4 Fashion Tech Prediction for 2023
Find out the 4 most outstanding Fashion Tech predictions for 2023 that will define the innovative standards of the industry this year.
WHAT IS FASHION TECH?
The term “Fashion Tech” describes how cutting-edge technology influences the fashion industry. Including everything from design to manufacturing to retail and beyond.
As customer’s real lives become more connected with the digital world, many designers and brands must embrace innovative technologies to push the boundaries of manufacturing, production, marketing, and wearability.
Let’s discover together the main 4 fashion tech predictions for 2023.
1. CONNECTED STORES
The unstoppable rise of e-commerce has compelled fashion industry players to reconsider the role of physical stores.
Despite the acceleration of digital shopping habits, 60% of European customers choose to shop in stores. They prefer it as there they can browse and touch physical products before making a purchase. Besides, customers who use technology in-store spend up to four times longer than those who do not.
Fashion executives can address consumer common issues by enhancing the in-store experience. With mobile apps and other technologies, they can put themselves up to speed for the era of digital commerce.
Fulfillment technologies allow brands to process orders more efficiently from stores. There for, reducing costs by up to 90% resulting in higher conversion and customer satisfaction rate.
2. END-TO-END UPGRADE
Although digital tools and analytics have transformed key parts of the fashion value chain, these improvements are frequently divided within organizations. Resulting in limiting the potential for optimization between departments.
As a matter of fact, more than 60% of fashion executives believe that integrating digital processes throughout their organizations will be one of their top five areas for the digital revolution by 2025.
There are very few out-of-the-box solutions designed to integrate the fashion value chain from beginning to end. As a consequence, businesses are required to develop custom solutions or prioritize critical issues.
Adopting integrated, digitalized value chain solutions could result in up to a 50% increase in speed to market, an 8% rise in full-price sell-through, and a 20% reduction in manufacturing costs.
3. TRACEABILITY FIRST
Traceability systems powered by tracking software will enable sustainable fashion brands to dig deep into their supply chains to understand the entire lifecycle of their products.
Indeed, more than half of fashion executives believe traceability will be a top-five essential ingredient in reducing emissions. Many brands currently only have visibility over their suppliers with whom they have direct relationships.
So what about the rest?
These are some of the reasons why so many people choose to work with Italian Artisan. The B2B one-stop platform that connects international brands with hard-to-get authentic artisans. Italian Artisan provides digital tools to easily source the finest pieces of Made in Italy with complete transparency.
Fashion companies will start or continue to invest in emerging technologies and collaborate with industry peers to accelerate traceability advancements.
4. FABRIC INNOVATIONS
There are so many advances in the development of materials for the fashion industry, and in 2023 it is expected that the textile sector market will be worth around 83 million euros, involving more than 500,000 workers.
But what are these new technologies we might see in the market these following months?
Many are worth talking about, from Active heating garments that can warm up your body with only a substance that changes state with the flip of a mechanical switch; to special tracers in the fibres of the fabric that creates personalized identification; and also, lab-grown leather as a sustainable alternative to the eco-leather option that is found to be not so eco-friendly.
These 4 outstanding Fashion Tech Predictions for 2023 will be reshaping the industry considerably, not only from the consumer perspective but especially from the brands and production point of view.
