Problems faced by Fashion Industry and How Technology Helps in Resolving Them
With the advent of technology in operating businesses at present, most of the companies have become extremely efficient and within less time they are able to show significant growth. Be it production, supply chain, reaching out to customers or designing; technology has its feet in all of it. It has impacted modern day businesses in number of ways through making it efficient, time saving and taking it to another level. The use of smart technologies, businesses are able to bring innovative ideas that has offered extensive progression.
As far as fashion industry is concerned, its roots ad methodologies are also growing into IoT (Internet of Things), Artificial Intelligence, virtual technology and data analytics. In fact some of the major fashion conventions are reducing and the market is diverting towards fast or high end fashion. If you ever get a chance to take assistance from supply chain assignment help, you will get to know how automation of supply chain process in fashion industry has helped in boosting up fashion industry.
Since fashion trends are always cyclic and varying from season to season, the reality is that it has vast space in it to expand as an efficient tech business on its own. From the creation of sewing machine to growth of e-commerce, fashion has come a long way. Let us first take a look at some of the problems faced by the fashioners nowadays and how technology has helped in resolving those issues.
1. The Inventory and Logistics Issue:
Most of the businesses have to face the issue of having excess inventory that is unsold. This unsold stock is a big issue as far as bulk supply is concerned.Since the inventory management is un standardized, the huge bulk of buying and selling of products might lead to sever logistical issue. A student searching for supply chain assignment help regarding fashion and beauty item for inventory, they would get better knowledge on managing those items in bulk.
Automation of supply chain along with usage of web-enabled technologies and software solutions are an integral part of increasing efficiency, growth rate and tracking and maintaining inventory database. Once the day to day operations (buying and selling) of products are recorded through digital means, it will help gain a drastic improvement in your fashion business.
2. The Supply Chain Issue:
According to a conventional method of supply chain in fashion industry, different venders deliver various products through different medium. Due to this, a company might end up having an excessive bulk amount of clothes, shoes or bags. Since fashion trends change with time, an efficient plan is to have the inventory that is in fashion in current days. To sell out the excess stock, a firm usually put some products on discount of FLAT off on some percentage. In case you are confused to complete your project regarding different techniques for supply chains, you can search for some good supply chain assignment help that will surely provide advanced information.
To cope with this unsold excess stock issue, the fashioners can use of blockchain technology. Through this advanced method, you can simply switch the fashion industry from supply chain to demand chain. The retailers will now be able to stock correct amount of selling items resulting in change of stock as the season change.
3. The Affordability Issue:
Since every consumer desire for premium quality in affordable price ranges, the retailers must keep in stock such items that they think people will definitely buy. In other words, a company must preview buyers’ preference first and then place the price tags.
There are few advanced and efficient options like StitchFix and Zulily that offers less subscription pay for door to door delivery. This procedure will help the companies to analyze data through machine learning and artificial intelligence to predict changing fashions. For example students would prefer different type of fashion accessories than elderly people out there. Some of the students who ask for supply chain assignment helpto get latest trends in fashion will also end up having facts and figures related to changing fashion among the youth.
4. The Reliability Issue:
Since most of the companies order their stock from multiple vendors, some of the renowned companies have reported that the vendors cut the cost of a particular product and also increase its profit. The vendors carrying out these unethical practices do not have any future in fashion industry. They should be banned there and then.
If a student would approach for supply chain assignment help for any project assistance, they would have got a better idea to track those vendors and discontinue taking stock from them. However, this corrupt vendor approach can be resolved through the use of blockchain technology when the companies will be responsible for the vendor from which a particular apparel or accessory was manufactured. Other brands will also be aware and overall fashion industry will be free from reliability and transparency issue.
5. Extensive Costs of Documentation:
Since fashion industry or any other industry requires a whole lot of paper work for recording transactions, invoices, preparing contracts, declarations of import and export, a company requires spending massive amount of documentation fees and paper costs. To reduce this costs, a smart contract based on block chain technology might be useful in future that will replace the traditional paper contracts. This contract will not only save time and money but also allow companies to track their vendors and manufacturers. Providing facilitation digitally, verifying and negotiating performance of your contract, a “smart contract” will make things much easier in fashion industry.
Apart from the issues highlighted in this post, if you come across other problems related to your fashion business, there will surely be an effective way you can resolve them with the use of technology.So, all the business minds out there who specifically work for the field of Fashion and beauty let your business grow and reach the skies with the help of advanced technologies like virtual reality, artificial intelligence or Internet of Things etc.