Learn from Karin Tracy how digitalization has impacted all industries on a global scale, including the fashion industry. From magazines in the past to going mobile in the present, and the metaverse in the future, it is evident that change is coming.

A driving force behind the development of the metaverse is Meta, formerly known as Facebook. Meta is not building the metaverse by itself. However, it is contributing to developing the next disruptive technology in a global context. Understanding this development’s technological evolution within the fashion industry is crucial.

The technical evolution of the fashion industry

From the installation of design programs onto a computer rather than only using sketches to the beginnings of 3D printing of clothing articles – digitalization severely impacts the fashion industry. Not only the production end of the supply chain has changed, but also the distribution to consumers and the communication channels. Earlier, consumers would purchase items in-store or order them online. Nowadays, omnichannel management allows a seamless consumer experience and connects all retailer distribution channels. However, the technical evolution does not stop there.

The implementation of Artificial Intelligence has begun, allowing customers to take a picture of an item. Also, to receive similar suggestions on where to buy items that look alike – sometimes even the exact piece. Although this technology is still beginning, it leaves the question of what is yet to come. To grasp this, understanding the Metaverse is a crucial part.

What is the Metaverse?

When asking our guest speaker what the Metaverse is, it became evident that it is hard to find one definition. It can be the disruptive successor to the mobile industry and the largest marketing opportunity for firms since the invention of the internet. The term itself cannot be defined, as it refers to the general human interaction with technology.

AI and AR technologies will allow consumers to have a more seamless buying experience than they already do. It happens by letting them virtually try on the clothes without leaving the comfort of their own homes or creating technological experiences and physical retail spaces. Nevertheless, many people fear that new technologies will replace human labor and create a greater issue in the long run. However, Karin Tracy emphasized that technology is meant to enhance in-store experiences. And also, follow the common goal of connecting consumers to the brand. How will this look in the fashion industry?

The current technological state of the fashion industry

To understand where the industry is, it is important to understand the current state of development in the fashion industry. Technology has become a crucial part of the industry. This role was solidified by the COVID-19 pandemic and businesses’ inability to pursue their sales as before. They were forced to adapt an E-Commerce strategy in order to remain competitive. If businesses neglected this step, they were heavily affected by the situation, meanwhile, businesses that adapted this strategy in time managed to remain competitive and possibly increase their sales.

Current technological efforts of firms include the digitization of their supply chains in order to keep up transparency throughout their sustainability efforts. Further technological advancements include the adaptation of omnichannel retailing and the overall personalization of the shopping experience for consumers. There is no doubt that the technological evolution has reached the fashion industry. Nevertheless, the question remains where this evolution is headed in the future.

The future of the Fashion Industry in the Metaverse

Businesses that are hesitant regarding the initial investments towards technological advancements and the metaverse need to learn to lean into this change in order to maintain competitiveness because one thing is for sure: change is coming. But what will the fashion industry in the metaverse look like? One digital asset which has created immense value over the past year is NFTs – crypto assets with verified authenticity and ownerships within blockchains. People can buy, trade, and sell them in the metaverse.

However, advancements include the phenomenon of being able to buy everything you see – whether this is through glasses, smartphones, or other gadgets which are currently being created by companies like Meta and co. Virtual styling sessions, virtual test driving of cars and virtual changing rooms are all within the close grasp of the fashion industry. Which further advancements are coming remains a question of time – the important thing to remember is that this will revolutionize the industry forever.

Meet our speakers – Karin Tracy & Edward Hertzman

Karin Tracy

Karin Tracy is the Head of Industry in Retail, Luxury and Fashion and Meta, formerly known as FaceBook. She has developed market strategies for retail, fashion, beauty, and luxury marketers. She also built teams that created important relationships for the brand itself. Before joining Meta, Karin Tracy published for InStyle and was responsible for marketing, advertising sales and the brand strategy for both the monthly and special issues. Her advertising career and expertise started at Giorgio Armani, before joining the Saks Fifth Avenue Marketing department for a year. Karin graduated from the Fashion Institute of Technology with a bachelor’s in marketing.

Edward Hertzman

Edward Hertzman obtained his degree in Economics at NYU, gaining more than a decade of work experience as an executive for sourcing companies worldwide. He is a board member for Delivering Good, which is a charitable organization channeling fashion resources for those in need. In 2009 he founded the Sourcing Journal Online, which has gained more than 75000 subscribers, making it the largest journal devoted to sourcing apparel and the textiles industry supply chain. In 2020 he became the vice president of Fairchild Media. He oversees the growth of their strategic content studio, in addition to his devotion to the Sourcing Journal Online.