According to CB Insights, Industry Analyst Consensus, the fashion industry is one of the world's largest, estimated to be worth over $3 Trillion by the end of the decade. As social media apps, retail shops, and augmented reality emerge, people, are changing the way they shop. To reach their customers, brands have adapted to changing circumstances. The way products are made and displayed through various platforms, creates a lot of impact on the customers. Creating a new and different experience can set a retailer apart from the rest in an over-catered fashion world.
Over the past few years, brands have been using artificial intelligence to enhance customers' shopping experiences, analyze data, increase sales, forecast trends, and offer inventory guidance. As a result of artificial intelligence, product design and development reflect customer preferences. To create out-of-the-box prototypes of a variety of products, artificial intelligence is being used. By 2030, it is expected that the market for generative design software will be worth $44.5 Billion. Among other things, Google has trained a neural network to understand colors, textures, style preferences, and other aesthetic attributes. Customers can enter their style into the system, after which AI synthesizes big data signals and preferences, including past online purchases. In an online fitting room, a user can virtually try on dress options and select his/her favorite. A 3D design platform renders the dress and tailors it to that person’s measurements. Robotics sewers and cutters assemble the dress.
3-D Design & Printing
3D printing opens up a world of possibilities for customization. It's desirable to wear a trendy outfit, but not everyone wants to wear the same style. Therefore, customization is becoming popular around the globe. By using 3D printing in production, the textile industry can not only functionally optimize its products right from the start, but production steps such as cutting, sewing, or gluing functional components to a textile can even be saved in this way. Also, the 3D print stage itself allows the use of materials that require less water than conventional fabrics like cotton, materials that are usually recyclable, and reusable 3-D design technique can help in the stages of prototyping and sampling and hence allowing resource efficiency and time reduction.
Alternative materials and fabrics
Several attempts are being made to make fabrics from non-harmful sources that are more sustainable. Companies are opting for alternatives that are eco-friendly and cost-effective. Many inventions have already been done. For example, Cruelty-free leather from pineapple leaves, Animal-free wool from Coconut husks, Silk from Banana Stem, and many more alternatives have already been developed.
Virtual Reality and Meta-verse
Virtual reality is already being used in every part of the globe. In the virtual world, virtual fashion shows are already taking place. Thousands of visitors and several major businesses can virtually attend fashion events as if they were physically present. Experimenting with this channel, from virtual reality fashion shows to virtual stores, appears to be highly popular. This isn't surprising, given that the COVID-19 period has sparked the creation of novel in-home experiences. Virtual reality may unwittingly become the great equalizer of fashion by bringing unlimited possibilities to the fashion world. For example, digital fashion allows everyone to shop for designer labels. Furthermore, internet fashion shows provide the general public with unprecedented access and visibility into the industry. Meta-verse is growing in popularity, and people are already enthralled by it. The Meta-verse is concerned with more than just physical clothing. People are paying a lot of money to dress up their virtual personalities in a make-believe reality, and digital clothing has become a big business.
By 2025, the e-commerce fashion business is predicted to be worth $1 trillion. The compound annual growth rate of online fashion will be 7.18 percent over the next five years. People have shifted their shopping habits from offline to online since internet platforms offer more options and save time. Because of the widespread impact of online shopping, there is a certain level of certainty in the sale of high-end goods and accessories. By 2023, the luxury goods market is estimated to be worth over $80 billion. There are numerous benefits, including a speedier purchasing procedure, price comparison, customer freedom, and no reach constraints. As a result, E-commerce has radically transformed people's shopping habits.
A variety of technologies highlight how technology is automating, customizing, and speeding up the fashion arena, including robots that sew and cut fabric, AI algorithms that predict style trends, and outfits that can be worn in virtual reality. The consequences of digitalization, which is reaching its pinnacle, and social media, which is altering the world, are notable. AI is being used by fashion brands all around the world in their design process. Customers' data is collected in order to determine what best suits them. They assist consumers in selecting clothing based on fabric, color, and style preferences.
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