The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
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Background:
When it comes to testing new technologies, there is always an element of the unknown for brands. While tech investments may not immediately translate to a revenue bump, willingness to experiment could radically transform the fashion industry, according to Ommy Akhe, a creative technologist specialising in experimental software and augmented reality prototypes, who spoke at The BoF Professional Summit: New Frontiers in Fashion and Technology.
“Understanding your customers, the things they value, the challenges you can help them overcome and what gets them excited — it’s essential to meet users where they are,” says Ahke. “The only constant is change. So why not join the journey and start enjoying the current future?”
Key Insights:
- Consumers today are younger, spend more time online and are used to valuing arbitrary digital assets like follower counts and verified check marks. This means they are also more apt to spend money on digital items that hold value in the real world.
- The tools that will build the metaverse — including 5G, artificial intelligence and virtual reality, for example — are well established and consumers are used to interacting with them.
- Ahke’s digital skins projects overlay dynamic imagery on bags, clothes and shoes through a phone lens. Brands can implement this sort of technology to drive loyalty and give buyers more avenues for expression.
Additional Resources:
- How the Smart Money in Fashion Is Thinking About Web3. Investors with track records of predicting where fashion is headed have their own ideas of where the big opportunities lie in web3.
- Fashion’s Metaverse Reality Check. The marketing value of digital fashion and NFTs may now be clear, but fashion brands will need to separate hype from the concrete opportunities to generate sustainable revenue streams from the metaverse.
- The Debrief: Who Is Designing Fashion in the Metaverse? BoF’s Marc Bain chats with Lauren Sherman about the 3D creators, game designers and NFT experts bringing fashion into the virtual world.
