PARIS, May 9 – The pandemic is accelerating the digital transition in the fashion industry, with the rise of online shopping, virtual fittings and fittings, as well as social shopping as well as the emergence of the metaverse. And this is only the beginning.
A new report reveals that fashion players will double their technology investments by 2030 to optimize the customer experience and address the challenges of climate change, with personalization, connected stores , new digital world and continuity as major axes.
2020 is an important year in terms of digital engagement. The pandemic has had a huge impact on time spent in front of screens, which has increased dramatically, especially among young people, changing buying habits and consumer interactions, which has increasingly turned to social. network, games and new virtual worlds.
And the major players in the fashion industry, in all areas, from fast fashion to luxury, have noticed, proliferating projects and initiatives based on technological change. Online shopping, live shopping, NFTs, digital fashion and virtual try-ons mark the shopping habits of customers of many brands and fashion houses.
Fashion brands are even experimenting – perhaps ahead of time – with the possibilities offered at the first Metaverse Fashion Week in March.
Even if these changes already appear to represent significant changes in the industry landscape, they could be the prelude to a real fashion revolution, as a report by McKinsey and The Business of Fashion proposed.
Fashion companies are expected to invest significant, if not record, amounts in technology in the near future, rising from nearly 1.6-1.8% revenue in 2021 to 3.0-3.5% in 2030, almost double the left ’ y a decade.
These figures highlight how important it is for brands to integrate technological innovations, starting with artificial intelligence, to help “support sustainability, as well as create a unique customer experience”, he pointed out. the report.
Embed digital processes, personalization and sustainability
In their ‘State of Fashion Technology’ report, McKinsey and The Business of Fashion outline areas where the fashion industry needs to act to “maximize its technology resources”.
The metaverse, through NFTs and digital fashion, tops the list, but the analysis highlights one important point: “The marketing value of digital fashion and non-fungible tokens (NFTs) may be obvious., But fashion brands need to separate concrete opportunity from hype to generate sustainable revenue streams.
While brands are rushing into these universes with a seemingly endless stream of initiatives to reach young consumers, numerous surveys show that this demographic is not yet fully convinced. The goal for brands is to target initiatives that make a difference. “Fashion companies that focus on metaverse innovation and commercialization could generate more than 5% of virtual business revenue over the next two to five years.8 The task for policymakers, however, is to focus on specific opportunities. “
It can also go through a more personal experience, using artificial intelligence in particular to improve the relationship between brands and their customers, and to build their loyalty.
It may start shopping online, but will continue, according to the report, in stores that aim to offer more connected physical areas. “Fashion executives can address consumers’ pain points by using in-store mobile apps to improve the in-store experience and micro-execution technologies to enable the store during the fast-paced era. commerce, ”experts say.
The general idea is to reduce the gap between physical and virtual stores, and to make them complementary.
Technology also needs to be put into service in a more sustainable and transparent way, in response to the increasingly demanding consumers of these issues.
“Tracking systems powered by tracking software and big data can help fashion brands get deep into their supply chains to understand the entire life cycle of their products.”
Whether dedicated to creativity, workmanship, sustainability or shopping experience, technology will be an integral part of consumers ’trendy buying process in the not -too -distant future. The question now is how to apply it to brands. – ETX Studio