There's no denying that we are witnessing a rapidly growing mutual interest between the worlds of fashion and technology. While many of us are aware that the rise of e-commerce plays a colossal role in the shutting down of brick-and-mortar stores, other disruptive technologies are also radically reshaping the age-old fashion industry.
Fashion is experiencing exponential change with companies making bold moves in order to adapt and/or solve problems. And let's face it - this industry has a lot of problems that need to be sternly addressed. Personally, I'm interested in how technology can be utilized to solve problems within fashion, such as product fit, and the problems generated by the industry as a whole, like textile waste. These are the conversations around fashion and technology that I'll be having but for now, let's briefly delve into the technologies at the forefront of revolutionizing the fashion industry.
DRIVING TECHNOLOGIES
Augmented reality (AR) is expected to play a transformative role in retail and has the capacity to shake up the shopping experience as well as fashion shows. Apple's CEO, Tim Cook, says that almost all industries will be touched by AR and that fashion shows in particular have great potential for its applications (Read Lauren Indvik's Article in Vogue). We can already see how retailers are making investments in AR in order to drive foot-traffic into their physical stores as a response to the rise in e-commerce sales, with Zara being a fresh example. Fashion giants such as Gap, Burberry, and Nike are also embracing AR and integrating the technology into their retail spaces to enhance customer experience by connecting the real world with the digital world. Although many developments have been made, most possibilities remain untouched. I believe AR has the aptitude for changing the fashion industry for the better, and I'm looking forward to exploring the odds.
Virtual reality (VR) is being leveraged by fashion brands such as Charlotte Tilbury, Tommy Hilfiger, Rag and Bone, Dior, and Yves Saint Laurent to name a few. Similar to augmented reality, virtual reality is expected to change how consumers interact with brands, and is being adopted to enhance customer experience and ultimately increase profits. As Daniel Grieder, CEO of Tommy Hilfiger, has said, "It's not about turnover by square foot anymore. It's about surprise by square foot, or newness," and that's the kind of mindset we need in order to innovate in an era where technology is not only reshaping the fashion industry, but also democratizing it. Furthermore, VR could prove to be powerful in developing empathy amongst consumers who shop fast-fashion and/or products made from, or tested on, animals. If we could see the world through the eyes of the beings whose lives are compromised in the name of fashion, how would our behaviors as consumers change? Could it be so significant that fashion brands are compelled to change their business practices? It's this possibility that I'm most excited to analyze.
Blockchain legitimizes declarations made by companies by verifying information on products from the entities involved in making that product. This could not only prevent false claims and help in fighting corruption within the supply chain, but it would also empower consumers to make better-informed buying decisions. Provenance, a platform whose mission is to enable supply chain transparency, and Martine Jarlgaard, a designer heavily focused on sustainability and using technology to solve industry challenges, collaborated in 2017 to make evident the potential of blockchain technology in making supply chains transparent and the advantages that come with it (Read Case Study). However supply chain transparency is an ambitious goal, particularly for companies that manufacture on a large scale, and how to thoroughly achieve it remains a question due to all of its complexities.
Artificial intelligence (AI) is the current hot topic in fashion. In fact, AI is being applied and bringing a revolutionary change to almost every industry including healthcare, entertainment, and banking and finance. Many of us think of self-driving cars, instant machine translation, facial recognition, chatbots, and personalized recommendations when we talk about AI, but there are several other applications of the technology. One example in regards to fashion would be IBM's collaboration with Tommy Hilfiger and Fashion Institute of Technology on their project called "Reimagine Retail". The purpose of this project is to explore how AI can identify trends faster than industry insiders in order to ultimately make design processes more efficient. Though critics raise concerns over fashion businesses leveraging AI to make design decisions arguing that it will eliminate creativity, proponents suggest that AI will actually empower humans to overcome personal creative restraints (Read Maghan McDowell's Article on AI and Creativity). There are groundbreaking ways of applying AI and although the technology is said to still be in its infancy, we're already witnessing how its applications are impacting our present-day lives and the high likelihood that its evolution will shape our future.
Smart garments are those which have embedded technology for the purpose of elevating the aesthetic and/or functionality of a product. Remember the 2016 Met Gala where Claire Danes donned a gorgeous glow-in-the-dark gown created by Zac Posen? Well, that's an example of a high-tech garment for you. Although I'm not generally impressed by light-up apparel, Zac Posen's execution was remarkable. But there's more to smart garments than just pretty dresses and gimmicky products. According to business intelligence firm, IDTechEX, consumers listed healthier eating, smarter exercising, and more convenient access to healthcare among the benefits of wearable technology and reported that the market is set to reach $150 billion by 2027. Smart wearable clothing is contributing to the health sector in various ways with companies like Neopenda and Edema ApS making this fact apparent. There could be a bright future here if at the core of smart clothing for healthcare is the intent to tackle real problems.
As the technology wave continuously magnifies in the fashion industry, fashion businesses have no choice but to rethink their strategies in order to stay relevant. Fashion is an immensely competitive industry as it is, but the name of the game is changing with technology shaping its future and competition is higher than ever. Unless companies are strengthening their competitive advantage and providing real value to their users, the weaker players will most certainly lose traction and fall behind. The year 2017 was a testament to that fact as we saw traditional retail experience profound consequences from the inevitable convergence of fashion and technology. So-much-so that according to retail think tank Fung Global Retail & Technology, almost 7000 stores in total closed by the end of the year surpassing the 6164 stores that closed in 2008 during the financial crisis. For those of us in fashion, we understand that it's because these stores just aren't being able to fulfill consumer demands anymore. We live in a time where the consumers are incredibly empowered with choice and the expectation is that businesses cater to that.