An adage goes, “change is the only constant”. And indeed it is. The fashion industry in Bangladesh and other countries has evolved over the years. With the advent of e-commerce, smart technology, e-trade, just to name a few, the fashion world has changed for good. It has become so much easier for brands to reach out to customers on real time, expand market outreach, and even stock items in the air, thanks to space less online stores. We enlist some of the ways technology has impacted the fashion industry:
In this digital era where consumers have plenty of options when it comes to fashion, it is no longer all about price. Customers now desire personalized products unlike in the past when one had to take what you get. Brands that succeed presently are those that are able to monetize personalization. The use of technology to monitor people’s behavior, demographics, and interests has become increasingly popular. Email marketing strategies have been adopted bringing firms closer to direct buyers. The use of AI, chatbots, 3D printing, algorithms, and data analytics now makes it possible for firms to personalize products. For example, cashmere sweater manufacturer use natural fiber yarn but now-a-days they also use 3D printing method to develop trendy designs.
This is perhaps a major milestone in the fashion industry of Bangladesh. It overturned traditional retail. E-commerce has made it possible to reduce the world to a village, where with the click of a button, you get what you need delivered to your doorstep. It has greatly increased client base for sellers and manufacturers, reduced costs, and completely eliminated travel time and cost. Buyers have also been offered plenty of options to choose from, thanks to e-commerce. It has also become easier to find products. Information has also become readily available to buyers. This was never possible with traditional retail. Wholesale clothing vendors are using E-commerce sites to sell their products.
Seasonal vs Fast Fashion
The fashion industry of the old days was defined by seasonal operation or launches. For instance, fashion week that showcased trends for coming seasons. You had to wait until the following season so as to purchase trending fashion wear. It took several months before the fashion accessories could be available for the public. Fashion weeks might still be significant with some portion of brands in the industry but it is slowly losing its essence.
Fast fashion is now embraced by general public since it is possible to instantly get a trendy fashion accessory. There is no more need to wait for seasonal releases. It has now been established that fast fashion creates about 52 micro-seasons within a year. What does this mean to the buyer? It means low prices, greater satisfaction, and convenience. To the manufacturer or supplier, it means; more purchases, more profits, and greater outreach.
Increasing use of Influencers
This is a new trend in the fashion industry made possible through modern technology. Social media has made it possible for fashion brands to expand their client base. There has been the rise of influencer generation, some of which have followers in the tune of millions. They have made it possible for brands to showcase their products. This is only possible through the use of technology. Influencers can post real-time videos or pictures and showcase sponsored brands. Even hospital uniforms manufacturers are advertising their products on media to establish their brands.
These are just some of the ways technology has changed the fashion industry. The list is by no means exhaustive.