Written by Scarlett Martin • Published 18th February 2020 • 2 minute read
Traditionally, London Fashion Week is one of the most exclusive and high-profile events in the city’s social calendar. Kicking off this week with thousands flocking to central London to watch the world’s best designers showcase their latest creations. Indeed, it is estimated that there are over £100 million worth of orders placed during LFW alone.
We’ve looked at several ways how technology is revolutionising the world of fashion and helping to transform the industry.
Technological advancements like augmented reality have been increasingly applied in the fashion industry. More recently, ASOS the online fashion phenomenon has launched its new experimental AR feature called ‘See my fit’. Offering customers, a new way to view their products on different sizes, heights and body types. Allowing shoppers to see how the products fit on models that are a better reflection of individual customers. In turn, helping customers to make more informed purchasing decisions and shop with ease.
New apps such as Wanna Kicks eliminate the trouble of buying shoes online. Shoppers can use the app to digitally try on shoes by pointing their camera at their feet, the app then works to create a digital version of the desired shoe over the customer’s foot. Wanna Kicks lets you ‘try on’ shoes from major retailers such as New Balance, Nike and Adidas.
Britons now spend an average of 24 hours a week online, this staggering statistic is one reason why people are moving away from the high street and towards social media as a space for retail. With more than 80 per cent of consumers saying they make their purchasing decisions based on social media recommendations. Influencer marketing won’t be slowing down any time soon, General Data Protection Regulation laws now limit the use and reliance of third-party data that vendors use to target customers. For brands to stand out in 2020 they will have to incorporate the use of influencer marketing to form new authentic connections and brand loyalty.
‘Reduce, reuse, recycle’ is something we hear daily, and concerns about the environmental impact of the fashion industry has caused a rise in popularity for the fashion rental sector. With platforms such as Front Row and Hire Street allowing customers to rent premium items for a fraction of the cost, whilst still allowing them the thrill of a new purchase. Rental platforms extend the lifecycle of luxury items and prevent clothes being worn once to never see the light of day again. Not only does renting allow you to look chic, but also helps reduce the environmental impact of fast fashion.
With growing concerns about the rise of counterfeit luxury goods, more and more fashion houses are becoming aware of the benefits of blockchain. In 2020, blockchain strategies are expected to accelerate, as they can provide a unique digital identity to exclusive items, authenticate luxury goods, limit the room for products to be sabotaged and anonymously transfer ownership of pre-loved items. In addition to this, the future of blockchain has the potential for the development of payment for luxury goods using cryptocurrency. Farfetch the online luxury fashion retail platform announced it will be launching its own cryptocurrency in 2020 with the help of the Libra Association. The blockchain organisation that governs companies such as Facebook and Ebay.