Consumers’ lifestyles and values are changing, and goods and services providers must adapt to meet their needs. Leveraging the power of digital tools such as IoT, everyday goods and clothing manufacturers have the opportunity to create new business models that provide solutions for these new consumer segments.
Consumers don’t want “things,” they want experiences
Consumers are no longer satisfied with simply purchasing and possessing goods. Rather than collecting tangible “things,” there is growing interest in buying based on intangible values, particularly unique and novel experiences.
In light of these shifting patterns of behavior, providers of everyday essentials such as clothing must explore ways to deliver new services that fulfill these intangible needs, rather than focus simply on selling products.
Creating new value with “Fashion Tech"
The textile and fashion industries are well-positioned to add value to their products and services using digital tools such as IoT to visibly improve quality of life for consumers. In the fashion industry, “fashion tech” is driving the adoption of digital tools to create new high-value products and services. In the textile industry, “smart textiles” which help collect and analyze the biological data of the wearer are the next frontier of added value.
The future of smart fashion has already begun
Many companies are already maneuvering in the fashion tech space, with new efforts to develop mass-customization systems where made-to-order items can be produced and sold with the same efficiency as conventional mass production. In the area of smart textiles, companies are developing clothing that can monitor vital signs for seniors, as well as construction workers and commercial drivers. Some are even testing products that help maintain athletes’ physical conditions and monitor exercise load by collecting biological data through a garment’s fabric.
In the future, these developing technologies may fundamentally change the way we think of clothing. Companies are expected to unlock the limitless potential of these revolutionary new services and solutions.