Technology is disrupting many industries, and the fashion industry is no exception. With technology evolving and advancing all the time, your business needs to keep up with them in order to remain agile, competitive and relevant in such a high-stakes field.
Many traditional fashion companies and high-profile brands have failed to keep up with changes in technology - particularly the trend of more sales being done online than in traditional bricks-and-mortar store locations. According to Fung Global Retail and Technology, in 2017 some 6,985 retail stores closed in the USA alone - a 200 per cent increase on the year before.
It's not all doom and gloom though: business is booming for online retailers with brands such as Boohoo, ASOS, Amazon and Zalando increasing sales and their bottom lines.