01 September 2022, Mumbai
The case of the fashion industry is that ‘The prime economic driver is the fashion sector’. Fashion firms and enterprises have been accelerating their pace and incorporating sustainability into their operations to keep up with the current market trends. The fashion sector has difficulties due to sudden shifts in customer wants. As per one Deloitte report," Many fashion brands take a fragmented approach to digital transformation, focusing on digitizing processes or isolated functions.
For a fashion brand, digitization means re-imagining how shopping in a digital world should play out, rather than merely digitizing the shopping process for a physical world". The digital transition is greatly impacting almost every industry. Effective data management or business management are just two aspects of this transition: cost savings and improved productivity.
After studying the possibilities of digital technologies, fashion firms have started integrating technology into every aspect of their operations, from manufacturing to post-production. Geographical limitations are no longer an issue thanks to technology, as customers can now shop anywhere.
Influencers in fashion often purchase items for a single shot. Trends in fast fashion change swiftly. It ultimately hurts the ecosystem. Albeit for a fine fashion brand, there is a case that geographical location is still the cornerstone for critical mass physical space retail demand. At the same time, virtual apparel/clothing may only be worn digitally and is represented by a file of code.
Following the paradigm changes for any fashion brand, the consumer-facing user experience starts with touch points. It is highly likely that the smart consumers of this digital era will be provided with tech interventions like using virtual fashion, also influencers may save money while experimenting with different looks and standing out from the crowd.
By using virtual fashion, designers may test out novel and unusual materials that aren't often utilized in the actual world. Wood, diamond, liquid silver, and even fantastical materials like belts made of unicorn or dragon skin can be used for experimentation. The business is thus one step closer to sustainability thanks to virtual fashion.
Fashion brands mostly employ digitalization in the business to produce digital apparel before producing actual items. Brands can produce more designs in less time without having to wait for manufacturing with its assistance.
Digital apparel/clothes may also be used to overlay or superimpose clothing items on images of humans or individuals in movies. Even if digitization is not yet widely used in the fashion sector, it may be by the end of the next ten years as the big revelation is that Digitalization is an integral part of the daily lives of any fashion consumers. Reports one McKinsey study," Amid the pandemic, the apparel, fashion, and luxury (AF&L) industry has moved quickly to address urgent consumer needs on the back of business enterprises digitizing".
A deepening digital divide
Another Mckinsey report states," Our consumer-sentiment surveys, conducted in April, show declines in purchase intent of 70 to 80 percent offline and 30 to 40 percent in online in Europe and North America, even in countries that haven’t been under full lockdown". For them, embracing digital transformation is a pressing matter of time as consumer expectations are at an all-time high.
They expect an experience to go along with their purchases rather than just a straightforward transaction, and the digital technologies they are exposed to are to blame for this. They want to engage with, be a part of, have an impact on, and personally represent the businesses they purchase from.
They give greater thought to their appearance in public and on social media and how others perceive the brands they use and possess. There is no denying that most consumers utilize social media platforms to advertise their purchases before, during, or after making them.
One of the McKinsey studies underlines the message," Digitization won’t be a panacea. Companies should make direct investments to the areas in which the highest business value lies—which might not be in sales but rather elsewhere in the value chain".
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