What comes to mind when you consider the pandemic’s impact on fashion? Sweatpants or pajamas, perhaps, or jeans and t-shirts? For many people, the answer is likely to be any ultra-casual or comfy athleisure, which so many of us worldwide began regularly wearing as our homes become our offices.
However, the fashion business has dramatically changed away from the Zoom calls and runways. Like that of so many other industries, fashion and apparel’s digital shift has accelerated considerably under COVID. This has impacted how customers interact with brands and merchants, as well as how the industry operates internally, such as inventory management, pricing, supply chain management, and product design and production.
An industry that has always been founded on the foundation of innovation and artistic expression is now bringing more science to the mix, taking technology to new heights. To assist us in comprehending how technology is fundamentally altering the fashion industry and fashion innovation.
According to McKinsey & Company’s State of Fashion, the fashion industry’s profitability suffered a knock in 2020 and 2021 due to the global turmoil caused by the coronavirus epidemic.
Despite its current rocky state, there are some bright spots in the industry’s future. Due to strong consumer demand, the fashion industry expects to pick up steam in 2022.
We’ve conducted research, and accumulated data on five tech fashion companies poised to profit from the predicted surge in digital channels and other upcoming upheavals in the industry.
FOUNDER(S) | José Neves
Farfetch is an online fashion shop with a global presence.
The platform’s unique feature is its capacity to link with major fashion brands, retailers, shops, and stores worldwide and make their products available on the internet.
They run a modular end-to-end technology platform designed specifically to link the global premium fashion industry. Their goal was to develop a single operating system that could handle the diverse needs of both consumers and luxury sellers. Their platform is based on a proprietary API-enabled technological stack that serves as the foundation for its three primary components: applications, services, and data.
FOUNDER(S) | Johnathan Chippindale
Holition is a fashion tech firm that aims to assist stores and brands in adopting and utilizing 3D technology and augmented reality. Holition’s newest product, “Face,” makes the company so appealing to both consumers and investors.
Cosmetic brands may show consumers how items look without using or wasting any cosmetics by using the Face app.
Intelistyle is a fashion firm located in the United Kingdom that has released innovative software that allows users to browse outfits online. The program then synchronizes and pairs the clothing with the user’s photos (bodies).
Like an outfit generator, the brand’s AI stylists also recommend the ideal outfits for any given notion. The software also matches users’ entire wardrobes with online clothing (from participating stores).
FOUNDER(S) | Karoline Gross
Smartzer is the world’s leading interactive video fashion shopping platform with shoppable live streams. Smartzer is a form of interactive digital video player that allows viewers to click on videos to find the clothes and accessories used in the movies, learn more about them, and buy them online.
Big fashion businesses in Karoline’s portfolio include Barbour, Puma, and QVC, all of whom wanted to make their films more profitable.
According to Karoline Gross, the results are impressive: at least 19 times more engagement, 9 times more click-through than traditional films, and, most importantly, a conversion rate from browsing to purchase that is five times higher than pre-roll videos.
Hurr Collective is a London-based fashion startup that has won numerous awards.
The firm provides a safe and powerful on-demand fashion platform that includes real-time ID verification, geo-tagging, and AI-powered fashion stylists.
The website facilitates rental while allowing users to manage their wardrobes more environmentally friendly and ethical.
It also brings together like-minded business owners who can receive fantastic apparel for a fraction of the retail price while also profiting from their designs.
HURR has worked with many sustainable companies to ensure that their fashion rental process is as eco-friendly as possible, including RePack reusable packaging, Oxwash ‘green’ dry cleaning, and EcoFleet courier service.
The world of fashion shifts in tandem with customers’ changing requirements and attitudes.
These 5 firms are great examples of enterprises with the vision and intuition to give customers fashion items and experiences that will resonate with the mass market, from startups that prioritize ethical supply chains to brands that support inclusive sizing.