Challenge 4: Reimagining the consumer and retail experience
Industry Lead: Holition
A marked shift in consumer demand has opened the door to the fashion experience economy. Consumer engagement for fashion, textile and technology (FTT) businesses now entails a complex mix of providing compelling experiences and convenience, further complicated by the collision of physical and virtual retail environments.
Advances in technology offer greater opportunity for integration and complementarity between the high street and online channels.
For SMEs, online retail provides immediate access to international markets without any physical presence, but evidence suggests that physical retail space also offers good returns for small firms.
Retail interventions such as pop-ups and short-run exhibitions represent valuable experiences for consumers, and have the potential to launch smaller brands.
Technology has accelerated rapidly over the past two decades, with the power of consumer data and visualisation capabilities yet to reach fashion businesses in a wholescale manner.