The fashion industry is one of the biggest and most significant sectors that have a big chunk in influencing how the world looks like. According to a report by Grand View Research, the global apparel market size was approximated to be above USD 1.7 trillion in 2023.
Now, modern technology has had a big part to play in all this growth with various innovations, starting from virtual shopping experiences and the broad adoption of AI helping remodel the world of fashion to digital payment methods through crypto.
Looking at something like crypto, major fashion brands like Zara, Gucci, Balenciaga, Hublot and others have already started incorporating bitcoin payments into their business models. Especially now that bitcoin price today is on a high, it really makes it easy for fashion moguls to make purchases without having to convert their invested crypto into fiat currency.
This article takes us into the now future of fashion as it is being modelled by technological advancements.
Overview of the fashion industry
Before we can get deep into the tech trends, let’s first look at how the industry is performing, from the small businesses to the big international brands.
Small businesses have been reporting an increase of customers despite the high competition and struggle for limited resources. Actually, a recent report showed that at least 77% of these types of businesses have reported an increase. This is chiefly because of increase in sales through various social media platforms such as Instagram, TikTok and Facebook.
When it comes to medium sized fashion companies, they have found out that their niche is in promoting sustainability. The use of eco-friendly materials and the reduction of waste and energy consumption has become rampant in this level of fashion.
When it comes to the big names like Gucci, Zara, Louis Vuitonn and Nike, technological trends are the order of the day. The involvement with the metaverse, crypto, generative AI, VR and AR are the dominant themes around here.
But now, could we get into details of some of the tech trends that are really shaping the world of modern fashion?
Artificial Intelligence
AI has been making headway in the fashion industry, transforming how various designs are made. In fact, it is growing at a very high rate considering that AI is among the fastest growing innovations of the currency century. Now, according to a report by the Business Research Company, AI in fashion is expected to grow at a CAGR of 40.4% between 2024 and 2024, to rise from USD 1.26 billion to USD 1.77 billion.
Now, using AI, the industry is able to create garments without using traditional sewing patterns, offer personalised fittings and predict fashion trends. Right now, designers are using machine learning to come up with new and more effective styles as quickly as demand rises.
The other thing about AI is that it not only improves the production process but it has revealed itself to be responsible for better quality and higher profits.
3D printing
Different fashion brands, both emerging and well established, are increasing their demand for 3D printing technology in a bid to explore how much potential it carries. This new technology makes it easier for personalisation and customisation, increased creativity and sustainability in fashion.
One of the most popular and influential designers using this technology is Dutch designer Iris van Herpen. Iris has been going on in this craft since 2010 and is famous for her sleek and unconventional designs. Actually, in 2010, her Crystallisation collection featured the first ever 3D-printed dress on the runway.
Other renowned designers who are famous for their 3D-printed designs include Julia Koerner, Anouk Wippecht, Julia Daviy, Danit Peleg, and Ganit Goldstein. All these designers have had their “art” stand out in a world where new things are not really taken in kindly.
In conclusion
It is quite evident that technology is really playing a huge role in shaping how the fashion industry operates. Whether we are talking about new modes of payment or new forms or design using 3D, technology has had its way around this massive market. Within the next few years, you can be sure that the fashion industry will be operating on a level we have only imagined through the eyes of movie directors. Soon and very soon, we’ll be wondering how fashion used to be in the 1900s. Brace yourself for the much that is still to come.
