The development of technology has altered the nature of global trade. People are willing to spend money on fast fashion items since they may have them delivered to their doorstep within minutes. Many sectors have been and are being changed by the rapid development of technology in recent years. There is no exception when it comes to retail. Technology advancements in the recent past have hastened seismic transformations and triggered massive disruptions in the retail sector.
For quite some time, futurists have speculated that robots will eventually assist humans in every endeavor. Although the idea hasn't come to fruition as quickly as planned, significant strides have been made. While the idea of receiving parcels via an unmanned aerial vehicle (UAV) in the air may sound like something out of a science fiction novel, it is the future we are headed toward.
People now have a greater understanding of the importance of having the appropriate product at the right moment, thanks to technological advances. As a result, the attention of the world's largest technology companies has shifted to the timely and accurate distribution of their products. Now just because of this reason, the fastest logistics company are in advantage of serving the people, and they are a competition in proving better technology and service. However, a new term has come into the market: last-mile delivery with the help of drones and automatic vehicles.
The efficiency of delivery boys slows down when customers' shipping and delivery time requirements rise. As the desire for instant satisfaction spreads like wildfire, businesses that can take advantage of drones for expedited shipping and delivery stand to gain a significant competitive advantage.
That's why major corporations like Amazon have tested drone delivery for years. However, in only ten years, it's expected that commercial drone use would reduce transportation costs for online retailers by more than $10 million and increase their profits by as much as 25 percent.
Companies like Amazon and DHL have been testing drones for package delivery for some time. While the expense and risk increase proportionally with the sophistication of the drone (and not only the value of the package's contents), their use is otherwise inexpensive.
The limited use of drone delivery is mostly due to the laws that are in place and safety concerns. The FAA has only let Amazon and a few other companies, including Alphabet (Google), trial their drone projects using real delivery packages, but there is a twist.
The drone must stay in the operator's line of sight, even for widespread commercial use, according to FAA regulations.
The fact that these drones would hover over people's houses raises privacy and safety problems, which makes it more difficult to adopt the appropriate legal framework.
Drones risk both the package they are carrying and themselves if they malfunction while attempting delivery to your home. Drones have a harder time than humans locating dangerous areas.
Although drone delivery is a viable option, it will require substantial adjustments to the existing infrastructure and regulations.
For starters, companies want to install drop-off points in convenient areas around neighborhoods, where drones can land safely and deposit your gift in a locked container that can only be accessed with a special code.
There will be substantial time savings because the route doesn't account for traffic, and the drones can fly in a straight line. Your drone will be single-minded in its mission so that it won't frequently pause en route.
Online clothes sales will constitute a sizable proportion of overall garment sales in the country in 2020, as a growing number of consumers prefer to do apparel shopping from the comfort of their homes. However, many buyers still aren't willing to take the seller at their word regarding online dimensions and images.
The only way to know if a pair of pants or shoes will fit is to try them on. With the drone's speedy arrival, you could try on the item and return it the same day if it didn't fit.
A drone could replace a bridesmaid's outfit within a few hours if something tragic happened during the ceremony, such as the dress tearing.
In the aftermath of a global pandemic, all norms have been reevaluated. The rise of e-commerce, which has been picking up momentum over the past few years and is now being expedited by COVID-19, appears to have had a significant impact on the fashion business, where customers are still apprehensive about making impulsive purchases.
In response, consumers are showing a marked preference for businesses that have responded quickly to the changing retail landscape by, for example, offering customers more engaging and unique ways to shop, maximizing the utility of currently available technologies, and ensuring that products are delivered to their doorsteps in a timely fashion.
Till today, deliveries are being made by delivery boys. Brands can choose to have a single ground vehicle accompanied by a fleet of drones, or they can have a central hub connected to a warehouse, with that hub delivering to smaller distribution centers within a radius of several kilometers.
Depending on individual preferences, the future retail experience will be uniquely tailored to each customer. This trend toward customization is indicative of the trend toward humanizing technology. How we shop will be revolutionized by augmented reality, virtual reality, drone delivery, and AI.
Apart from this, there are several other technological changes in the fashion industry. From Hollywood to Facebook, the metaverse is the buzzword globally in recent times. There are great opportunities in the metaverse for fashion retail brands.
People can represent themselves in 3D avatars like identical and photo-realistic models under the metaverse. Shoppers can go into virtual dressing rooms and virtually try different garments and accessories. People can also view themselves in different environments like beaches, nightclubs, and workplaces.
The technology involved here is a Mixed Reality. It is a combination of Augmented Reality and Virtual Reality to provide an almost real-life experience.
Retailers get crucial customer data related to their buying and trying patterns. They can utilize those data for upselling, cross-selling, and recommendations.
Offer shoppers to make better judgments. Selecting the right product reduces returns and therefore less wastage.
*Recently Metaverse Fashion Week was organized on a Decentralized platform and participated by big fashion brands like Tommy Hilfiger, Dolce & Gabbana, and DKNY.
People are spending lots of time in the virtual world. They use avatars while communicating online. There is an increasing trend to look expressive and well-dressed as they look in workplaces, meetings, and other real-life places.
To feed the demand, leading brands like Gucci, Burberry, and Nike have launched entirely virtual cloth lines. The transactions are done through NFTs (non-fungible tokens).
These tokens are stored through blockchain technology for multi-layered security and only authorized access.
Non-fungible tokens offer personalization and digitalization. Brands are using NFTs extensively for targeting people who want unique and safe virtual experiences. These are virtual tokens based on blockchain technology. Fashion retailers are bringing NFTs and the fashion industry together to provide creative solutions for the new age aspirations.
We are at the threshold of a revolutionary era. With the use of cutting-edge technology, Fashinza provides a production hub for leading fashion labels. We know that the work of a sourcing manager is demanding, encompassing everything from trend prediction to vendor management. However, end-to-end production management is where we shine, so your stress levels may stay low.