Press Releases

Press Release 26 June 2021

Technology takes centre stage in growth of Fashion industry

The fashion supply chain has for ever been challenged by competition and ever evolving changes. While technology has always been the thrust, it is innovation that has placed itself firmly in the fashion industry for future growth. Be it the IoT-enabled sewing machine or AI-enabled fashion e-commerce, the fashion industry as a whole has grown tremendously well in last couple of decades and it seems a forward-looking approach has already been adopted by the US $ 2.20 trillion worth of industry in the post-pandemic era which means the use of technology will grow at a much faster pace now than ever. According to CB Insights’ Industry Analyst Consensus, generative design software is expected to be a US $ 44.50 billion market by 2030.
What are the major trends to watch out for in the fashion supply chain and accordingly be prepared for the next phase of growth?
Changing ‘Product Design’ landscape with the use of AI and ML
Outside of fashion sector, the manufacturers have already been using AI and high-end automation to generate innovative prototypes for products ranging from aircraft parts to golf equipment. Now fashion brands of all sizes and specialties are embracing (or starting to embrace) technology in their product development process to understand customers better than ever before. More targeted products will be made for targeted audience with better sales propositions.
Manufacturing gets a supporting hand with evolution of online marketplaces
The cost of starting a fashion brand has gone down significantly over the years, thanks to technology and e-commerce. Manufacturing marketplaces can leverage AI to give feedback on whether designs are feasible and provide estimates on cost and production time, potentially eliminating months of back-and-forth with suppliers. In past years, fashion labels would have to manufacture hundreds or thousands of items in order to produce them at a reasonable price.
Upgrade in retail and emergence of Visual Merchandising
Large as well as small fashion retail spaces are closing around the globe. But physical retail isn’t going away – its purpose is just evolving. As fashions brands continue to tailor their lines to smaller, more targeted customer audiences (and use D2C strategies to reach them), they no longer need to stock vast line-ups of inventory in standalone shops or large department stores. AR/VR is redefining the online and in-store experience and several start-ups are helping brands enter a new era of experiential shopping.
Synergy between Brands and Consumers is intensifying, all thanks to social media
There is no more ‘fashion season’ era. The rise of fast fashion is decimating the biannual seasonality that has long structured the fashion industry. In order to keep up, traditional apparel brands are now debuting around 11 seasons a year. Fast fashion brands, on the other hand, may issue as many as 52 weekly micro-seasons per year. Yet, the fact can’t be denied that fast fashion has a dark side and the fast fashion brands have yet to rework their business model to make fast fashion industry more sustainable in the growing landscape.

About Apparel Sourcing Week

Apparel Sourcing Week (ASW) platform is aligned to the changing dynamics of the industry, moving in pace with evolving and shifting world trade of apparel sourcing while also acknowledging the changing needs and wants of the customer.

To facilitate the seamless process of sourcing for greater transparency and reach, the ASW platform offers the industry three independent verticals – Big Show, Marketplace, and V-Expo – to enhance business opportunities for all players in the fashion retail chain, in an environment of networking, knowledge, and inspiration. With the three verticals, the supplier has marketing opportunities all around the year like never before, while the buyer has multiple avenues to search his perfect sourcing partner from South Asia.

About the Organiser

Apparel Resources is well known for its benchmark publications – Apparel Online, StitchWorld and Resource Guide published from India, Bangladesh & Vietnam. These publications have been around in the industry for over 35 years, supporting, guiding and standing by garment exporters and the retail industry globally, providing them a platform to source better.

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