January 22, 2024

2024 Fashion industry challenges and tech trends for retailers

2024 Fashion industry challenges and tech trends for retailers
In 2023, the fashion industry faces challenges such as hyperinflation, shifting customer sentiments, and uncertain growth, as highlighted by McKinsey. However, experts see an opportunity to leverage evolving trends for sustainability and profitability. Technology, a consistent ally in crises, can help manufacturers and retailers navigate challenges and explore new horizons. This blog delves into key fashion tech trends that retailers should prioritize for profitable operations in 2024.

Virtual Fitting Room

Virtual technology is advancing rapidly, addressing a longstanding challenge of online shopping—the inability to try on clothes. Virtual fitting rooms now enable customers to upload selfies on shopping apps, creating accurate digital avatars. Subsequently, customers can virtually try on products, providing a real-life feel. This trend enhances the shopping experience, reduces abandoned carts, and allows for increased personalization, making waves across retailers.

Smart Mirrors

Convenience is pivotal in cultivating customer loyalty. Smart mirrors, already in use, enable consumers to virtually try on outfits with simple hand gestures, eliminating the need for dressing rooms. This not only introduces customers to new products but also offers an interactive shopping experience, reducing establishment costs and boosting sales and revenues.

Fitting Technology

Endless return requests due to improper fit can impact costs and productivity. Modern fitting technology addresses this by allowing customers to provide body measurements via mobile devices, enabling accurate size recommendations. Utilizing specific poses or a 3D avatar, customers can achieve precise sizing advice, minimizing return challenges.

AI Photography

Visual details significantly influence purchase decisions, with 93% of consumers examining product images. AI photography provides a cost-effective alternative to traditional photoshoots, generating realistic product images using stock photos and ghost images. This approach saves time and costs while creating AI-generated imagery indistinguishable from real photos.

Augmented Reality (AR)

AR is already transforming the fashion industry, with virtual trial rooms relying on AR for accurate outcomes. The use of AR is set to increase, with 41% of global shoppers already using AR for shopping, expected to reach 4.3 billion people by 2025, according to Deloitte. AR enhances the shopping experience, particularly for the younger generation, influencing modern purchasing decisions. As the digital landscape continues to influence consumer behavior, brands and retailers are actively integrating AR into their buying journey. Stay tuned for the latest updates on these transformative fashion tech trends shaping the retail landscape in 2024.