I c T c H no L ogy on THE F ASHI on Ind USTR y: Ex AMI n I ng THE ( nEAR ) F UTURE o F F ASHI on

Text: Attire Club

In the past ten years, the fashion industry has undergone a tremendous transformation. With the rise of online commerce and of social media and blogs, the ways in which fashion is created, distributed, and consumed have been dramatically altered. One of the most profound impacts on the industry has been the prevalence of social media. This platform has become the go-to for advertising and fostering customer relationships, thus democratizing access to fashion knowledge and the latest trends.

What does the future of fashion look like with the introduction of new innovations and technology? We will examine how this is impacting both consumers and producers, as well as how it is enhancing the connection between brands and customers.

Live Shopping

Live shopping is becoming increasingly popular in the US, China, and Europe, allowing brands to sell and promote products through live streaming and giving consumers the chance to engage with them in real-time. This has been a common practice in the East since 2013, but has only recently been gaining traction in the West.

Brands that specialize in traditional fashion are now embracing the trend of live shopping. As part of this, LVMH has inked a deal with Bambuser, allowing its labels to use the startup’s services. Furthermore, Bleeker has partnered with Galeries Lafayette, and LIVEBUY is collaborating with Lidl and MediaMarktSaturn.

Web3: Virtual Reality and the Metaverse

Recently, virtual reality has gained momentum as people have been seeking to escape the physical world and explore alternate realities. Examples of virtual reality spaces include metaverses like Decentraland and Axie Infinity and popular games like Minecraft and Roblox, which have seen a surge in popularity due to the pandemic and global lockdowns. The increasing prevalence of the Metaverse is being embraced by the fashion industry, allowing for the production of digital-only items known as “direct-to-avatar” (D2A). This has opened up the possibility for digital native fashion designers, such as AUROBOROS who identify themselves as a “metaverse native luxury fashion house”, to enter the market without the typical high start-up costs. Established fashion labels such as Balenciaga, Prada, and Burberry are also creating digital collections. The inaugural Metaverse Fashion

Week was held in 2020, with both web3 native brands and notable fashion brands such as DKNY and Dolce & Gabbana participating.

NFTs

In the last year, Non-Fungible Tokens, or NFTs, have been gaining traction in the tech world and are now beginning to draw the attention of fashion houses. LVMH Group has gone all in on web3, launching a number of products that demonstrate their enthusiasm. Tiffany and Co. released a limited collection of CryptoPunk jewellery that can only be purchased by CryptoPunk holders, and TAG Heuer watches now feature the ability to display NFTs. Rimowa has also released an NFT collection. Web3 technologies offer brands a new way to engage with their customers.

Augmented Reality

In the past 10 years, the majority of people have become accustomed to interacting with augmented reality (AR) by using filters on social media sites. It is expected that by 2025, the majority of the world and nearly all smartphone owners will be using AR often (a prediction that should be taken with a grain of salt in our opinion). AR technology can be game-changing for shopping and retail experiences, creating a digital shopping experience that is almost as realistic as store shopping, as well as being able to improve physical shopping experiences in retail stores. For example, Louis Vuitton, Gucci, and Bottega Veneta are offering AR try-ons. Studies have demonstrated that the implementation of AR can be highly successful; one report found that products with AR content have a 94% higher conversion rate than those without. Of course, the novelty factor undoubtedly plays a role at the moment.

In conclusion, fashion and technology are increasingly intertwined in the modern world. From 3D-printed clothing (which are now a classic) to augmented reality dressing rooms, technology is changing the way we experience fashion. With new advances in technology, fashion is becoming more accessible, more interactive, and more personalized than ever before. As technology continues to evolve, we can only imagine the possibilities for the fashion industry.