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Wednesday, July 15, 2020

C-Suite Lifestyle

5 Ways Technology Has Helped Change The Luxury Fashion Industry

What would we do without technology? Technology may have become a fashionable word during and after the Industrial Revolution but we have always been curious creatures. Ever since we started our journey as ancient foragers, we invested in exploring possibilities and creating new things out of it. What we wear and how we wear it has been largely influenced by how humans utilized their resources from time to time. But, of course, we cannot talk about the history of fashion in a short piece like this—but I have decided to pick a very specific topic of my interest and let you know my thoughts on the same.

The luxury fashion industry has undergone a revolutionary change with the onset of modern technological innovations. Today, luxury fashion is accessible, more competitive, and more diverse than it ever was—and we might want to take a look at the ‘whys’. Let us read about 5 such ways with which technology helped in changing the luxury fashion industry.

  1. Making fashion smarter and better
    Of course, today, technology knows no bounds. The scientific community follows one rule, and that is nothing is impossible. There was a time when we struggled to make breathable body-hugging clothes, and now technology has offered us ways to do that. Today, sports shoes are not just a style of footwear; they are functionally enhanced and adapted to your rigorous training regime. Every luxury retail you purchase would be using highly-advanced inputs to enhance the experience. Luxury fashion designers invest a lot in making their creations sustainable, body-friendly, and adaptable.
  2. Customize your fashion and be happy
    Technology has given us the power to connect and communicate with anyone from anywhere. Luxury retail was once very restricted. In the sense, there were not many choices to customize it. Today, this is not the case. You can freely customize your choices and the designer would ensure you are satisfied. This freedom to wear what we like in our style is something to cherish. By giving the designers to seek customization requests, they have become better performers in the industry and have increased their likeability and profits. Luxury fashion, today, is now more about you.
  3. Deliver it at your doorstep
    We are all aware of how luxury retail basically works. One of the things that have not changed throughout the history of luxury fashion is its operations. Most luxury fashion is marketed through physical stores, which means its accessibility is restricted to the regions where these stores operate. However, with the advent of e-commerce, this has seen some change. While the physical stores remain, many luxury fashion designers have started marketing their creations on e-commerce websites, and this has been very well-received.  Today, you can be anywhere and still gussy up like a royalty you are in your favorite brands.
  4. Marketing better and bigger
    You just need to lookup an Instagram handle of your favorite luxury fashion brand and will know what I mean to say here. Today, social media has become a powerful tool for the dissemination of information. The digital “word-of-mouth” technique has helped luxury fashion designers popularise their creations even where they do not operate any stores. Everyone had known Ralph Lauren in India even though it established its first flagship store in 2018 only. Websites, interviews, and live fashion shows have greatly contributed to the surge of the reputation of luxury fashion. The Internet—arguably the biggest gift mankind could have given to itself—is what connects us. It has especially changed the way Luxury retail worked.
  5. The digitalization of fashion magazines
    Magazines are food for fashion enthusiasts. Back when the Internet was not the rage, people relied on hard copies of fashion magazines. Many of which may be expensive or unavailable in your area. Their circulation was limited, whether in terms of prints or geographically. However, with digitalization, you can easily access these magazines online. They maintain segments that are free to read and allow viewers to know the latest trends. Luxury retail is extensively covered in these magazines, and with the latter’s digitalization, people are becoming aware of brands that make up for a perfect red carpet entrance!

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Alexandra Dimitropoulou

Alexandra Dimitropoulou

VP and News Editor
Alexandra Dimitropoulou is a VP and News Editor at CEOWORLD magazine, working to build and strengthen the brand’s popular, consumer-friendly content. In addition to running the company’s website, CEOWORLD magazine, which aims to help CEOs, CFOs, CIOs, and other C-level executives get smarter about how they earn, save and spend their money, she also sits on the Board of Directors of the Global Business Policy Institute. She can be reached on email alexandra-dimitropoulou@ceoworld.biz. You can follow her on Twitter at @ceoworld.