The fashion business is distinguished by its constant focus on the future, its ability to foresee trends, and its ability to anticipate the wants and aspirations of customers. As a result, while the industry has always been flexible — manufacturing more items in increasingly shorter time frames to satisfy demand, as well as shifting to online and omnichannel sales to reach customers where they are – the pace of change has only increased in the last year.
Businesses have had to concentrate not just on increasing efficiency but also on offering an outstanding client experience in order to be successful. One-third of consumer products firms and almost 40 percent of retailers said that delivering a positive customer experience, commerce, and marketing will be their top priorities in 2021, according to a recently released poll.
Customers are increasingly expecting greater sustainability and transparency from the brands and merchants with which they do business, and the fashion sector has increasingly come under the spotlight in this regard. Showcasing environmental credentials is one such approach to engage with customers. According to a consumer study done by the IBM Institute for Business Value (IBV) among more than 14,000 customers in nine countries, including the United Kingdom, sustainability is becoming increasingly essential when selecting a brand.
It is necessary to reflect on long-standing procedures that may no longer be relevant, as well as to examine innovative technological applications, in order to respond to these trends and prepare for the future. Technology ABCs like artificial intelligence, blockchain, and cloud technologies have been welcomed by industry leaders who have put them to work for their own benefit as well as the benefit of their consumers.
Increasing efficiency across the process, from design to point of sale
It is the “Infor Design and Tech Lab” at the Fashion Institute of Technology (FIT) that is utilizing IBM’s artificial intelligence to build a set of application programming interfaces (APIs) for the fashion industry. Deep learning and natural language processing are being used to improve the consumer experience, optimize product design and merchandising/planning operations, and increase merchandise performance analysis, among other things.
The FIT had its first encounter with artificial intelligence (AI) in 2018, as part of a project with Tommy Hilfiger and IBM Research called “Reimagine Retail.” The project’s objective was to achieve a competitive edge through market insights, product design, supply chain customization, and optimization, as well as to teach the next generation of retail executives in the use of artificial intelligence. The project was funded by the National Science Foundation.
Keeping consumers engaged over their whole lifespan
Relationships between brands and customers must be built on the foundations of trust and collaboration. As part of a collaborative effort with IBM, Arianee, a leading non-fungible tokens (NFT) platform for the luxury and fashion industries, is developing a comprehensive blockchain-based solution that integrates supply chain transparency with brand and customer interaction.
However, the relationship between a brand and a customer does not end with the purchase of a product; rather, it continues beyond. Through the use of authentication and identification of the buyer, as well as unique offers to consumers – for example, through product-related reward programs – it may be maintained throughout the product’s lifespan.
Demonstrating long-term viability via openness
The UK Fashion and Textile Association (UKFT) has announced the beginning of an artificial intelligence and blockchain traceability initiative in cooperation with IBM and shops like H&M, Next, N Brown, and New Look, among others. Consumers will be able to access information about clothes, such as the location and date of manufacturing, product composition, and environmental certifications, through the use of a QR code generated by IBM blockchain technology, according to the site. It will also make use of cutting-edge technology such as artificial intelligence and hybrid cloud to monitor the environmental and social effects of its operations along the value chain, allowing for course correction.
In order to fulfill legal requirements for sustainability and the needs of its customers, the fashion industry will implement initiatives like these. It will also be able to adapt flexibly to new rules and trends. Furthermore, it can demonstrate that it is one step ahead of its consumers, able to anticipate and respond to their requirements, as well as provide them with services that they could never have imagined a few years ago. This will indicate to the public that the sector is prepared for the future and has its finger on the pulse of contemporary society.