The Future of Fashion Tech
As far as fashion is concerned, wearables could be a solution to a problem that doesn’t exist, suggested industry experts at The Real Future of Fashion Tech – a forward-looking event at the London headquarters of fashion e-tailer Asos on Tuesday (March 18).
Liza Kindred – founder of Third Wave Fashion, the New York-based think-tank for fashion and technology – noted that there is a gold-rush mentality around wearables, before adding: “Let me be the first to say ‘no more bracelets’. We don’t need another bracelet.”
“I don't buy into the wearables segment,” said Geoff Watts, chief executive of London-based fashion research firm Editd. “I think it’s a bit of fluff.” He went on: “Smartwatches have the best form factor, but it might take a while before they become mainstream.”
Meanwhile, Miyon Im, head of product at fashion e-marketplace Lyst, was more excited by the possibilities presented by new fabric technologies. Innovation will thrive in the overlap between sport and fashion, she predicted.
In the near term, a better candidate for investment might be Olapic, a visual commerce platform spotlighted at the event. The platform helps brands collect and curate customer photos and videos shared across social networks such as Instagram.
The New York-based startup claimed its shoppable images are now achieving conversion rates “in the double digits”, up from an initial rate of around 5%. Last year, the company began to secure crowdsourced images for the #coachfromabove campaign for US accessories brand Coach. The campaign has already generated more than 2,000 uses of its hashtag on Instagram – all from the incentive of being a brand ambassador.
For more on consumers’ eagerness to share while shopping and seek inspiration from peers, see The Rise of the Social Wishlist. In addition, take a look at Future Innovations, part of the Anywhere Retailing Industry Trend, for more future-facing retail strategies.