Outside View: Software and Platforms Are Eating the Fashion Industry

Digital technology is either a blessing or a curse — and how it feels to you likely depends on whether you were born a digital company or are trying to become one. As a consumer, digital technologies are a boon — they enable us to purchase the products and services we want, how we want them and through whatever channel we want to obtain them.

• Second, new business models often rent what they sell — so they stay connected to the consumer through an ongoing subscription relationship. These types of businesses create deeper customer relationships and also obtain more data in the process. Given this reality, every fashion brand, no matter how powerful, must now operate in three different horizons:

Horizon three: Build, buy or partner with today’s digital platforms. Thinking of your brand at the center of a digital marketplace is a massive jump for almost every company and their leaders and boards. Relying on others, including your competitors, to create and offer products and services in a marketplace hosted by you means opening up your company’s brand to the world around you to ensure your future.

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Source: ELLE Magazine (US) - 🏆 472. / 51 Read more »