Fashion is also influenced by the 4th Industrial Revolution (Industry 4.0), which is sweeping the globe in all its facets. Several global brands are leveraging the potential of Industry 4.0 by utilizing new technologies such as augmented reality and virtual reality, automation, and the Internet of Things.
Fashion is also impacted by the 4th Industrial Revolution (Industry 4.0), which is sweeping the globe in all aspects of life. Many global brands are leveraging the potential of Industry 4.0 by utilizing new technologies such as augmented reality (AR), VR, automation, and the Internet of Things.
According to a McKinsey report, consumers spend more time than ever online searching for fashion products. This has increased in the fashion ecommerce sector. Millennials and Gen Z are the biggest drivers of the growth of online shopping. They are among the most educated, high-earning consumers of all time, but they have little time to go offline. According to a Kibo report, 30 percent of Gen Z and 36 percent of millennials believe they will spend less in brick-and-mortar stores.
Fashion ecommerce has always been a very innovative industry, and it has embraced advanced technologies in different stages. As more consumers shop online, brands use innovative technologies to offer more personalized and hassle-free experiences in the realm of the physical.
According to Myntra, an Indian fashion ecommerce giant, one-third of fashion sales will be done online in the next five years.
Industry 4.0 aims to close the gap between demand and supply by providing consumers with more customized products, producing more sustainably, and ensuring a shorter supply chain.
In order to win the trust of consumers and build lasting loyalty, brands are now focusing on omnichannel platforms that reach audiences beyond geographic boundaries.
Statista data shows that online sales of clothing, accessories, and footwear will reach $180.5 billion by 2021. This figure is expected to continue increasing until 2025.
McKinsey & Company reports that there are a few digital leaders whose online and offline channels have been integrated to a certain extent. Some companies are low on digitization and have their online and offline channels largely separate. Here are some recent fashion developments that indicate the adoption of Industry 4.
Walmart, a retailer that has been influenced by Fashion 4.0 and the voice-shopping revolution, collaborated with Google in order to offer its products via Google Assistant. Pull& Bear uses augmented mobile games in order to attract potential customers.
3D LOOK is a B2B AI-enabled virtual try-on firm that offers some innovations such as virtual try-on, which allows shoppers to create 3D characters and provide outfits with better looks and fit to customers.
* Companies can use big data analytics to formulate strategies to meet customer demand for the desired quantity and size.
* The Fashions Story App helps create a more circular system of fashion by allowing consumers to create digital versions of their wardrobes and sell them to people who can find their desired fashion products more easily and quickly with features like automated chatbots and virtual style assistants.
* The Yes Fashion App uses AI to understand consumer requirements and preferences better. It then provides users with very tailored fashion options based on style quotients and previous search histories.
In conclusion, focusing on values like ethical sourcing, sustainable production, higher product quality, better customer services, and gender sensitivity/inclusivity will be key for fashion brands to ensure loyalty while reaping the advantages of Industry 4.0.