A major concern in the luxury goods sector is the ability to verify authenticity. In 2016, retailers were busy fighting in-store fraud with the release of EMV chip cards before they released they had much bigger, large scale problems in the form of e-commerce fraud. Of the back of this, the retail sector saw both Stripe and MasterCard try to address these issues with new anti-fraud that use artificial intelligence machine learning functionalities to identify both signals and patterns that indicate fraud before it happens. Once such system is ‘Radar’ which continues to evolve and grow in reaction to new data. While another solution lies in tokenization agreements.
One example of this type of ledger distribution is Blockchain. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. This type of bitcoin or token can’t be modified but it is transparent meaning it allows for trust and transparency. It’s this security side, the benefit of combating counterfeit goods, that will make the gravitation towards a Blockchain type system even more necessary for luxury brands.
The growing threat of e-commerce fraud continues to grow as the online retailers continue to boom. There is more at stake than ever before and retailers will be expected to do their part, arming up their sites again hackers and cybersecurity threats.
Back to the creative side of the industry and technology is even evident in the design and manufacturing process. A significant trend will be the increase in the use of advanced materials. This includes materials that are designed with superior attributes like strength, low-weight or electric conductivity. At the moment, such technology is refined to the pharmaceutical and construction world, but don’t overlook nanomaterials potential to penetrate luxury garments and accessories. One relevant example was Karoline Kurkova’s colour changing dress as seen at the Met Gala. A meeting of minds between Marchesa and IBM used advanced materials technology and connected objects to create a gown in conductive fabric that changed color depending on fans tweets.
There you go, this was the last article in our mini-series about significant changes in the tech industry that are set to change the face of luxury fashion. If you would like to learn more, get in contact with Think Positive today. Remember that fashion provides us with pivotal moments throughout all of history. If a luxury fashion brand cannot change with the times, it is destined to lose all its relevance in tomorrow’s world.
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