The process of digitalization has been impacting the global economy for decades. Whether it is social media platforms or GPS systems. Technology evolution is a part of the daily routine of nearly everyone. All industries have given into the consumer demand of digital natives and adapted processes and practices to improve daily operations and make life easier. And, of course, so did the fashion industry, just like Sinead Bovell said on the 6th Worldwide Talks.

But how can digitalization adapt to the daily practices of such a creative industry? Which areas does it affect? How can businesses capitalize on implementing these technologies into their daily operations?

First, if you haven’t watched Sinead Bovell’s panel, you should. Because, now, let’s start at the beginning of digitalization. It’s essential to understand the technology sector and how it is inevitable to integrate it into the future.

Digitalization

Whether it is a fitness tracking app to keep up with the progress or relying on a GPS to navigate. Summit it up, digitalization has covered nearly all areas of daily life. The screen time of individuals is increasing and so is the rise of new business models in the tech field.

With the world wide web emerging in the 1990s, the way people consume media forever changed. From there on out, sectors and industries such as banking, traveling and shopping became increasingly more digital. Therefore, changing consumer behavior and creating many new business models. It also contributed to the creation of job opportunities, such as social media managers and analysts.

Whether it is a small business or a large veteran corporation, all industries are undergoing a digital transformation. The theory of evolution explains that those species who adapt to their environment the best have the highest chances of survival. We can also observe it in the new digital environment.

If businesses do not adapt to the newest technologies, they will not remain competitive enough to survive. The fast pace process of digitalization was accelerated further by the recent COVID-19 pandemic. It resulted in worldwide lockdowns and businesses’ inability to proceed with their daily operations as before. Thus, forcing them to adopt digital practices as fast as possible.

Now that businesses have adopted these technologies as means to survive, they will continue using these practices. Consequently, leading to an acceleration of digitalization by between three and four years. This evidently means that digitalization will become even more fast-paced across all industries; leading to the question of how this affects industries as competitive and creative as the fashion industry.

Digitalization in the fashion industry

We can’t deny that the fashion industry has been strongly affected by digitalization; whether it be in the retail or advertising sector. It has become present across all parts of the supply chain. Only in its beginning stages of the scope, it will once reach, with the global pandemic accelerating this incline further.

There are many different technological trends that are evident in the fashion industry, such as artificial intelligence, which ranges from augmented reality technologies that enable customers to try on clothes during their online shopping experience, to aiding designers during their creative process in producing further ideas, which can then be added to the designer’s vision, as mentioned by guest speaker Sinead Bovell. The model and tech speaker spoke at Fashinnovation’s 6th Worldwide Talks about the industry’s innovative future.

Due to changes in consumer behavior, especially post-COVID-19, it is highly likely that consumers will choose online purchases over in-store visits. We are not saying that physical stores will cease to exist, quite the opposite. We are not saying that physical stores will cease to exist, quite the opposite. But the convenience of online shopping cannot be denied either. This increases the need to make the technological processes within a firm more efficient, not only in the retail space but all across the supply chain.

As the digital transformation of this industry is expected to increase further along the line, more changes are expected, such as avatars replacing models and an increase in the 3D printing process of clothing. Nevertheless, there is a present fear of jobs being replaced by machines, and slight resentment regarding the implementation of these technologies into one’s business. How can businesses prepare themselves for the existing digital transformation and what’s yet to come?

How to prepare for digitizing a business

Technologies will not wait for businesses and people to adopt them. If businesses fail to follow the latest AI trends, they will fall behind. Therefore, it is important to embrace the change that is coming, and to be willing to learn about these technologies.

To put one’s mind at ease, Bovell states that the future has been among us for a while. AI technologies in the form of Netflix and GPS have become a daily practice, as will the technologies that society perceives as new at the moment.

Furthermore, newer technologies are not meant to replace humans completely. It makes jobs easier, such as the design of AI technology. Also, It can assist designers in their decision, help supply chain logistics and more.

It is crucial to constantly learn and research the newest updates on technology within one’s industry. That’s not only to understand the process but to remain competitive or possibly even gain an advantage. Technologies, especially in the fashion industry, can be capitalized on if businesses recognize their importance. And, furthermore, understand how to implement them into their operations.

Meet our speakers

Sinead Bovell

Sinead Bovell is a fashion model, futurist, and founder of WAYE. It’s a tech innovation platform that helps the youth prepare for and understand advanced technologies for the future. She is aiming to close the gap between entrepreneurs and the advanced technology they will face in the future. Rather than these new technologies creating a roadblock, her panel helps young people understand and capitalize on opportunities coming their way.

Bovell believes that technology is a key skill for entrepreneurs in the future. She utilizes her degree in finance and Master’s in business, as well as her platform as a model to pave the way for the next generation of leaders in the future with advanced technologies. Bovell has spoken in front of the United Nations about her understanding of the future of technology. Refinery 29 also named her as one of the top ten Black women who are changing the game.

Michael Ferraro

Michael Ferraro is the Executive Director of the FIT Design and Technology Lab, referred to as DTech. At the Fashion Institute of Technology, he carries the responsibility for Industry Partnerships and Collaborative Programs, as well as being the Creative Director of the Innovation Centre. The mission of the DTech lab is to solve problems of the industry by using design and technology.