The pandemic had created a situation where fashion brands had to look for alternatives that allowed them to sustain their business under any circumstances. Digital technology offered them solutions and platforms that enabled them to connect with their buyers, display their collections, and garner revenue. Likewise, the online product customization software helps fashion and luxury companies leverage recent developments in digital technology with its customization and digital solutions. These solutions allow brands and retailers to provide an online platform to their buyers where they can select, design, and preview their customized products with a 360-degree overview in 3d technology.
Product Customization Software Enables Fashion Brands to Explore Future of Fashion
Like the coronavirus mutates with time, the fashion industry is too evolving with time. All the problems that the pandemic threw at the industry it used them to upgrade itself and become a better version of itself. Recently, with the announcement of meta, the fashion industry saw a new ray of hope where it can tap on various unexplored opportunities and recover its losses. These technologies have enabled buyers to become online fashion trendsetters while sitting at home in pajamas. 3D technology allows apparel and accessory brands and retailers to introduce new collection lines that are sustainable and virtual, which people can try on, purchase and wear online with a single click. People customize their online presence with virtual clothing, whether it’s a video game skin or a new top on social media. Leading names in the fashion and luxury industry as well the fashion shows hosts are using these technologies to explore the future of fashion. Digital Fashion Week New York will kick off next week with a virtual event to understand the potential of the metaverse. The event will be organized from February 11 to 13 and will feature a mixture of virtual and physical runway shows, exhibitions, digital screenings workshops, and panel discussions. Experts believe that immersive fashion show is the way forward because it helps n=in decentralizing the metaverse and celebrates creativity, sustainability, and innovation of digital fashion and the skilled designers that create them. Several independent designers, such as Ilona Song, Adam Reid, Edvard Nielsen, Tokyo White, Majestic Apparel, Shiu Studio, Yulya Boriskina, Calvin Padilla, Yemi (Quirky Couture), Metaneon (Miki Flores), Lorena Bello, Aisha, Yulya Belyakovich Mozart, An Nguyen, Erin McGarry, Tatiana Rozmoritsa, Yekaterina Burmatnova, Maya Es, and Zino Haro will be attending the event.
In the last two years, the fashion industry has learned that it is imperative for brands to pivot and rethink their processes and intentions, or it will be extremely devastating for the fashion companies. Brands must seek innovations that create new looks and challenge convention, and question the clothes we wear. Apparel brands must tackle and explore the future of fashion in the gaming industry and understand what it might hold for digital fashion with regard to the growing presence of NFTs in the industry. Shoppers visiting the physical stores must also be able to virtually visit the store, interact with designers, and shop and experience a never-seen-before shopping with music and other virtual effects. This new technology has especially caught on with modern buyers, and they are even using it to start a business of their own. Gen Z businesses break the barrier with by-the-hour pop-ups and dynamic social media marketing strategies. Over the course of the pandemic so far, many Gen Zs have evolved from conspicuous consumers into sustainably-minded, small business owners. We must explore new challenges and opportunities that may affect the fashion industry and how entrepreneurs can grapple with them.
In the pointers given below, we shall highlight various possibilities and obstacles that hover the fashion industry:
- Scaling Up without Compromising Values
Social media has offered platforms to fashion brands to create engaging content along with loyal customers. Understandably, adopting to the limelight when a product becomes a sudden hit among buyers can be exhausting and overwhelming. It is challenging to be in the spotlight while learning the basics of modern commerce. For instance, a Liverpool designer Steven Stockey-Daley became an overnight hit on social media when the pop star Harry Styles wore the designer’s upcycled vintage tablecloth shirts in a music video. His brand, S S Daley, attracted global fans and forced him to learn the tactics of the business at the same time. Likewise, vintage jewelry dealer Sorcha Mondon’s business The Phat Cherub boomed when second-hand became popular in lockdown. The businesses had grown exponentially during the prolonged lockdowns when people only had access to social media to explore new products. The rising popularity of several SMEs soon grew out of control, and it became challenging to maintain a steady stream of products in an intensely competitive industry.
The booming fashion industry makes it impossible for SMEs to maintain a steady stream, and many retailers have faced the problem of storing products in warehouses as they didn’t have any. Sarah Quierolo had to house her vintage brand Funny Pretty Nice in New York and open a second store in March. The hunt for thrift stores and wholesales is extremely daunting as retailers try to find talented buyers on Depop and Instagram. Therefore, customers need to commute and commission every day to go to estate sales. Additionally, selling every vintage product online offer limits and uploading one-of-one items is so much more labor and time-intensive. Selling online is also a challenge because sizing differs over time, and people like to try the clothes and other accessories. However, our 3D product configurator helps fashion and accessory companies to sell their fashion products, including apparel, footwear, handbag, hat, online. The tool ensures that brands don’t face any inventory related problems because of its customization solutions. The software allows your customers to select and design their fashion products and try them using 3d technology.
Furthermore, it swaps the entire business model and makes it more transparent and digital by first letting customers demand the product and then manufacturing it. Brands no more have to rely on manufacturing products, generating demand, and thinking about sold and unsold products. After seamlessly installing the tool on the website, fashion houses will manufacture only what is demanded and the quantity in which it is demanded. So, get over the sizing, storing, and selling problems. The customized product will become the USP of the brand and spread the word around, thus enabling brands and retailers to flourish without compromising their values.
- Seeking New Opportunities in the Digital Spaces
Living in a digital era means being ready to embrace any change overnight. After much hype, what may seem potentially successful may seem to gain lesser traction. For instance, Meta, after being rebranded, everybody was thrilled and eager to check what new features would the platform offer; however, its revenue fell short of expectations in its fourth-quarter earnings call, leading to a more than $200 billion decrease in its market valuation. Many experts, including the owner of the platform, believed the rising competition from other social media and primarily from TikTok. Nevertheless, Meta’s next surprised many experts and investors after announcing the first-ever fall in daily Facebook users, while conceding rival Bytedance-owned TikTok was taking more of users’ time. TikTokers dominate the front rows of fashion week in fashion circles, but Meta is investing in the sought after metaverse.
Facebook observed a decrease in their active users by about half a million at the end of 2021, and many analysts claim that the monthly active users also fell below the estimates. Moreover, Apple’s privacy changes and higher prices have contributed to slowed advertising revenue growth. Snapchat and Pinterest’s share, too, fell. In this highly competitive market, only TikTok seems to be growing and reached 1 billion monthly active users in September, while Meta reported 2.9 billion in 2021. However, TikTok doesn’t seem to be doing well as its contemporaries in the advertising department, making approximately $4 billion last year, compared to Facebook’s $100 billion. TikTok and Facebook are majorly competing for attention among young buyers and advertisers related to it. TikTokers have already joined the league of fashion guest lists along with non-traditional bloggers and Instagram-first influencers.
Nevertheless, Facebook’s strategic move, an aggressive push towards shopping, has helped it rapidly roll out the technology. It has helped people purchase products they see on Instagram, including in-app checkout and computer vision to find shoppable versions of goods seen on images and live video shopping. It’s also increasing the integration between Facebook and WhatsApp to enable brands to create storefronts, called Shops, upload inventory and communicate with customers.
Going digital means embracing virtual commerce and capitalizing on virtual ads based on behavioral data, suggesting that there is a lot for Instagram and other social media handles to the scope. What they offer is the tip of the iceberg. Therefore, Meta is heavily investing in augmented reality, virtual reality, artificial intelligence, and the necessary talent to build software and hardware.
- Leveraging Digital Shopping Experiences
With the rising interference of digital technology, fashion and luxury brands are increasingly focusing on capitalizing on the experiences they provide while shopping. At its best, live streaming offers an entertaining and interactive antidote to traditional eCommerce’s sometimes static, crowded marketplaces. These platforms help in creating a dialogue between brands and buyers seeking opportunities to discover new items, assisting in decision-making and amplifying convenience through seamless checkout integration. The real-time interaction provides brands with valuable feedback and data. Therefore, the leading name in the entertainment industry, Rihanna and her latest fashion venture and most sought-after lingerie brand Savage x Fenty has launched a live shopping initiative on its eCommerce channel, allowing customers to shop as they watch performances. The initiative was launched with a virtual performance by rap duo City Girls, who performed at the store’s debut retail location in Las Vegas. Online viewers were able to shop the performers’ looks as the show went on, including the brand’s newest Valentine’s Day collection and its collaborative collection with the artists.
Rihanna’s brand intends to bring a unique space to engage with the social community, and it perfectly aligns with the current rise in the commerce-led trend, aiming to bring new and easier ways of shopping customers. Many leading brands in the fashion sector have been using this new strategy to stay in power, and among many other markets, live streaming seems to mesh with commerce trends and help gain more profit in China. According to Coresight Research, the US live streaming industry is expected to reach $11 billion, and it suggests that the new medium is here, and that is a fraction of the value of the Chinese industry. Indeed, live streaming has taken the entire fashion world by storm as it straddles its journey to ripple westward, albeit with limited use cases and different characteristics. When we talk about implementing live streaming in the West, we need to consider many aspects, such as differences in retail psychology, platform use, and consumer behavior. Despite digital spaces becoming a hit, especially during the lockdowns and peak of the pandemic, many retailers and apps have moved to live streaming. This shift has surged online sales and highlighted the significance of virtual engagement. Many experts have different views on the potential for live streaming to become a mainstream business tool for fashion and beauty in the US and Europe in the long term.
Nonetheless, many global leading names in the fashion and luxury companies have tapped on live streaming with varying degrees of success, and few have developed a fully-fledged playbook. However, they need to be careful when and how much they should invest in the channel.
In a nutshell, the fashion industry has leapt in adopting digital solutions, and there is no turning back. These solutions have made it more creative, sustainable, transparent, innovative, and inclusive. Therefore, fashion and luxury brands and retailers must associate themselves with top-notch fashion-tech companies that can take their business to the next level. The best product customizer by iDesigniBuy is a pioneering name in the fashion-tech industry, offering marvelous business solutions to fashion and accessory houses to scale up their sales and revenue.
Contact us today!