How Tech Is Taking Over The Fashion Industry
If you joined our rooftop event in Shanghai, you had the privilege of learning from 5 amazing speakers from the fashion industry that talked about how technology is changing their business landscape.
This was the first MDL Talent Hub Meetup sponsored event and I am glad to say that they did a great job. There was a nice atmosphere, a lot of networking was going on, the DJ managed to shake things up and the food and drinks kept people from getting hangry!
So how is technology changing the industry?
Based on the three use-cases that have presented their industry-changing experiences in China, we see that there are a few big changes on the horizon.
- Artificial Inteligence
- Automated E-commerce
- Augmented reality
- Even more innovations on the horizon
These are just some of the innovations that are influencing the way our 3 speakers are changing and adapting their market strategies.
The way that transactions, data and interactions are being stored and processed is changing. Blockchain is causing that chain. How? Well, to know how, you need to understand what blockchain is and does. For the sake of not making an entire article about blockchain I will simplify it to the point that you know enough about it to understand its influence in the context of this article.
What is blockchain: Imagine a chain. The first link in that chain, is the first block. On that chain is engraved a "code". That code exists out of information that is protected by an unbreakable, unhackable code.
For this reason, it is the safest way of storing users information which puts a new layer on security. Fashion companies deal with online data collection and transactions at an extremely high rate on a daily basis so the way they protect data is of huge importance and companies like the ones of our speakers are jumping on this improvement to implement it in their business activities.
The way AI is changing the fashion industry is by companies implementing smart AI programs that can help with an influx of inspiration, think automatically generated mood-boards based off of online shopping patterns and social media trends. Those AI generated mood-boards will help designers come up with new designs.
Another implementation is by showing better recommendations based on the buyers' preference, time of day, season and other factors of which AI can learn and in response improve its suggestions.
Our speakers talked about how everyone wants everything faster. Our world is constantly speeding up with the introduction of new technologies. In response, humans have to increasingly deal with multitasking. To better serve the customers experience, automated e-commerce will change how people are served online.
Now from the moment someone visits your webshop, it is possible for that webshop to remember (locally, not on their own servers, to preserve your privacy) what you liked, where you left off, what your personal details are, so you don't have to fill everything in the second time you visit that webshop.
What's more is that when you press order, the logistics of that order, once paid, are automated by the integration of the software from the logistics company that webshop decided to work with. This means that the webshop owner doesn't need to check your shipping address, bring your parcel to the post office and ship it off to you. Everything can be automated!
Why is this good? 3 simple reasons!
- You can have a fast and comfortable shopping experience
- The designer of that webshop can keep doing what he loves
- It reduces the entry barrier for passionate designers to enter the fashion industry, which in return makes it possible for more people to share their creative fashion designs.
Augmented reality is another example of an amazing improvement in technology. You might have seen those Snapchat or Instagram filters already, they stick to your face and change your appearance. This is an example of augmented reality, but it goes much further than that and the technology is much more advanced already!
Imagine being able to see yourself trying on the clothes you want to buy, without leaving your room! That's one example of how augmented reality is changing the industry. Both for the shops selling as well as the customers buying.
Customers: They can try on stuff before buying = saves them the hassle of sending it back
Web-shops: They save money on paying for the return-shipping costs, man-hours and packaging they lost.
Even more innovations on the horizon.
Companies like MDL Talent Hub are also changing the landscape of how web-shop owners conduct their business. In the past it used to be unreliable, expensive and risky to work with talents (In this context, models that web-shops would use to create an advertisement, promo video, event, or fashion show) or talent agencies unless you paid a hefty sum of money.
MDL is helping to reduce that cost and entry barrier by applying a reputation system and making the talent-booking industry much more accessible and safe.
However for this article I will stay within the scope of how MDL Talent Hub is improving the fashion industry. They are making it possible for small business owners, start-ups and other companies with a limited marketing budget, to easily find and cooperate with micro-influencers.
By having a reputation system, talent-search engine, uniform compcards and past-experience information, it is easy and cheap to connect with talents that are just starting out or to connect with micro-influencers and inviting them to your either an event as promoters or models, or to a photoshoot as mannequins for your new fashion line!