THE FUTURE OF FASHION

The growth and global expansion of fashion are increasing at a tremendous rate. Everything is hitting new peaks every year with the skills of people in the industry, technologies in the production process, organisation, and brand awareness. Fashion as a career is also booming with universities adapting to the latest trends in education, students and people in the industry are much more positive and confident about the choice they make because fashion as an industry can never face a setback. Everyone needs clothes. The demand will always be high. Whether the demand and supply concept in fashion is good or bad is a debatable topic, which will see towards the end of the article. 

Fashion is a trillion-dollar industry and the compound annual growth rate is projected to increase further. Fashion influencers as a business are also increasing. There are influencers with more followers through which fashion is taken to a wider audience. The awareness in the minds of consumers is shifting with the changing times and brands are always looking for this gap. A gap in the market is defined as an opportunity through which a brand can bring a new value proposition via a product or service. Even if there isn't a visible gap in the market, innovative steps are taken to penetrate the market. 

One such opportunity is the use of advanced technologies.

In this article, we will look at the future of fashion: the global trends, technological advancements, and Increasing demand issues. 

GLOBAL TREND - ‘Sustainable and ethical fashion’

After the advent of covid-19, the whole fashion industry is going through what is called the “Paradigm shift”. People are becoming more aware of the fact that the fashion industry is the 2nd largest contributor to pollution and other environmental degradation, globally. That’s when ethical fashion and sustainable goods started making their impact and many brands including startups, are focussing on entering the sustainable market of the fashion industry because of the sheer potential and environmentally friendly behaviour. People are also becoming more aware and they are gaining more knowledge about sustainable fashion.

The global ethical fashion market is expected to grow from $6.93 billion in 2021 to $7.57 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The market is expected to grow to $10.28 billion in 2026 at a compound annual growth rate (CAGR) of 8%. (globenewswire, 2022)

There are marketing concepts such as green marketing, through which the brand markets its green and responsible initiatives to its audience. Brands can also be involved in any Corporate Social Responsibility (CSR) activities to give back to the community/society. In this way, we all take a different approach to business. This creation is not human-centric, every other species is equally important to maintain this ecosystem. So, it would be an inspiring initiative if many fashion brands do something that is apart from just fashion. Create necessary goodwill in the minds of the consumer. If this is done, half of the battle is won.

This is the future of fashion. And this is a positive and progressive step. The only threat that is existing here is the increase in the selling price of the products. Sustainable goods are much more expensive than mass-produced products. If this is the case, then a question arises is sustainability only for rich people? 

One more reason to have a high-priced sustainable product is to avoid impulsive and compulsive buying. If it is also cheaper, you might buy 10 garments. But if it is sustainable and expensive, you will just buy 1 and make sure that it is long-lasting and durable.

The sustainable business model is encompassing many fashion brands and the production and quality control have become strict because of the operation procedures and certificates that a company should acquire if they are into sustainability.

ECO-STYLIST CERTIFICATION, CONSIDERATIONS: Transparency, fair labour, and sustainably made.

SUSTAINABLE APPAREL COALITION CERTIFICATION, CONSIDERATIONS: Address inefficiencies, and resolve damaging practices and environmental and social practices.

GLOBAL ORGANIC TEXTILE STANDARD, CONSIDERATIONS: Labour, fabric type, water treatment, packaging.

TECHNOLOGICAL ADVANCEMENTS

We are in a technological era and this particular current time frame is being referred to as “Industry 4.0”. Every industry phase is characterised by distinct changes and the evolution of trends in the tech sector. In industry 4.0, the upcoming technologies are Augmented Reality (AR), Artificial Intelligence (AI), Autonomous Robots, Simulation, Internet Of Things (IoT), Blockchain, Metaverse, etc. 

There are many factories in the fashion industry that have already implemented a few industry 4.0 technologies. The main advantage of employing these technologies is that it is much more productive and efficient. Wastage can be easily avoided as the simulation will show us exactly how much fabric is needed and the entire production process will be set accordingly.

The scalability of fashion is going to be huge. This is because we are going to be hugely empowered in terms of capabilities to produce at such a large scale. Innovation is a key factor in fashion. As discussed earlier about the sustainability aspect, it is important to come up with creative concepts that help your revenue grow, but don't hamper or degrade the environment. 

The e-commerce industry is also booming because of the pandemic restrictions that were there for 2 years, people got used to buying things online. So, nowadays, many fashion startups don't even have a physical brick-and-mortar store. They have just a website, through which they can make a purchase and the item will be delivered. This is called the Asset Low Model (ALM) in which capital expenditure for fixed assets is saved. 

For an e-commerce site to be functioning well, the digital interface is very important. The User Interface (UI) and User Experience (UX) are very important and the technologies here are also developing and evolving so rapidly that social media handles such as Instagram, Facebook, etc are bringing in more customers than ever before and the online website acts as a pivot. 

The digital world that is present now is enormous and the business opportunities are truly endless. According to McKinsey, State of the fashion report 2022, the research clearly shows that digital is the biggest opportunity for the fashion industry in the coming years. The interaction in the digital platform is so much more and therefore all the brands want to make themselves visible in that arena. 

Sustainability is the second biggest opportunity. There are so many sustainable fibres that are being created from natural biodegradable substances. 

All these technologies are set to enhance customer experience. Customer experience is the core of every business, not just fashion. At the end of the day, a brand survives only because of its customers. So, it is essential to differentiate the way a brand serves its customers. The same garment can be sold by thousands of brands. But what entrepreneurship means is how you sell a product. In fact, you don't sell a product or merchandise, you sell ideas, feelings, and emotions to create a bond with the target audience and thereby make them a part of your loyal clientele base for your brand. The technology should also become more transparent and customers should have more information about what the brand is doing.

INCREASING DEMAND ISSUES

Every innovation has its pros and cons. The reason why I chose this header is that the whole aspect of sustainability is to produce less and create more value in each and every product. If we are empowered like this in terms of technology, we have to make sure we use it in the right sense. It is not just about the economy. It is how we make an economy. The demand created should be conscious and not just about impulse. So, the companies have to make sure that there is no wastage being thrown out into landfills, as it would contaminate in a big way.

“Around 12.8M tons of clothing are sent to landfills annually. The fashion industry is responsible for up to 10% of global CO2 emissions, 20% of the world’s industrial wastewater, 24% of insecticides, and 11% of pesticides used.” (techpacker, 2022)

This is the issue with the ever-increasing demand. Many brands are moving towards slow fashion, which is nothing but producing less and not just according to seasons. 

Using these technologies to create a better environment is the ultimate goal. The future of fashion is going to increase.

ENDNOTE

The fashion industry is increasing at a very rapid pace. The future of fashion is also very bright, in terms of job opportunities and educational opportunities that are also available. There are so many institutions that are having full-time fashion courses and fashion business courses to equip us to deal with ever-changing industries. 

Fashion is a trillion-dollar industry and it is going to keep evolving. It is up to us to make sure we adapt to trends and upgrade ourselves technologically.