Marie-Hélène Stavelot, founder and CEO of Reluxable.
The Covid-19 pandemic has changed the way businesses operate in the world. The impact went beyond business as it also changed the way customers behave. It has dramatically altered the way we consume and shop. It has drastically transformed our spending and purchasing habits almost overnight, as more and more people indulge in online shopping and digital buying opportunities.
This change has translated to high demand and has resulted in the growth of the fashion and tech industries.
Online shopping became one of the only dominant ways consumers could order and shop while staying safe and complying with Covid-19 related standard operating procedures.
If we look at the fashion industry, fast fashion has always thrived due to the efficient technology making production cheaper and economies of scale easier to achieve.
According to CB Insights’ Business Analyst Consensus of 2021, the fashion industry is expected to be valued at over $3 trillion, by the end of the decade. It is also one of the world’s largest growing sectors.
The growth of e-commerce is also an essential factor in today’s fashion scene. Currently, technology is at the forefront of fashion, with many firms employing artificial intelligence to make sense of increasingly complex data left behind by online shoppers. For example, in collaboration with Zalando, Google developed Project Muze, an algorithm capable of learning and powered by people. This works like this: the system scans a person to determine their dimensions; neural network models then analyse the acquired data to generate clothing designs intended to minimise fabric waste.
Moreover, another technology that was previously not being used in fashion is 3D printing. The previously used technology in art and other sectors is slowly establishing itself in the fashion industry. As the cost of producing and acquiring 3D printing technology decreases, more and more designers are using it to make unique and personalised attire, proving to be popular with customers.
Fashion tech has seen an unprecedented rise due to the Covid-19 pandemic. Image: rawpixel
Furthermore, speaking of consumer preferences, it has never been easier to track consumer likes and dislikes than it is in today’s time. We live in a world where we are all leaving data trails behind our back with every action on social media. Marketers and business analysts have treasure troves of personalised data available at their fingertips, making their decisions about fashion more informed and in tune with what their customers demand.
While fast fashion is still thriving, customers are also becoming more socially responsive and ethically conscious about their fashion choices, which is why there has been an increase in thrift and second-hand stores. According to a 2021 report by Thredup, the secondary sector is “increasing at 11 times the rate of traditional retail and is expected to be worth $84 billion by 2030”.
Fashion tech has seen an unprecedented rise due to the Covid-19 pandemic. However, this only marks the start of a new era in fashion: one where personalisation and customisation will be increasingly data-driven and will aim to understand the average consumer much better as access to better and more sophisticated technology increases.
Marie-Hélène Stavelot, founder and CEO of Reluxable
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By Marie-Hélène Stavelot
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Why fashion-tech is the future since Covid-19 pandemic
Transformation of spending and purchasing habits has resulted in the growth of the fashion and tech industries
The Covid-19 pandemic has changed the way businesses operate in the world. The impact went beyond business as it also changed the way customers behave. It has dramatically altered the way we consume and shop. It has drastically transformed our spending and purchasing habits almost overnight, as more and more people indulge in online shopping and digital buying opportunities.
This change has translated to high demand and has resulted in the growth of the fashion and tech industries.
Online shopping became one of the only dominant ways consumers could order and shop while staying safe and complying with Covid-19 related standard operating procedures.
If we look at the fashion industry, fast fashion has always thrived due to the efficient technology making production cheaper and economies of scale easier to achieve.
According to CB Insights’ Business Analyst Consensus of 2021, the fashion industry is expected to be valued at over $3 trillion, by the end of the decade. It is also one of the world’s largest growing sectors.
The growth of e-commerce is also an essential factor in today’s fashion scene. Currently, technology is at the forefront of fashion, with many firms employing artificial intelligence to make sense of increasingly complex data left behind by online shoppers. For example, in collaboration with Zalando, Google developed Project Muze, an algorithm capable of learning and powered by people. This works like this: the system scans a person to determine their dimensions; neural network models then analyse the acquired data to generate clothing designs intended to minimise fabric waste.
Moreover, another technology that was previously not being used in fashion is 3D printing. The previously used technology in art and other sectors is slowly establishing itself in the fashion industry. As the cost of producing and acquiring 3D printing technology decreases, more and more designers are using it to make unique and personalised attire, proving to be popular with customers.
Furthermore, speaking of consumer preferences, it has never been easier to track consumer likes and dislikes than it is in today’s time. We live in a world where we are all leaving data trails behind our back with every action on social media. Marketers and business analysts have treasure troves of personalised data available at their fingertips, making their decisions about fashion more informed and in tune with what their customers demand.
While fast fashion is still thriving, customers are also becoming more socially responsive and ethically conscious about their fashion choices, which is why there has been an increase in thrift and second-hand stores. According to a 2021 report by Thredup, the secondary sector is “increasing at 11 times the rate of traditional retail and is expected to be worth $84 billion by 2030”.
Fashion tech has seen an unprecedented rise due to the Covid-19 pandemic. However, this only marks the start of a new era in fashion: one where personalisation and customisation will be increasingly data-driven and will aim to understand the average consumer much better as access to better and more sophisticated technology increases.
Marie-Hélène Stavelot, founder and CEO of Reluxable
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