Data Driven Fashion and the Digital Economy

Image Source: Luxe Digital

Data Driven Fashion & the Digital Economy

By: Betty Wall, P.E., Founder and President of TechEdge Consulting LLC

Visit: Techedge.com, Follow Her at @Bettytechedge

Capital Region, New York

Industries have benefited from the online or “digital economy” gathering information from social media and Internet sales. This information helps spot trends using “data analytics” to gain insight and develop customer loyalty. Banking and consumer products have led the charge, yet the fashion industry is playing catch up, working to reach a broader, more diverse, stylish and tech-savvy buyer.

Prior to COVID-19, high-end fashion houses were slow to embrace the digital economy and couture brands known for exclusivity, relied on brick and mortar store sales. In-person “Fashion Week” events including mostly celebrities and high earners, have dominated headlines. The tangible aspects of feeling new fabrics and seeing a style in a boutique mirror, was--and is-- an exciting part of shopper experience.

COVID-19 has changed the fashion game to welcome a new group of designers, brands, and entrepreneurs. During Vogue’s Global Conversation webinars in spring 2020, with most participants in sweat suits and yoga pants, elite designer after designer admitted that the fashion industry was ill-equipped for the digital economy, struggling to keep their lines afloat during a new era of remote work and comfy digs.

As the world went into lockdown, fashion shows were canceled, and a new breed of digital show was envisioned in a creative new way. Virtual fashion events were launched and streamed live with tantalizing graphics that rendered new fabrics beautifully, with upbeat music, a fun vibe, and

unique modeling. Today, entrepreneurs don’t require a physical store front to launch new fashions given the power of a digital and social relationship. Rihanna and the late Virgil Abloh showed the world that social media followers could become highly loyal as they each captured the worlds imagination and asked for direct customer feedback. Theiron-line connections created hugely successful brands focused on inclusiveness, appealing to a diverse buyer with exceptional products and a range of prices. As the wealthiest female musician in the world, Rihanna is now working with Morgan Stanley and Goldman Sachs, on an IPO for her new Savage x Fenty fashion line,valued at $3 billion.

From street wear to customer couture, designers who gather data about prospects, audience and competition are rapidly changing the fashion industry and bringing their own creative visions to our to our digital world. The opportunity is massive and very exciting.