The fashion industry is one of the biggest industries worldwide. It contributes about two percent of the world’s GDP and employs about three million people worldwide. The fashion industry has not changed much in the past twenty years because it is easy to get low manual labor and outsource high production costs in many countries.
However, the concern about pollution, customer satisfaction, and fair wages has led to the innovation of new technologies in the fashion market. Social media has enabled customers to keep up with the latest trends and instant product access. You can buy dresses online without leaving your house. You can quickly get a product customized to your choice. There are various technologies reshaping the fashion industries in 2022, including:
Artificial intelligence (AI)
Artificial intelligence uses a unique machine to analyze billions of diverse data points and develop new connections that the human brain could take years to build. When these algorithms are fed correct data, they can give more precise predictions. AI will contribute highly to online shopping in the future. Apart from selling, AI can help in inventory tracking and warehouse management. It also helps in trend forecasting by giving designers and brands of what the next great thing might be.
Internet of things (IoT)
The internet of things is one of the significant improvements in the fashion market. It involves a network equipped with technology to allow the exchange and connection of data over the internet. IoT helps in data sharing, inventory management, security, productivity, and efficiency. Most fashion brands use IoT to improve customers’ experience by enabling them to access data anytime. Health-related designs are one of the exciting innovations in IoT, like socks that count steps or calories.
Novel fabrics will help reshape the garments we wear. Eco-leather is not a sustainable option, so the fashion industry is developing new designs. For example, Modern Meadow is creating lab-grown leather without harming animals. A company like Bolt Threads is innovating super-h2 spider silk. New innovations like 3D objects change colors when exposed to specific UV light wavelengths.
Mobile commerce is a vital tech tool in the fashion market. You can efficiently shop online using your smartphone. Digital wallets are developing new technologies like fingerprints and facial recognition when making payments for retail purchases. Studies show that two out of three millennials prefer shopping online to in-store. The growth of e-commerce helps brands and designers market their products widely, increasing sales and opportunities.
Rapid data analysis for quick adaptation
Rapid data analysis for quick adaptation uses large amounts of data to ensure businesses adapt to their business fragments like supply chain quickly and efficiently. There are new software tools in the fashion industry that help alert brands of any defects or damaged goods. The information helps save money, avoid waste and deliver enough products appropriately. Rapid data analysis also allows brands and markets to maximize customer satisfaction.
Virtual and augmented reality (VR)
A combination of retail’s physical and online aspects is one of the most exciting applications in virtual reality. VR allows customers to try on outfits virtually, giving them greater accuracy. There are higher chances of customers buying products they have tried on. Online shopping retains customers longer because they can see products before buying. Combining VR with social media marketing makes it more appealing to customers.
3D printing creates new platforms for customization, sustainability, and creativity. 3D printing can take a lot of time to design, but it leads to less waste and less labor than other forms of manufacturing. The reduced waste can benefit many factories and help them promote a more sustainable social and environmental focus. 3D printing also encourages a new level of conceptual art in the fashion industry. Digital knitting is also making significant steps in the 3D printing platform, increasing customization possibilities.
Blockchain enhances transparency, traceability, and efficiency in the supply chain. It enables carriers, banks, intermediaries, and suppliers to connect and exchange documents and information directly and safely. Blockchain is mainly used as a record-keeping technology. They use a unique code known as a hash to store data that differentiates them from other blocks. Through technology, brands and designers can effectively trace and keep records of clothing apparel and supply chain.
The new technologies in the fashion industry will keep people updated on the latest trends, improve customer satisfaction and develop recent fashion trends. Technology will also help increase production efficiency and supply chain.