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Key takeaways:
- AI changes the stakes: The impact of generative artificial intelligence on the fashion sector is likely to be profound, although nobody is yet quite sure what those developments will look like. Many brands are already integrating AI solutions to improve their operations and backend technology — those not investing are likely to be left behind.
- Think about the physical: The majority of luxury consumers see digital assets as an “add-on” rather than a core reason for purchasing from a brand. While the rules may differ in environments like Fortnite or Roblox, where digital engagement is at its highest, in most cases, luxury brands still need to prioritise delivering on goods and experiences that consumers can touch, feel and see.
- Leave a trace: Smart brands are not abandoning blockchain entirely. Relative to other innovations asked about as part of the Vogue Business Index, anything that increases visibility of a brand’s supply chain is an exciting development for luxury consumers. Whether it is blockchain, NFC, RFIDs or a combination, brands should listen to consumers and roll out the sought-after tech.
A blended metaverse
In spite of minimal changes to the Innovation rankings since the Summer edition, brand approaches to the metaverse and mixed reality are maturing. The physical and digital are now often part of a blended reality that reflects the consumer desire to own a physical product along with any digital buy. Metaverse launches are now arriving with real-world add-ons, whether that is a paired item, free gift or invite to an exclusive launch.
