After COVID -19 restructuring plans, fashion brands are increasingly aware about the importance of complex global supply chains and environmentally friendly materials being used for production. From development to production, the fashion industry leaders want to make the brands transparent by using blockchain to digitize the supply chain – so much so that it will help fashion companies track apparel production from raw materials to the finished goods.
I recently attended a fashion and related industries blockchain seminar where I noticed that an abundant number of top priority brands and journalists alike, more inquisitive and enthusiastic than before. Brands surveyed at the seminar about sourcing sustainable materials cited how they wanted to create transparency in their respective supply chains, but failed to achieve those goals in full.
Nowadays, there seems to be a heightened sense of urgency to drive sustainability as the core value of the business. But the fashion business works differently than other industry segmentations. In a word, fashion is a fragmented business. In fact, a single item can source materials from various countries to make it complete. Moreover, the raw materials and manufacturing stages are more the often abundant.
Alas, the fashion and style sector is steadily making progress, and this progress is in thanks to technology. Although fashion and technology may seem different, they work well together. With blockchain, the fashion and style industry can explore its potential. While blockchain is known for financial services, it has been helping the fashion and style industry to tackle the counterfeiting problem. On the other hand, digital content like social media has helped the fashion and style industry in many ways. Like other sectors, the fashion and style industry is entwined with social media.
Today, with over 50% of the world’s population using social media, it has become a an expert tool by connecting brands directly with consumers.
Fashion and Blockchain can prove to be very useful. In addition, it allows forthright brands to tell their story. Typically, the fashion and style industry involves a rather complicated supply chain at both global and local levels. Because of the complexity of their supply chain, blockchain is what the industry needs to further develop. In fact, some blockchain characteristics such as consensus, decentralization, and immutability make it perfect for adding more trust and security to the fashion industry.
Given the transparency of blockchain technology, the supply chain of fashion brands have guaranteed full disclosure.
One of the greatest challenges within the fashion industry to date is the billion dollar counterfeiting business. There is no doubt in my mind that counterfeit products can taint the value and overall image of fashion brands. This is where it gets interesting. Blockchain can help fashion brands secure their digital identity. Here are some ways blockchain can help the fashion industry…
Reduction of Counterfeit Products: Items registered on the blockchain, will make counterfeiting almost impossible to move forward. However, there is speculation that a fake product may be registered early during the process of the supply chain. If an original item were swapped with a fake one during the distribution process, the blockchain records would help ascertain where the counterfeit products are coming from and being produced.
One company, dapis.tech, is thinking outside the box when it comes to blockchain. Blockchain has been largely out of reach for most brands, because it has required engineering knowledge and skills. Without access to a specialized developer, most brands haven’t been able to take advantage of all that blockchain has to offer. That is the critical issue Dapis has set out to solve. Dapis provides a scalable read-write solution that literally gives fashion brands the ability to build blockchain apps without having to know how to write blockchain code.
This essentially unlocks an enormous asset. Blockchain technology can be used to build enhanced and lightning fast solutions for all kinds of issues that imperil profit for fashion and style brands, specifically as they relate to the production of counterfeit items. The experts at Dapis understand “that the blockchain tools of the future will provide more data, solve problems, and be more usefully complex.”
Dapis.tech co-founder Calvin Pak explains, “There were many projects in the beginning trying to tackle this space. It is a tough problem to solve. The early solutions are too complicated in a lot of ways. We make it a one endpoint where any engineer with a little experience can access it without knowing what’s happening behind.”
Earlier this year, about 15 million euros was budgeted by the Italian government for investing in blockchain technology. This amount was set aside just to reduce the amount of counterfeit “Made in Italy” produced. As of 2016, phony “made in Italy” products cost the economy a whopping 12.4 billion euros. If blockchain is introduced, artists, local businesses, and creators alike can make a living out of selling made in Italy products desired worldwide.
Transparency Whether large or small, blockchain technology is a game-changer for both. Fashion brands can experience full transparency of their goods that were bought or imported. This transparency extends to both goods that were both for immediate or later sale.
Furthermore, the companies have transparency of the materials’ authenticity, how the goods are distributed from their manufacturing site to the wholesalers, even down to the distributors and the retailers. Interestingly, with blockchain technology, the fashion company can record the person who purchased their product. Companies such as Bitcompare that are on a mission to make blockchain accessible to everyone ensure that customers make the right and safe financial decisions using blockchain.
One fashion brand that has taken a step to use blockchain technology is Burberry. Early this year, Burberry asked IBM interns to create a prototype blockchain-based protocol. IBM is a top brand with its manual on Manualsbrain, a site that helps you find thousands of different user guides to almost any home appliances from the most popular world-leading companies.
This prototype developed by IBM will allow all Burberry customers to know essential things about the item and register the purchased item. Customers can view the items’ history and their human and environmental impact.
The Fashion Industry and Digital Content Social media platforms like TikTok and Instagram have become super important to fashion brands regarding marketing their new items. There are indeed over three billion social media users with an average of 8 accounts per user. Daily, a social media user spends about 142 minutes on social media. This is enough time for fashion brands to capture the hearts of these users and make their brands known.
As the years roll by, the influence of social media in fashion skyrockets making social media a valuable tool. As the world will see more social media users in upcoming years, fashion brands must harness the powers that social media wields. Doing this will help fashion brands to stay financially successful and competitive. Here are some of the benefits of social media to the fashion and style industry
Close the Gap Between Brand Owners and CustomersSocial media has helped brand owners to bridge the gap between them and their customers. Brands that actively use social media seize the opportunity to engage with their customers by hosting giveaways and responding to posts’ comments.
Additionally, fashion brands use social media as a means of getting feedback from their customers. They can ask their customers about ways to improve and what other items they will like to purchase.
Create Targeted Ads and Increase TrafficFashion brands can create ads with the target audience in mind using social media. They can do this via internet cookies that advertisers can track. These cookies are then used to send advertisements to selected individuals who are potential customers. In addition to this, fashion brands can increase traffic through paid ads.
With exciting and engaging content on social media platforms, fashion brands can reach a wide range of audiences, increasing traffic on their site. Also, they can partner with social media influencers as well as celebrities to increase their sales.
Other ways digital content helps the fashion industry are
- By increasing awareness
- Cultivating brand image
- Communicating new products
Promoting exquisite painting and art items
In the world of luxury – love for tastefully curated art pieces and elevated concepts are propelling personalities behind platforms like TR Lab to showcase a new medium of art for the world to appreciate.
Ms. Xin Li-Cohen, the brains behind TR Lab is a special advisor to Mr. François Pinault and Non-Executive Deputy Chairman at Christie’s.
In April, Li-Cohen co-founded TR Lab, a platform for the curation, discovery, and collecting of fine art NFTs by internationally renowned artists. TR Lab also offers end-to-end service for both artists and collectors to engage with NFT art from digital production to direct issuance.
TR Lab plans to exhibit and auction its first art piece soon for lovers of art, especially NFT art by some of the world’s leading artists.
Wrapping UpSocial media and blockchain are two powerful tools that fashion brands can harness to bring about growth. The benefits of blockchain technology can help fashion brands reduce losses as a result of counterfeit products. With transparency as blockchain’s significant benefit, fashion brands can monitor and manage their supply chain.
Conclusively, with digital content, fashion brands can expand their reach using targeted ads. Speaking with Jae Park, a self-made millionaire at 23 and owner of Fnatic Media, a digital marketing company, he said you can have the most significant marketing budget on ads. Still, if you show your product to the wrong audience, you are just wasting your time and money.
Fashion brands leveraging digital tools like social media and high-tech like blockchain will soon figure out the immense benefits of giving into tech to promote their brands. Additionally, they will see how blockchain and digital content improve their business and promote the right content, to the right people, at the right time. In a world with so much technological advancement, there is no limit to growth.