Shopping | Metavar, Connected Stores, Traceability: How Technology Will Transform Fashion

(ETX Daily Up) – The epidemic has accelerated digital transformation in the fashion industry with the development of e-commerce, virtual fitting and even social shopping, but also the rise of metavers. And that is just the beginning. A new report reveals that fashion players will double their investment in technology by 2030, with a focus on optimizing the customer experience and personalizing, connected stores, the new digital world and sustainability.

2020 has been an important year for digital engagement. The epidemic has had an impact on the time spent in front of the screen, which has grown exponentially, especially among the youngest, transforming consumer purchasing and interaction habits, focusing more on social networks, gaming and the new virtual world. Something that fashion players, from fast fashion to luxury, fully understand, multiplies projects and initiatives focused on technological innovation. Online shopping, live shopping, NFT, digital fashion and other virtual fittings have paused the purchasing journey of many brands and fashion house customers for two years, who have even experimented – no doubt a little earlier – the first Metavers Fashion Week, last March.

If these transformations already seem important, they could only be the beginning of a revolution in fashion, as revealed in a report by McKinsey and The Business of Fashion. Fashion companies are expected to invest heavily in technology in the near future, increasing their revenue from about 1.6-1.8% in 2021 to 3.0-3.5% in 2030, almost doubling in less than a decade. The figures underline the report, reflecting the importance of brands relying on technological innovation, artificial intelligence, to “support sustainability and create an exceptional customer experience”.

Digitization, personalization, and sustainability

In their ‘State of Fashion Technology’ report, McKinsey and The Business of Fashion unveiled the levers that have the vested interest in acting to “optimize the technological resources” of the fashion industry. Metavers through NFT and digital fashion are at the top of the list, but the analysis emphasizes an important point: “The marketing value of digital fashion and non-fungible tokens (NFT) is now clear, but fashion brands need to balance concrete opportunities and sustain sustainable genesis.” Hype to do. “

While brands are increasing the number of experiences to seduce the youngest in the universe, in reality, a number of surveys show that the latter do not like them so much. Brands will aim to target initiatives that will make all the difference. “Fashion companies focused on innovation and marketing in Metaverse can generate more than 5% of their revenue from virtual activity in the next two to five years. But policymakers will have to focus on specific opportunities.

But it can (also) go through more personalized experiences, especially thanks to artificial intelligence, which aims to improve the brand’s relationship with their customers and build their loyalty. Something that will start with online shopping, but will continue, according to reports, in stores. The purpose is to offer more connected physical space. “Fashion players can tackle consumers’ pain points by using in-store mobile apps to enhance the experience,” experts say. The overall idea is to bridge the gap between physical and virtual stores and complement them.

In response to consumer demand pressures, technologies need to be put more in service in a more sustainable and transparent fashion. “Traceability systems powered by software and big data will help fashion brands delve deeper into their supply chain to understand the full life cycle of their products.”

Whether dedicated to creativity, craftsmanship, durability, or the shopping experience, technology will be an integral part of consumers’ fashion shopping journey in the very distant future. It remains to be seen how brands will use them …

Christine Pelissier

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