Even with two years passing, the pandemic still continues to haunt people and forces them to stay at home. This constant staying at home has addicted people to shop online more and helped fashion and luxury brands to upsurge their digital transactions. The online product configurator software is a customization solution that allows brands and retailers to entice their audiences. Its digital features allow fashion and luxury companies to provide robust business solutions that allow their buyers to select, design and preview fashion products, such as apparel, footwear, handbags, and many more in 3d technology.
Product Configuration Tool Offers Solutions to Capitalize on Recent Digital Innovations
Like most other industries, the fashion sector was also badly bruised by sudden supply chain disruption and the resulting prolonged lockdowns across the globe. The apparel and other luxury sectors were one of the most affected as brick-and-mortar stores were closed. And since most of the business happened across these stores, the steep drop in sales wasn’t surprising. Thus, compelling brands and retailers to move towards digital space and in the last couple of years, fashion labels have become so obsessed with the new avenue and each day, we hear some announcement from companies of using novel solutions to boost sales and garner more profit. The rising use of eCommerce has empowered fashion and luxury brands to think out of the box and accelerate the use of more digital solutions.
Despite eCommerce being a hit before the pandemic, only a few companies could have imagined in the fashion segment, where trying on a garment before buying was deemed essential. Consumers would be so receptive to making direct purchases online. The need for social distancing, digital safe purchases and payments and a return policy have pushed the sector to implement the use of more advanced uses and virtual reality. In the case of fashion retailers and brands, they have swiftly moved from a multichannel approach to an omnichannel one. With the advancing technologies, businesses with both physical and online stores but an omnichannel approach can blur the lines between offline and online business. Each segment and its operation were separated into various avenues and overall operations. With the advancing solutions, online stores and brick-and-mortar-stores are now in sync and bringing together divided customer and their perspectives. As a result, the consumer is the centre of attention in the new digital space, where their experience and interface matter the most.
Moreover, companies try to ensure that customers have a homogeneous and enjoyable shopping experience. Recognizing the benefits of omnichannel in the past two years, many brands have embraced the more centralized model that offers a competitive advantage while benefitting consumers parallelly. This blog will highlight various factors that help fashion and luxury brands accelerate their move towards digital spaces.
Here are a few ways apparel and luxury brands use technology to reshape their business model:
- Standalone Ecommerce Becomes Bigger Entity
Fashion brands are exponentially moving to the digital spaces and investing heavily in eCommerce sites and other platforms that allow them to stand out from other competition. Similarly, following a new minority equity investment by Insight Partners, Saks Fifth Avenue’s eCommerce site is set to become a standalone entity, known simply as Saks. The partnership between the growth capital company, which has already made a 500-million-dollar investment in the retailer, and Saks’ owner Hudson’s Bay Company (HBC), has valued the business at two billion dollars and will see it operate separately as SFA, which is still to be wholly owned by HBC.
In a press release together, the group’s governor, executive chairman and CEO, Richard Baker, said the move is part of HBC’s plan to redefine the luxury shopping ecosystem, for which the standalone company already holds a strong position. While HBC will drive the development of the standalone business model, the Saks and SFA will continue to work in partnership, and Saks will remain the customer0facing name for both companies. It will lead marketing and merchandising for both businesses while also helping them to retain ownership of Saks Fifth Avenue’s intellectual property.
Likewise, the 3D product configurator helps fashion and luxury eCommerce companies to stand tall in the crowd and empower them with the latest customization solutions. These business solutions allow your website to gain more traction from buyers as they will have a lifetime of experience designing their fashion products using 3d technology.
- New Immersive Platforms Emerge to Entice Audiences
Ever since the fashion sector has become more comfortable with the use of advanced technologies, it has been using them to create more immersive shopping solutions for buyers. For instance, Diesel is making another big step into the metaverse with its own D:verse platform. The brand on its website will offer a range of both NFTs that are based on pieces from its autumn/winter 2022 and the physical collections. The collections, ranging from sneakers, jackets, coats, and many others, will be available to customers first-come-first-serve. Audiences can also gain VIP access to the brand’s next spring/summer 2023 show. D:verse is developed to entertain Diesel’s NFT fans, and the brand intends to make it a home for future meta-projects, collaborations, and initiatives. It will include physical, virtual, and metaverse events that are central to the omnichannel strategy. Furthermore, D:verse members can access discounted pre-sales, raffles, free airdrops, and reserved positions on Diesel’s official Discord.
The rising need to meet customers at various touchpoints empowers fashion and luxury brands to continue to experiment with their strategies. These days, they have successfully ventured into the metaverse domain and have adapted the rising demand for NFTs into their main digital strategies. Leading brands, such as Karl Lagerfeld, Adidas, and Prada, are among those getting into the NFT game, each recently releasing their own interpretations of the digital art craze that is continuing to sweep the industry.
- Preowned and Reuse Market Gains More Traction
Despite the pre-owned market becoming more popular among customers, many brands still find it daunting to implement the strategy in their business model. Having an omnichannel and virtual space in place makes manufacturing and redesigning pre-owned items easier and offers an entire network to promote the products. But how can omnichannel help? Selling pre-owned products requires a new strategy for retailers, and if it is done right, they have the golden opportunity to access the whopping market of the estimate of 84 billion dollars between now and 2030 (GlobalData Consumer Survey). The new trends suggest that regardless of the industry, the fashion industry owes a lot to the planet and society and reduces carbon neutrality.
Consequently, many leading names in the fashion domain are emerging to raise awareness for eco-friendly products among buyers and enlighten fashion houses to be more sustainable. Likewise, RawAssembly is all set to return to Melbourne 24-26 May 2022, and this time of the year, it is designed to increase awareness of suitable solutions and drive forward new collaborations and opportunities for the regenerative future-facing fashion industry in Australia. “RAW TO A T” is a responsible, regenerative and circular sourcing event for the fashion and textiles sectors. It is a specialized, next-generation sourcing event created by RawAssembly collaborates with T-Magazine Australia, New York Times Style, and BETA by STH BNK at Hanover House.
The interventions offered by RawAssembly in the fashion industry are paramount because in the current ways the textiles and other products are manufactured and consumed across the globe raise the alarm. Australia is reported to have the second-highest consumption of textiles per capita in the world (second to the United States), yet that consumption is coming at a price. We take and throw away, dumping over 6000kg of clothing and textiles into our landfill every 10 minutes. We need to urgently change this: textiles are too valuable a resource to be used once and thrown away. We need to create new recipes.
From the pointers mentioned above, it is apparent that the fashion industry has swiftly adopted with time. The recent innovations in the sector indicate that fashion and apparel brands are leaving no stone unturned to capitalize on these advancements in the coming days. The best product configurator by iDesigniBuy enables garment and luxury brands to thrive in the virtual space. Its customization solution empowers brands and retailers to test the waters with robust business solutions and provide immersive experiences to customers.