Fashion needs to be sustainable now more than ever. It’s just as important to maintain a sustainable clothing supply for a growing population as it is to protect the planet consciously. Although, sustainability in fashion is significantly rising due to brands like Stella McCartney, Mulberry, H&M etc. But for circular business models to be successful, technology innovation is essential. We can say without a doubt that Fashion Tech plays a pivotal role in driving the circular fashion revolution across economic, environmental, and social aspects.
The future of fashion is here!
Circular consumption models:
In recent years, new technologies have enabled a transition from linear to circular fashion consumption models although they have been around for centuries. Today’s customers are more conscious than ever before and demand more customized services. It is causing a shift from first-hand retailing to the consumption models such as clothes-as-a-service, where users potentially only pay for the actual use of a garment. By using this model, users can share garments instead of keeping them in drawers. Additionally, this concept includes the use of platforms that allow users to rent or sell their own clothes. With this approach, we can optimise the utilisation rate of a garment. Through this consumption model, underutilized clothes can be monetised, and waste can be prevented.
Recently EU has laid out a sustainable textile strategy that aims to transform the industry by 2030. A digital ID is a key to scaling resale, recycling, and circular business models, as well as a gateway to an open fashion ecosystem that facilitates instant access to product information. Digital IDs have already paved their way into the fashion retail world, with brands like Mulberry, H&M & Zalando with the help of EON. These Digital IDs enable them to provide increased transparency into the unique journeys of products as well as lifetime repairs, buybacks, and reselling, letting their merchandise have multiple lives.
Unleash the Power of Fashion Technology:
Historically, fashion and technology have been approached separately. It takes a whole new mindset to unlock the full value of circular Fashion Tech. Actors in the fashion industry need to radically adapt their go-to-market strategy and ways of working. Transforming the go-to-market strategy includes revisiting the business model, customer experience, and channels. New technological and digital advances have triggered a power shift across the partners of the fashion industry’s supply chain. A new way of working emphasizes interaction, interconnection, nimbleness, and agility.
Circular fashion aims to meet the full potential of clothes, components, and materials by maximising their life span of usage —it’s an endless cycle of use.
To close the loop and gain a competitive advantage from the circular fashion, repair, reuse, remanufacture and recycle are all essential!