The constant innovation taking place in retail technologies in fashion are quite progressive. It is dynamic and transformative. The demands of customers in retail today are changing and brands have already begun to adapt in order to be relevant and achieve customer satisfaction. New technologies like fashion AI, the retail business’ intelligence software for fashion are taking the market by storm. They drive valuable business operations, augment overall customer experience and value proposition. The fashion industry is gradually harnessing new technologies that help retailers boost their business. Let’s have a look at the top technological trends in fashion.
Artificial Intelligence
AI is one of the biggest technological advancements in the recent past. Artificial Intelligence has the ability to convert a large amount of data into enhanced information. This improves speed, reduces cost and elevates flexibility across the value chain. In the fashion industry, AI helps retailers with predictive fashion forecasting, capacity planning, and merchandising. In a 2017 report, McKinsey & Company said that an AI-based approach can result in the reduction of fashion forecasting errors by 50%.
Automated Supply Chain
Technologies driven by insights provided by the web and software solutions backed by data enable retail businesses to make better decisions with regard to their daily business operations. Automated supply chain process in the industry is followed and practised diligently as it enhances retail tracking while increasing competence. Why is this technology being rigorously followed by fashion businesses? Customers today expect brands to attend to them when they really need it, at any time of the day – be it change of orders, delivery, or product info. Customers today want modifications and services to take place at the click of a button and brands need to modify themselves.
Better Procurement Tools
With new technologies every day, the lead time to create merchandise is shrinking. The purchasing managers in the fashion industry need to have the ideal procurement tools. As the demand increases, the procurement tools help a retailer streamline operations, faster access to breakthrough trends with latest data, and effectively regulate cash flow with the help of real-time admission to the status of the invoice, by putting in place an intelligent procurement tool.
Cloud Solutions
Fashion brands are eventually taking to novel technologies that help them reduce the effects of turnover on the business. They are moving towards using cloud-based services for better collaboration with suppliers, shortened administrative functions, lower costs of materials & goods, and of course, increased profits. Cloud-based services modify the fashion infrastructure outlay and involve fewer resources with enhanced workflow.
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