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The report explores five technology-driven imperatives for the fashion industry:
1. Metaverse Reality Check
The marketing value of digital fashion and NFTs may now be clear, but fashion brands will need to separate hype from the concrete opportunities to generate sustainable revenue streams presented by growing consumer engagement with the metaverse.
2. Hyper Personalisation
Brands have access to a growing arsenal of personalisation tools and technologies to upgrade how they customise and personalise their customer relationships. The opportunity for executives now is to harness Big Data and AI to provide one-to-one experiences that build long-term loyalty.
3. Connected Stores
The inexorable rise of e-commerce has forced fashion players to rethink the role of physical stores. Fashion executives can address consumer pain points by using in-store mobile apps to enhance the experience and micro-fulfilment technologies to leverage their physical retail networks for the quick-commerce era.
4. End-to-End Upgrade
Digital tools and analytics have transformed key parts of the fashion value chain, but these optimisations are often siloed within organisations, limiting the potential for cross-functional improvements. Brands should embark on end-to-end value chain integration to create more efficient and more profitable ways of operating.
5. Traceability First
Traceability systems powered by tracking software and Big Data will help fashion brands focusing on sustainability to reach far into their supply chains to understand the entire lifecycle of their products.