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3 Ways Technology Revolutionized the Fashion Industry
- 1. 3 WAYS TECHNOLOGY REVOLUTIONIZED THE Fashion Industry By: Priscilla Yiu
- 2. E-COMMERCE 1
- 3. In 2011, Americans alone spent $10.7 trillion shopping
- 4. 300 private islands + This equates to the price of: A latte 2000 aircraft carriers +
- 5. We’ve changed the way we shop From the mall to the comfort of our living rooms
- 6. With accessible online research, reviews, comparisons, and shipping & return policies … technology has made shopping online easier than ever before.
- 7. Online and mobile commerce are on a sustainable uptrend, with Amazon reporting a record breaking sales figure for the 2013 holiday season
- 8. While traditional brick-and- mortar retail stores struggled receiving only half of the holiday foot traffic during the gifting season than 3 years ago
- 9. According to Nielsen, e-commerce will continue to gain more ground than any other segment of the retail industry by 2017, with a compound annual growth rate of 11% each year
- 11. Although initially believing that social networking would weaken a retailer’s relationship with its customers,
- 12. the fashion industry has come to adopt it as an effective marketing platform to develop brand awareness and customer loyalty
- 13. As means of customer engagement, fashion brands are utilizing platforms such as Facebook and Twitter to report announcements, advertise events or promotions, and for customer service
- 14. Such brands range from low to high end luxury retailers including Charlotte Russe, Topshop, and Louis Vuitton
- 15. Fashion week 3
- 16. Fashion week takes place in the most prominent fashion capitals of the world consisting of Milan, Paris, New York and London.
- 17. Over the years, the show which served the purpose as a channel for established designers to debut their collections to select media and buyers has drastically changed
- 18. With fashion bloggers and street-style photographers as attendees, magazine editors and fashion professionals no longer hold the exclusivity to impacting the market with new collections and fashion trends
- 19. Consumers in turn, have now turned to online blogs as a more unbiased and credible source to the traditional fashion magazines
- 20. Runway shows are also streamed live online with exclusive backstage videos for behind the scenes.
- 21. In conclusion: like fashion trends which change accordingly to seasons, the fashion industry will consistently change to keep up with technology advancements.
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