searching as a part of their applications and sites.

 

Global eCommerce is growing exponentially. The digital revolution is bringing unprecedented change to the various industries. One of the greatest benefit is giving consumers complete control of their buying experience. It drives retailers to rethink current business and forces to re-invest. I will use Fashion Industry Products (FIP) for this article and give an examples to convey my message. We have to be pragmatic: Digital is dramatic. However, digitalization requires new ways of operating. And it can drive entirely new opportunities for growth and consumer engagement. In a recent study, 76% of global apparel shoppers said they will buy online. I personally do not remember going to the mall anymore. I used to look forward to shopping and enjoy the experience. Let’s face it, our life is busier than ever. I do most of my shopping from online stores. To illustrate my point, Amazon is the largest retailer in the world. If you analyze Amazon business, you will see all the following business benefits apply to them. They are completely digitalized, they are the pioneer of the industry. Once it was supposed to be the largest online book store transformed world’s largest retail stores. Yes, they care more FIP than Macy’s, Banana Republics, Wall Marts etc.

Several key benefits in strategic opportunities in increase competitiveness.

 

  • Selling techniques – Offers flexibilities to sell individual consumers, partners, affiliation programs, etc.
  • Sells through cloud – sales model, channel strategy, sales process and tools.
  • Product Life Cycle Management – Collaborative strategic sourcing, Collaborative product commerce, Bill of material (BOM) exchange, Team Collaboration

The FIP companies that leverage digital—and evolve their IT operating model, applications, infrastructure and security to support digital enablement of their business functions and processes—are most likely to emerge as high performers. However, recent industry IT research shows that FIP companies are currently lagging in IT innovation, agility and execution that will enable this digital transformation.

The digital trend is compounded by additional advances in technology, such as the ability for consumers to compare pricing across multiple products; the move toward eCommerce, which is giving consumers more direct access to products anytime, anywhere; and the consumer demand for highly personalized products and relevant one-to-one interactions.

At the heart of the digital revolution is a highly empowered, globally connected consumer base with rapidly changing expectations. FIP companies must stay one step ahead; Build Platform that will drive the roadmap of the Industry. In emerging markets, I anticipates up to one billion new consumers from the newly affluent emerging middle market class, eager to buy products by 2017. To effectively reach these new consumers, FIP companies would need to establish up to 15 million new outlets. Given these converging factors, the only economically viable and effective way for FIP companies to compete and win is to swiftly and fully embrace digital technology. Of course, I recognize that each FIP client situation is unique and will require some modifications to their digitalization roadmap.

 

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