Navigating the Future of Fashion: Key Trends to Watch in 2024
As 2024 has unfolded, the fashion industry stands at a crossroads, grappling with both resilience and uncertainty. In this context, we had the privilege of hearing from Robin Barrett Wilson, Director of Customer Engagement for Fashion at Rizing. In our conversation, Robin shared her predictions and insightful analysis of the evolving landscape of fashion for 2024. Her insights offer a valuable perspective on the innovative trends shaping the industry's future.
Key Insights
1. Role of Automation and Virtual Reality in the Future of Fashion Retail
In the rapidly evolving fashion landscape, retail brands are recognizing the imperative need to integrate Automation and Virtual Reality for sustained growth. With the right tools, fashion retailers can streamline end-to-end processes, from sourcing the material for the next-big-hit fashion pieces to managing inventory, production planning, and real-time tracking systems to minimize waste, optimize operations, and manage order fulfillment - all from a single platform like SAP S/4HANA Fashion.
McKinsey & Company recently highlighted a compelling trend: Over the next three to five years, integrating generative AI and sustainability practices could potentially contribute between 150 to 275 billion dollars to the operating profits of the apparel, fashion, and luxury industries
Additionally, virtual reality will play a significant role in enhancing the customer experience, with examples like Vans' success on Roblox and H&M's use of AI generators to enable consumers to create personalized designs. Personalization will remain a key priority, with advancements in technology aimed at tailoring designs, messaging, and in-store experiences to individual preferences. Such a degree of personalization enhances customer engagement, heightens the chances of conversions, and nurtures brand loyalty.
2. The Future of AI in Fashion Retail
"Fashion brands need to think about putting in place AI tools that add to the business process and add to the value of what project AI is attached to."
Artificial Intelligence is by far the biggest trend out there. The future of AI in fashion retail paints a picture of an industry transformed by technological innovation. As AI continues to advance, its applications within fashion are expected to become more sophisticated, driving significant changes in how you orchestrate a roadmap of implementing AI.
3. Progress of Sustainability in Fashion
As we witness the convergence of AI and sustainability, the possibilities for groundbreaking technology and innovation are boundless. Imagine new fabrics, cutting-edge garments, and transformative solutions emerging from this fusion.
The future of fashion lies at the intersection of innovation and sustainability, where technological advancements and ethical considerations converge to shape a more resilient and responsible industry. By embracing automation, virtual reality, AI, and sustainability practices, fashion brands can navigate the evolving landscape and seize opportunities for growth and differentiation.
Watch the Full conversation here
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