Fashion industry contributes approximately 2% to global GDP and has been growing at a decent pace in the past decades but it has seen quite a bit of disruption in the past couple of years. There has been fast changes in customer preferences with the advent of e-commerce and digital offerings, which poses significant challenge to traditional fashion retailers which sell via brick and mortar stores. The long fashion design cycles for tradition fashion houses tend to be one of the biggest bottlenecks towards agility in the current VUCA world. The customers have become more knowledgeable and more connected with the advent of Social Media, and has given additional powers to consumers. We try to explore how modern technologies like Artificial Intelligence and Machine Learning help the Fashion retailers stay ahead to this ever-changing customer experience.
Fashion provides human beings to define their individuality in a way and new designs provide avenues for human beings to express themselves. The design to shelf deployment lead time for Fashion Brand can be as high as 50+ weeks, which poses significant challenge in terms of hit rate, and sell through rates for new fashion mechandise. The elaborate Product Design / Sampling and Trade Show processes have kept these lead time higher but Digital Technologies can significantly help cut this lead time thus helping Brands to reduce the uncertainty in the consumer preferences. We look at the below use cases which can be adopted by Fashion enterprises for deriving efficiency thereby reducing long lead times.
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