Fashion Tech is growing yet on a gradual pace, but has promising space in fashion eco-system. Various investors and incubators are now great supporters for fashion technology focusing to guide and boost the innovative concepts brought by new fashion tech innovators.
How technology can be useful?
While the technology is combined with fashion industry, we can develop;
- Robust, seamless & efficient fashion eco-system.
- Rather than uncertain & energy- depleting market, technology can help create sustainable fashion.
- With data – analytics, social media tools & digitalization helps streamline the fluctuating and unorganized fashion industry.
- Artificial intelligence as well as augmented reality guide in better purchasing and business decision as well.
Latest Tech Trends influencing Fashion, Retail & Ecommerce
- Artificial Intelligence (AI) is helping in better fashion forecasting, merchandise planning, faster deliveries, accurate fashion trend analysis and more.
- Accurate and peculiar size as well as design is offered by smart tech that is augmented reality. Brilliant technology is helps shoppers to witness smart blended reality of the cloth on users that also reduces returns by the users.
- Block chain is another new era digitalisation guaranteeing authenticity of the products. Once record entered in this new digital record system, it can’t be manipulated or changed.
- Smart clothing and purchasing is great with contactless payment, which is secure.
Fashion Tech an Underdog!
Technology implemented, used & executed to improvise the manufacturing, selling and creating fundamental base is yet to be developed to broader level as yet the fashion tech is viewed and considered as the niche as well as little industry unlike fintech.
Fashion technology has versatile and in-depth process starting to create B2B market for consumer products just like fintech. Though fintech is given much interest by investors, fashion tech is yet to be explored.
However, global apparel market is 3 trillion dollars and this doesn’t include retails marketing and malls which are supporting industries. This number is quite impressive but not attracting good capital investor as fintech. There are just about 550+ less than 700 approx fashion tech investors.
Though fashion technology is underdeveloped or not being considered on top, it has immense opportunities. Yes, finance segment is absolutely important, it is surely one of the priorities and tops the eco-system but here fashion technology is booming that needs to gain adequate attention.
Undeniable and due vitality is given to technology in fashion industry which has made and doing ongoing impact in the prevailing industry. Organisations like Apple, Google, Amazon, Nike and more are big names creating great way in fashion by brining technological innovations.
Google came up with amazing smart watches, smart jackets collaborating with Levi’s, Amazon with shopping places, Nike with self lacing shoes and much more innovation is tapping the market.
To conclude, fashion tech is the tomorrow’s thing and high-tech fashion is soon being an integral yet vital part.
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