It is surprising to see that in the past 20 years, significant changes have taken place in the fashion industry. As it is one of the biggest industries in the world and is projected to rack up to $3.3 trillion by 2030. It is easy to source low-cost manual labor in many nations and to outsource production costs.
However, the rising concerns about wages, pollution and the need to satisfy the hyper-connected consumers have opened the doors for new exciting technologies. We live in insta age technology, where social media is transforming the way of consuming products and has conditioned them to expect instant access to the newest trends as they appear on catwalks. This AI has enabled us to buy clothes online according to the choices and latest fashion trends.
The real life of consumers is intertwined with the digital world; several brands embrace the latest technologies to boost manufacturing, production, marketing and wearability. Artificial intelligence is booming in mobile commerce, 3D printing and blockchain. Here we will discuss tech trends that will transform the fashion industry.
I have observed that AI solutions have somehow neglected fashion designs. Well, still they have immense potential for the industry that is automating its design and presentation processes during the pandemic and after that too. So there are several fashion opportunities with AI which can bring a new change in this field.
Let's discuss it. The AI implementations have focused on measurable business demands. Creativity is substantially more difficult to measure and significantly more liable to lagging. Although the research scientists develop new ways for creativity and potential of the technology. In short, the AI model is the fashion designer’s best friend.
The AI models have generated the generative adversarial networks (GANs), a type of machine learning where two adversary models are prepared by the designer who learns to create images that seem real and the design critic.
By gathering more data the fashion industrialist may use technology to understand the desire of consumers and make the products accordingly.
Zalando, a German fashion marketplace was one of the most reputed AI-based fashion designs which were based on the customer’s favorite colors, textures and other preferences.
Moreover, Synflux is another company blending fashion through AI. The company has used machine learning to create optimal fashion pattern modules that are used with computer-aided design tools.
Improved Customer Personalization
Personalization is significant for the growth and success of the business. Due to data innovation, there is a good amount of customer data which is available to be accessed and studied. Deep learning technologies, such as AI and ML, allow fashion companies to track specific client purchasing patterns while combined with business data.
Several fashion industrialists are using the knowledge of evolving technologies and computational expertise to capture the market and fascinate the different customer groups. It also influences their experience based on purchases, favorite colors, textures, and other style preferences. With this unique, personalized advertisements stand out in a competitive market, and buyers are eager to provide personal information in exchange for a more tailored experience.
35% of online purchases are based on product recommendations generated by these algorithms. Nike has pushed personalization to the next level by allowing the customers to design their sneakers with the technical platform. So it is a kind of co-creation service.
The largest sector of the global economy is fashion. Several organizations are using the technologies to make fashion brands eco-friendly and have sustainable fashion trends. The large fashion industries are creating an interactive experience for brands such as 3-D fashion design and animation.
Since clothes are never produced in the physical world, this could be a more sustainable approach for all sizes of businesses to convey a message without creating a significant ecological footprint.
Now you can buy digital clothes for your individual social media presence. All you have to do is upload a photograph of yourself, pay for your garments and you will get the image of yourself wearing the particular dress.
Isn't it intriguing? You will never see them personally but still, it can give you an online persona and makeover with reduced textile waste in the industry.
Future of Fashion
Technological advancements are evolving several aspects of the fashion industry. For instance initial sketches, fashion shows and online shopping experiences. Automation and machine learning predictions have improved customer experiences. The fashion sector is pioneering new strategies to reduce waste with digital fashion.
In other words, with the help of AI, you will be able to buy a new outfit for your online persona or zoom meetings. So now you do not need to worry about wearing pajamas or t-shirts as you can look graceful in the latest fashion apparel even on remote conference calls.
In today’s era, the fashion industry is rapidly growing with the latest technological advancements. Some robots can sew and cut the fabric. AI tools can predict the style trends and virtual reality of innovations that show how technology is automating and speeding up the fashion space.
Fashion organizations are colluding with technology vendors, buying startups, and even developing their technology in an attempt to expand their revenue streams and business models.
Meanwhile, the industry is reviewing processes throughout the value chain in an attempt to reinvent itself as it faces a long-overdue confrontation with its environmental and social consequences.
We, at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.