The passion for exploring new opportunities prevailing in the luxury industry keeps everybody, including customers, brands, retailers, and experts, on toes. The advanced technologies used in the online sphere of the industry offer opportunities to explore a world that is beyond human experience. These solutions help fashion and luxury houses to let their customers embark upon a journey that is unknown to everyone and ignites their imagination. Our handbag design software, a customization tool, is a step in a similar direction. It empowers brands and retailers to circumnavigate the globe and visit various universes and realities with its digital features.
Handbag Design Software Enables Scaling of Online Luxury Business
The rising inquisitiveness towards the unknown world is driving many experts in the fashion and technology, and science industries to invest in platforms that can satisfy their curiosity. This dream came into reality with the launch of the metaverse, which makes it rather easy to travel to virtual worlds. One can think of the metaverse as a digital realm of the future and the next obvious evolution step of the internet. The new platform is still in its infancy stage, yet it has still managed to gain more traction and showed a dream to people that will allow them to interact, work, and play in immersive virtual spaces. Several technology giants are seeking ways to embrace the idea and, in some cases, bet their future growth and market expansion on it. These changing business landscapes create novel opportunities for investors, such as virtual reality (VR) and augmented reality (AR). In fact, as these technologies evolve to create increasingly connected digital experiences, total VR/AR spending worldwide is estimated to reach $72.8 billion in 2024, from $12 billion in 2020.
Modern solutions, such as AR, VR, artificial intelligence (AI), and other tools, are becoming the focal point in the metaverse. Individuals that usually look up to these solutions for gaming and entertainment in the form of VR headsets and AR glasses are now capable of looking beyond the obvious applications. Many events and fashion shows are being hosted with virtual live-music performances and museums offering virtual tours, more examples of a blend of the virtual and real worlds. Outside of entertainment, VR/AR is being used actively in commerce. Some uses include customers’ ability to virtually try on clothes or check out an automobile before purchasing. Similarly, these solutions are helping fashion houses to reduce the gender gap and acknowledge the efforts taken by female entrepreneurs in the fashion sector. And there are many other opportunities that can be tapped using modern-day solutions and thrive in the market.
Let us look at the various opportunities the advanced technology helps in exploring:
- Helps Removing the Biases Existing in the Fashion Industry
Technology to any human being offers a platform to succeed in the business, especially in a digital age where everything depends upon virtual visibility. AI has been plagued by accusations of inaccuracy and facilitating racial profiling. Perpetuating the biases of its programme, the Silicon Valley male is accused of gatekeeping and preventing the already marginalized female entrepreneurs. The algorithms are said to have significantly impacted racial and gender diversity in particular. However, there is a problem for every solution, and technology ensures we reach one; therefore, a female-founded Toronto start-up operating in the fashion and beauty sector has opened its razor-sharp firm to bet on AI and help shape a fairer future.
The company Halt AI is founded by Amanda Cosco and Roya Sedigh, who has an extensive background in fashion and technology and have been auditing the algorithm for bias. Its Diversity Analytics Dashboard provides detailed analytics on the diversity of over 500 fashion brands, influencers, and retailers. They are motivated to create a benchmark for companies that evaluate their performance not just along with their contemporaries but also within the fashion industry in general. Among its many other criteria, it measures race, age, gender, body type, skin tone, and disability for each brand across its Visual Content. The company is just a year old and claims that despite frequent calls for inclusive, diverse, and sustainable fashion, white and young males still dominate the luxury sector. They say that post BLM and the George Floyd murder, companies made a lot of promises, and there has been a lot of attention on that community, but the disability community is next to be spotlit. However, it is crucial to note that the organization is not just about finger-wagging and intends to offer quantitative analysis to help fashion houses make insightful decisions with their marketing strategies.
Likewise, our bag design online, a customization solution, helps fashion houses to remove the biases existing in the fashion sector. It offers robust and relevant business strategies to fashion houses and enables them to offer a free hand to their buyers in selecting and designing their backpacks, purses, and handbags in ways that resonate with their personality and fashion sense. They can preview the customized product using 3d technology.
- Enables Analytics and Testing Before Manufacturing
The advantage of shifting gears to digital space in the fashion business is to test the water before jumping into the pool and later regretting the move. Therefore, many social media platforms, such as Meta (Facebook rebranding), have announced that they will soon start testing tools to sell digital assets and experiences inside its virtual reality platform Horizon Worlds. The move is considered an important aspect of the company’s plan to create and move a metaverse. The company, in its statement, was quoted as saying that tools will be initially available to those who are pioneers in creating visual classes, games, and fashion accessories within the company’s immersive platform, which is accessible via the VR headsets. Tools will enable the hand-picked users to sell their accessories or propose paid access to the customized digital spaces created by them.
Meta platforms are testing out bonus programmes for a select group of Horizon Worlds users in the US that will allow it to pay participants on a monthly basis for using all the new features the company will debut. The owner of Meta has stated that it aspires to bring in more awesome brands to the virtual world screen, and for that to happen, they need support and guidance, and their platform is one of the means to attain the goal. The social media giant has already invested heavily in virtual and augmented reality to showcase its new interest in the metaverse. Its futuristic idea of networks of virtual environments accessible through different devices where users can work, socialize and play. This is the golden opportunity for budding designers who find it challenging to compete with premium brands that already have resources in the form of land, buildings, skins, and other assets that can be bought and sold using NFTs or blockchain-based virtual assets.
Another factor that fashion houses need to speak about is sustainability measures they are willing to undertake. Technology is helping brands and retailers reshape their measures and develop solutions that balance revenue and the environment. Similarly, in a bid to make sustainable shopping more accessible, responsible fashion platform United by Zero has launched a new browser extension that aids customers in purchasing more responsible clothing. The platforms offer a downloadable plugin to let users get immediate recommendations for sustainable and ethical product alternatives. It offers personalized edits based on past purchases tailored to each individual’s style and interest. Fashion houses extending their support for the cause are sustainable leaders, such as Another Tomorrow, Ministry of Supply, for days, and Outerknown.
Make an Informed Decision-
Everyone is excited about the future in the digital sphere of the fashion sector and how new solutions will reshape and re-determine the market trends. The potential of AR/VR and the metaverse is evident, and its success is showing the unlimited opportunities that luxury brands and retailers can tap on. Likewise, the bag design software online by iDesigniBuy will help luxury labels explore and leverage a plethora of opportunities to participate and take a complete U-turn from the existing and age-old business model.
To find out more about gaining exposure in the virtual fashion marketplace,