Investing in fashion tech can bring a number of benefits to fashion companies and consumers alike. Some of the key advantages include:
- Improved Efficiency: Fashion tech can help companies to streamline their operations and reduce costs. For example, by using 3D design software, companies can quickly and easily create digital prototypes of garments, which can be tested and refined before going into production. Similarly, by using RFID technology, retailers can track their inventory in real-time, which can help them to reduce waste and improve their customer service.
- Personalization: Advances in technology, such as artificial intelligence, can help companies to personalize their offerings to better meet the needs of their customers. For example, a clothing retailer might use data from a customer's purchase history, browsing behavior, and social media activity to recommend products that are tailored to their preferences.
- Better Sustainability: With the help of technology, fashion companies can track their supply chain and reduce the environmental impact of their operations. For example, using blockchain technology, companies can trace the origin of raw materials and ensure that they are responsibly sourced. Additionally, companies can also use data analytics to monitor their water, energy, and waste usage, and make adjustments to reduce their carbon footprint.
- Omnichannel Experience: Fashion tech can also help companies to create a seamless and consistent experience across different channels such as in-store, online, and mobile. With technologies like Augmented Reality (AR) and Virtual Reality (VR), retailers can allow customers to try on clothes virtually and get a sense of how it would look on them before buying.
- New Business Models: Fashion tech also enables new business models, such as on-demand manufacturing, which allows companies to produce clothes only when they are ordered, thus reducing waste and overproduction. Another example is rental models, where fashion tech platforms make it easy to search, book and return rental clothes, thus reducing the need for fast fashion.
In summary, investing in fashion tech can help companies to improve their efficiency, personalize their offerings, become more sustainable, offer better customer experience and explore new business models. It is expected to be a key driver for the future of fashion industry.
Get Outfit mobile-first AI-recommendation platform for personalized fashion experience with a free AI stylist and wardrobe assistant. At the backend, we’re building a customer-centric subscription-based platform with a community of fashion lovers that connects inventory of fashion retailers and brands.
Get Outfit is based in Dubai and founded by Kim Sanzhiev.