DESC (Digital Education & Skills Council)’s Post

#Fridayinspo is written today with an F for #forecasting. Revolutionizing Fashion with Forecasting Technology 🌐👗 The #fashion industry, producing 15-45 billion items of clothing annually, is grappling with the issue of overproduction: a sustainability and commercial problem. However, the advent of fashion forecasting technology might be the solution. WGSN and OC&C Strategy Consultants are exploring how accurate forecasting can address overproduction, improving margins and efficiency while reducing waste. Agile, #AI-informed buying processes are enabling brands to refine their range in line with consumer demand, driving significant value. A case study reveals that a mass-market retailer could have improved margin by £1m-1.5m in its Women’s Skinny Jeans line if more accurate forecasting data was used. The fashion industry’s operating model is being disrupted in several ways: - The landscape of #trends is shifting. - Technology is supporting efficiency and decision-making. - Shorter supply chains and stock aggregation are enabling flexibility. - Real-time planning is becoming more prevalent. - Circularity, rental, and resale are gaining traction. This innovative approach to tackling overproduction is a testament to the power of #technology and #data in transforming industries. It's inspiring to see how AI and accurate forecasting can not only enhance commercial success but also contribute to #sustainability efforts in the fashion industry. This is a clear example of how #innovation can drive both economic and environmental progress. What are your thoughts on the potential of fashion forecasting technology in addressing overproduction? How do you see this impacting the future of the fashion industry? Read more about it here: https://buff.ly/3yIsAAc #trend #foresight

How is #Technology transforming the fashion industry? Aptean subject matter expert John Robinson joins the conversation in California Apparel News' latest feature, "Tech Trends: The Innovations That Will Drive Fashion Next Season." From sustainability solutions to consumer-driven innovations, see what’s next for fashion. Check out the full article here: https://brnw.ch/21wNfqY #FashionIndustry

The destruction of returned and unsold textiles in Europe’s circular economy. New European research based on (grey) literature research #fashion #omnichannel https://lnkd.in/ev_E8JSx

Challenges and Opportunities in the European Fashion Market for 2024 At Wieldex, we're always on the pulse of the latest industry shifts, and today, we're diving into the heart of the European fashion landscape for 2024. Despite facing economic headwinds with the European Union's annual inflation at 3.4% and a Consumer Confidence Indicator of -16.20, the fashion industry is finding innovative pathways to growth. According to McKinsey & Company's "The State of Fashion 2024" report, we're looking at a modest growth projection of 1 to 3 percent for the European fashion market. This mirrors the broader economic challenges yet unveils unique opportunities within the sector. What's Shaping Consumer Behavior? 1. Economic Uncertainty & Consumer Preferences: The backdrop of economic instability and inflation is reshaping consumer spending habits. Yet, amidst this, the demand for value, authenticity, and personalized experiences is more pronounced than ever. 2. Technological Advancements: The spotlight on generative AI is revolutionizing how fashion brands interact with consumers, driving personalized experiences to new heights. 3. Sustainability Focus: An unwavering emphasis on sustainability is steering the industry towards responsible consumption and climate action. Consumers are increasingly aligning their purchasing decisions with their values, looking for brands that not only talk the talk but walk the walk. Strategies for Growth In navigating these trends, the key to unlocking growth lies in leveraging technology and aligning with evolving consumer priorities. At Wieldex, we believe in the power of custom e-commerce innovations to meet these trends head-on. Our approach focuses on creating immersive, personalized online shopping experiences that resonate with the modern consumer's values and expectations. Looking Ahead The fashion industry's resilience and adaptability are more crucial than ever. By embracing technology and sustainability, brands can navigate the current economic landscape and emerge stronger, more connected to their consumers, and ready to seize the opportunities that lie ahead. Let's lead the charge in transforming challenges into opportunities with innovative e-commerce solutions that set the pace for the future of fashion retail. Wieldex is committed to staying ahead of the curve, crafting e-commerce solutions that empower fashion brands to thrive in this evolving market landscape. Join us in shaping the future of fashion retail. Sources: https://mck.co/3UO4Pj5 https://bit.ly/48tJ7Eb https://bit.ly/48tlrQq https://bit.ly/49NnY8Z #FashionIndustry #ECommerce #ConsumerTrends #Sustainability #GenerativeAI #Wieldex #FutureOfFashion #Fashion #DigitalBranding #DigitalAgency

Driftless Goods is not an AI powered app (though we will use AI), but what the brand does is fill a true whitespace - outdoor apparel for people who like nice things and prefer not to wrap themselves in plastic. The global sustainable fashion market is growing (22.9% CAGR), as is the outdoor apparel market (6% CAGR) and consumers surveyed consistently report preferring natural to synthetic materials. Consumers currently do not have choices at this market intersection and this is where Driftless Goods comes in.

Did you know? 🤔 Up to 40% of online clothing purchases are returned, often due to fit issues. My AI virtual mirror aims to change that, reducing returns and supporting sustainable fashion practices. Calling all eco-conscious fashion brands: Let's talk about how we can make online shopping more efficient and environmentally friendly! #RetailTech #SustainableFashion #AI

The fashion industry landscape is evolving rapidly, and those who harness technology to reshape their supply chains and adapt will lead the way. By leveraging data insights to produce what consumers truly desire in smaller quantities and at faster speeds for swift delivery, brands can, not only reduce inventory waste but also pave the path towards sustainability and longevity. While this model has been utilised for fast fashion, there's a compelling opportunity to pivot towards sustainable practices instead. https://lnkd.in/dfazMYpk #BusinessofFashion #Fashionaihub #AIforFashion #AI4Fashion #AIforBusinessValue #AIforFashionSustainability

There's a lot of talk around the fashion industry's environmental problems, and rightly so. But it's a lot, lot harder to gain transparency into the supply chain than people might think. There's no doubt the industry needs to change, but the onus isn't just on brands. The push for transparency must include us all. #fashion #apparel #supplychain #transparency #sustainability

Fashion meets tech: What to expect in 2024 Infor Blog: While the 2024 #fashion forecast depicts cautious optimism, uncertainty prevails among industry leaders as fashion brands face pressing issues affecting the trade's #profitability and #sustainability, including economic slowdown, inflation, weak consumer confidence, and unsold inventory. https://lnkd.in/eEDDM6WM