The technology trends reshaping luxury
Luxury brands tend to prioritise craftsmanship, artisanal qualities, and classical ideas of quality. So it’s no surprise that many consumers imagine these brands are less technologically savvy than those of other industries. While it is true that some of the big names in luxury can be slow to move towards modern innovation – take, for example, Prada’s notoriously slow start on Ecommerce – it’s by no means the rule.
Brands like Inditex have made their fortunes on embracing the latest technology available to them. With that in mind, here is a of four of the most disruptive tech trends that will reshape luxury over the remainder of the year and further.
Technologically advanced materials
Advanced materials are designed to be stronger, lighter, or posses some other attractive attribute. These materials tend to be used in the construction and pharmaceutical industries, but they have a lot to offer fashion. We’ve already seen instances of advanced material use in fashion: ODO Denim’s self-cleaning socks and Karolina Kurkova’s Met Gala colour changing dress are great examples.
AI and robo-assistants
Artificial intelligence (AI) and robotics will eventually transform pretty much every sector, and luxury is no exception. It is quite possible that the ‘human touch’ will remain prevalent in luxury retail outlets, but Tommy Hilfiger has already profited from a Facebook Messenger bot during the New York Fashion Week 2016. At the same time, Japan’s Hen-na Hotel has debuted a hospitality robot – a human-shaped robot staff member. Are these examples just the tip of the iceberg?
Augmented reality hit the headlines following 2016’s release of Pokemon Go: teenagers would wonder round real-world environments, viewing the scene through their smartphone cameras, and see virtual reality ‘Pokemon’ – the little critters that give the game its name – interspersed with reality. Virtual reality and augmented reality have a host of possibilities for in-store experiences and online retail, such as trying clothes on from the comfort of your own home. This is big news in the luxury world at the moment, and was a major talking point at luxury Society’s Keynote event in Shanghai.
The Internet of Things
The Internet of Things (IoT) is a term used to describe the connection of a plethora of devices to one another and the internet. This could lead to automated checkouts, even faster-fast fashion, real time product promotions through connected devices like smarthomes and smart TVs, and more. Who knows – one day, a smart wardrobe might even be telling you how fashionable your clothing is and ordering you trendier clothes – up to a prearranged budget – on a seasonal basis!
The opinions in this article do not reflect those of Dominion Fund Management Limited, and in the instance of any forward-looking statements, these should not be construed as advice.
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