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Fashion technology: Fashion Retail Innovation

Fashion technology: Fashion Retail Innovation

June 19, 2020

Can technology really be implemented in the fashion industry? Well, don’t know about the fashion of the earlier days, but we can assure you of the thing that in 2020 fashion and technology are mutually interrelated.

Technology has always influenced the way of our living and after the invention of digital technology, businesses were able to find new ways that can radically alter society. The fields that faced the first wave of digitalization are the musical industries, retail industries, and online media. Since then, other fields also started digitalizing their platform to cope up with new technology.

On the other hand, the other technologies that have influenced the fashion industries are the Artificial intelligence (AI), Inter of Things (IoT), Blockchain technology, Online trading broker platform, are influencing the customer buying decision, their online behaviours and the way they interact with the product and brand.

The companies are using all the possible ways to make their work more efficient and transparent. And the use of technology certainly stands true for the fashion industry as well.

Fashion Technology Ecosystem

Digital technologies have already influenced all the fields of work to some extent. Today, more or less, every industry is taking digital ways to run their businesses. These technologies include the use of blockchain technology, the internet of things, and AI to come up with the most practical and applicable approach to tier businesses.

However, acquiring new technologies does not mean that you will be successful with your approach. Before starting with the new technological, you must redefine your goal and the path that you will take to acquire that goal.

We are already in the 21st century, where the fashion industries are much more complex than some of the other industries out there. The fashion industry is one of the most disruptive industries. This industry has to make sure to produce a design that is seasonally risk-free.

You must have noticed that nowadays most of the shopping is done online. This has made the traditional fashion businesses owner shift their way to the digital platform. And those who were not able to cope up with the digitalization were forced to quit their businesses.

Here are some of the most important components of the Fashion Technological ecosystem.

  1. Artificial intelligence

    Artificial intelligence has played a pivotal role in the fashion industry. It helps the industries in many ways. One of the most used fields of artificial intelligence is consumer feedback. Companies are using AI to give real-time feedback to consumer queries.
     
  2. AR & VR

    AR stands for the Augmented reality and VR stands for Virtual Reality. These two are helping the consumer to have the first-hand experience of the product and services without even visiting the brand or the company. AR and VR are also helping the brands and companies to highlight their strong suits.
     
  3. 3D printing

    3D printing has given a new way for designers to experiment with prototype designs under the given time frame. The best part of the 3D printing is that every small detail is captured and is correct to the millimetre precisions.
     
  4. Blockchain

    Blockchain is a new technology that has recently hit the market. This technology boasts about having the securest network for any work. This technology also helps the user to safeguard their information from any possible external attacks.
     
  5. Internet of Things

    Today the world is run by the internet of things. Whether you are using a smartwatch, smartphone, using a laptop, or you are related to the internet in one way or another, you are a part of the internet of things.

Conclusion

Fashion technology uses all the methods mentioned above. Today, technology has become one of the important parts of every industry to produce a high-quality product with efficient procedures.


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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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