TECHNOLOGY

Technology Viewpoint

Technology is ever changing in today’s day and age with a continuous transformation in many fields. While the technological macro environment allows companies to revolutionize, brands need to invest in technological elements that make retailing more efficient and profitable. This improvement is vital to gain the competitive advantage over other brands in the fashion industry. The global pandemic shut down the world and forced people to stay home. Retailers needed to make adjustments fast, as business interactions and operations needed to continue normally; yet, the demand for online shopping was at an all time high. Consumers' shopping behavior is shifting as the normal buying experience doesn’t completely satisfy them. In the retail industry, there is a strong emphasis on personalization and experience and this trend is expected to continue over time. Therefore, as the world slowly reopens; recovering from the COVID crisis, fashion brands need to utilize technology to stay ahead and survive the future of fashion.

The future of the fashion industry looks bright and promising in regards to technology and its integration in the retail sector. In recent years, so much has already evolved within the fashion industry and looking towards the future, it is fair to say that the entire means of operations in the industry will be reshaped with the customer in mind. Helping the retail cause, technology in particular is creating interactive experiences which allows customers to have fun and satisfying experience with brands

Although there appears to be numerous benefits and drawbacks to fashion digitalization, the bottom line is that the fashion industry must consider the long-term future. It will be easier for the fashion industry to make the digital transformation if it recognizes that there is a gap in the business and that there is a market opportunity where technology can be used to create more inclusive strategies. The new technology of the era is on its way, and it may be used to give purchasers more control over what they buy and how they buy it. The fashion industry will transform the way it creates, displays, and sells its products thanks to the application of digitalization and automation of processes. The opportunities for this immersive technology to completely change what we envision fashion as and redefine the industry in the coming decades, digitalizing the entire sector and making the purchasing process virtual. Ultimately, technology will be a key driver in the industry, and many retailers will focus entirely on personalization and customization to meet consumer needs.