Technology is shaping our world, our behaviour, and our culture; we spend hours each day with our devices, apps and platforms. Not only is tech deeply embedded in our lives, but it’s also a driver of change, invention and growth in business. Fashion has long held the wait-and-see approach to innovation and is now playing catchup in areas such as customer experience, convenience and automation. As industry lines blur and cross-industry collaboration becomes more successful, let’s take a look
ok at what fashion can learn from technology to go beyond “best practices” to new practices.
1. Tech puts its users first – always
We’re hooked on tech because the emphasis is on the user, not the product. Tech companies design around user needs, creating immediate value and often fulfilling a need that users didn’t even realise they had. At least, not until they are provided with a version of a product or service that transcends the original – a version they can’t live without.
Tech companies spend time understanding our habits – some could argue they do this a little too well – but they know the rituals that guide our daily actions. Tapping into these ingrained behaviours creates more opportunities to increase customer lifetime value, drive growth, test future products (and pricing) and strengthen their competitive edge.
Once they have a product in a user’s hand, they use technical insights, rather than just market research, to combine what already exists to create something new. Their preference for platform strategies not only fuels growth but provides access to a wide range of users across multiple domains and industries – thereby increasing the volume of technical insights and the number of products shipped.
2. Lead, don’t follow
The tech brands we know and love have been successful because they set out to make a difference. Those in tech typically are passionate about wanting to drive positive change, to solve a problem by innovating (or reinventing) valuable solutions for a defined group of people. There’s always a strong, defined mission – which is even more critical in the early stages to engage the very smartest people before there is even a product or a first customer.
3. A great workplace culture is a competitive advantage
Those lists of best places to work you see flying around? Tech companies generally have the largest representation, roughly half of the total list.
Tech leaders know the power of iconic, bold moves, clear messaging and company rituals. Collaboration and inclusivity are encouraged, allowing teams to innovate by combining ideas, disciplines and cultures. Different perspectives can supercharge growth, as businesses combine good ideas to make great ones. Continuous learning is a standard part of business rhythms, allowing tech companies to be agile and proactive, but also reactive. It’s widely recognised that if learning stops (along with experimentation and honest retrospectives) so does innovation and progress.
And, with customer empathy at the core, most tech companies have an anthropologist on board (usually called the chief research officer, head of UX or head of CX) to drive customer thinking in the organisation.
No surprises that Google tops the list for the best culture; others that consistently feature near the top are Slack, Hubspot, UiPath and Airbnb.
4. Make your customer experience smooth and simple
Tech companies get ahead of the curve by integrating convenience and speed in everything they do. They know consumers are busier, more connected, more tired and more stressed. Most value propositions are anchored around “make it easy, make it simple and make it useful”. They are always thinking across in-store, out of store, in the home, and everywhere in between, and then using a combination of data, AI and the human touch to create intuitive and predictive products – and experiences accessible anywhere and anytime.
5. Take advantage of investment
The last few years have been one of the best periods in history to start a tech company. Since 2000, valuations have skyrocketed, and VCs have doubled their capital input leading to investments exceeding $87 billion in the last year alone.
By comparison, investment in fashion totalled $2.06 billion in 2018, although it’s worth mentioning this is a 30 per cent increase on 2017. It seems fashion startups are following tech’s approach with more comprehensive, data-fuelled business cases.
Just as tech has revolutionised the way we work and communicate, we look forward to more fashion companies revolutionising the way we shop.
Beyond the current state of incremental change, the brands that make bold and decisive moves – and step out of the status quo – will be the ones to gain lasting and monumental benefits.
It won’t happen with technology adoption alone. But with the right organisational behaviours – and the right type of innovation and connections – it will.
Emma Sharley is the director of Sharley Consulting, co-founder of personalised shopping app Shop You, a startup adviser, a board member of IFAB and regularly speaks and contributes to industry publications. Contact: emmasharley.com