Are you aware that online sales contribute 23% of the worldwide retail purchase? It is estimated that 2.14 billion people will buy products online this year. In fact, it is forecasted that 95% of retail sales will be made through online commerce by 2040. This means the traditional brick-and-mortar stores are likely to vanish by then. It may seem absurd to believe it now, but it is the future of retail sales. The industry will make %6.54 trillion sales by the end of 2023. Now that you are well-versed with the numbers, do you think the current fast fashion supply chain has enough potential to grow the industry? Or is there a need of introducing a fashion industry value chain? Let’s find out.
What Makes For A Fast Fashion Value Chain
About 1.3 million companies are selling their products online in North America alone. A total of 2 to 3 million eCommerce companies are evaluated across the globe excluding China. Yes, there’s space for everyone in the digital space, but there’s a lot of competition too. Now to think that you are competing with all these eCommerce retailers might be wrong. Companies making more than $1 million from eCommerce sales are near to 208,000 only. So, it might be right to conclude that only a few are able to make it in the digital space. The question you might want to ask yourself is, why are some better than others? How can you derive noticeably higher sales from eCommerce?
The best way is to look within the industry. It is the fast fashion supply chain that fuels the whole industry and converts products into ROIs. However, the traditional fashion supply chain lacks efficacy and transparency to meet the demands of the eCommerce industry. Besides, it is not very cost-effective for everyone, especially the small and local retailers. This is why there’s been a realization to come up with a full stack fashion supply chain solution provider. The incorporation of technology into the internal matrix of the industry has resulted in a fashion industry value chain. Digital tools have added value to the supply chain processes and curbed the costs. Let’s have a look at some of the trending technologies being used in the fast fashion value chain.
3D Product Imagery
One of the major components of eCommerce selling is visibility. Consumers will only buy what is visible to them. Thus, you must create a visualization of your products to connect with your audience. However, conventional photoshoots are not a convenient option anymore. They require a high budget and take weeks to produce the final results. Besides, you need to tackle the hassle of hiring models, make-up artists, hair stylists, photographers, and the equipment as well. Low-budget retailers cannot afford this every single time. Besides, it slows down the whole process.
To reach a wider audience, you need to fasten your visibility rate. 3D product imagery is a fashion value chain solution that caters to all these needs. It is not only cost-effective but also time-efficient. You can get high-quality results within days. It uses AI technology to produce imagery for your products. You can use versatile features like spin photography, 3D generated models, and 360-degree product modeling to enhance your consumer’s virtual experience.
(Product Marketing Manager)
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Sampling is a crucial process of the fast fashion supply chain. Without proper sampling, one cannot even think to manufacture their products. Virtual sampling is a solution that has made the sampling process quick and easy. You don’t have to manufacture a physical sample and move it from one place to the end. All you need is a sketch of a design to convert it into a digital sample. You can easily share it with multiple people and make the slightest of changes to the details as many times as you want. This way you not only save your time and money but also cap your carbon footprint.
Virtual & Augmented Reality
The interactive your products are, likely are the chances for them to convert into a successful purchase. Virtual and augmented reality enables you to make your virtual presence engaging for the consumers. You, consumers, can view a product from different perspectives and changing surroundings. For example, using virtual reality you can sell a bathtub set-up in a bathroom. Consumers can change their colors, features, and other surroundings as per their needs. It gives them an upper hand and makes their shopping experience interesting. Similarly, augmented reality is gaining popularity too. It enables the consumers to use their webcams to try on products. For example, people can see how a pair of sunglasses would look on them or even try on a virtual dress for their satisfaction.
Online Is Easy, eCommerce Is Not
It is easy to switch to eCommerce. However, to be able to generate sales is a tough call. Brands and retailers opt for a consumer-centric selling approach for higher ROIs and increased visibility. The point is not only to sell but also to keep bringing the consumer back. Many selling sites thus provide customization and personalized product recommendations. This way the consumers feel valued and tend to see products that interest them. Technology has indeed turned out to be a full stack fashion supply chain solution provider. However, it is not just limited to what we’ve discussed above. There are many other digital tools like virtual tagging, product bundling, 3D rendering, and M-commerce for you to explore.