There’s no denying that technology has had an unparalleled impact on the world. And we’re not just talking about the number of hours spent watching Netflix on your laptop or how easy it is to video chat with someone in another country, but about how technology has transformed various industries. Case in point: the fashion industry. Wayne Shulick is an entrepreneur based in Philadelphia, Pennsylvania where he has a long history of business creation and development in numerous industries and has worked as a consultant, owner, and founder in the clothing, design, and nightlife industries. Thus, Shulick has seen firsthand how technology has played a major role in transforming fashion. From the rise of e-commerce and social media marketing to the invention of new types of wearable technology, there are a number of ways that technological innovation has influenced the industry. And these changes are not going anywhere, in fact they are likely to inform how the industry is run for the foreseeable future.
Wearable Technology
The first way that technology has impacted the fashion industry is through the new products that have come about because of it. According to entrepreneur Wayne Shulick, the trend of wearable technology (otherwise known as clothing or accessories with technological features built in) has been huge in the last decade. Think of items like the Apple (News - Alert) Watch. This device is not only an incredible piece of technology but is also a wearable fashion accessory. In a similar vein to smart watches (i.e. items with the goal of enabling people to check their smartphones less), other wearable fashion such as Bluetooth cocktail rings and tech-embedded jewelry have come onto the market. In order to keep up with the times, it’s going to be imperative for fashion retailers to partner with various tech brands to continue producing wearable technology that is both stylish and sensible.
The Age of Social Media
As we move into the third decade of the 21st century, there is no denying that we are living in the age of social media, shares Wayne Shulick. This pertains not only to how people interact, but to how consumers buy products and how companies market products to them. Twitter (News - Alert), Facebook, Snapchat, and especially Instagram have all grown to be extremely powerful tools when it comes to influencing consumer behavior and purchasing patterns. In fact, studies have indicated that younger generations who use social media the most, such as the millennial generation and generation Z, consider social media to be the top deciding factor when it comes to making a purchase of clothing. This is part of the reason that Instagram first created shoppable posts, allowing customers to see the prices of clothing items and click a link directly to the webpage on which they’re being sold.
Similarly, Facebook (News - Alert) has created personalized data-driven advertising that allows companies to specifically target their ads at consumers who are most likely to purchase their product. It is also why nearly all new fashion companies have a team dedicated to social media marketing, a subset of which is typically influencer marketing. Instagram influencers have become a highly lucrative industry that fashion companies are taking advantage of in order to promote their new product or collection to their follower base. Lastly, Wayne Shulick asserts that the rise of social media and influencer culture specifically has led to a new wave of fashion models. Many models nowadays are chosen based on their significant social media following versus on their experience in the industry. One of the best examples of this is Kendall Jenner who has become the face of multiple brands due to the success and size of her social media following.
E-Commerce
Another way that technology has revolutionized the fashion industry is through e-commerce. Online shopping isn’t going anywhere and in order to survive, fashion retailers need to adapt to it. Wayne Shulick asserts that e-commerce involves not only creating a shoppable website that is user friendly, but also establishing an online presence, creating an app, and of course, developing marketing campaigns for the digital platform. Further, in order to ensure that this new technology-based retail platform is running smoothly, it is essential for retailers to hire an in-house IT team to ensure that your company’s IT infrastructure is functioning at all times. Retailers know all too well how a website glitch or crash can result in major profit losses. In terms of how e-commerce has affected the consumer, Wayne Shulick claims that due to the advent of online shopping, making purchases is now hassle-free and more convenient for the consumer. It has almost made it easier than ever before to purchase fashion items from all over the world.
