Does exclusivity matter in the digital age? This is the much heated debate going on in the halls of the luxury fashion industry.
Looking to jump on the digital bandwagon, the fashion industry wants to break free of those record lows the industry has suffered over the past year. Using other industries as inspiration that have embraced the use of digital technology, fashion wants to break that slump and increase at a global scale.
Wanting to connect back with their previous customers, the fashion world is trying to reinvent themselves and break free of the traditional norms that have plagued the industry. Creatively, fashion is ever evolving, but their business practices have stagnated, and this is what they’re looking to change.
The Problem With Luxury
Traditionally, when brands would roll out their collections on fashion show runways throughout the world, there was a turnaround time of half a year before consumers could actually buy the products. Now companies are seeing this as an err of their ways, releasing the concept of “you’ve just seen it, so now you can buy it!” Essentially, they see the amount of time spent perfecting items as a crutch, and want to crank out items as quickly and efficiently as possible.
Whether is idea is an actual solution or not, stands to be a test of time, as the idea is relatively new.
Logistics of Fashion
In the past, designers weren’t open to the thought of selling their products online. Seeing this as a negative, they are now open to outsourcing this problem to other companies who focus on the distribution of products online.
With the latest trends in VR technology, the views of Paris runways are no longer solely for the fashion elite. Shops who generally shied away from the use of technology, are now embracing it and selling things like VR headsets in their stores. In this digital age, consumers are more savvy with their use of technology, and open to the idea of implementing it more in their businesses.
Now it’s just a matter of when to use technology, but how.