Fortude Fashion Technology Trends Report 2024 – Making a Fashion Statement: The Outlook for 2024

Change is always in style across the fashion industry. However, when you start to unravel its fabric, there is a lot we can take from the old adage that the more things change, the more they stay the same. When it comes to the dynamics of the industry, fashion has always been about the next big thing and responding to consumer demand. But the blueprint for success remains unchanged – delivering the latest designs, fresh from the catwalk (or Instagram pages), at precisely the right time, at the right price point, continues to be the top priority for fashion business leaders.

However, the pace of change, huge variability in supply and demand, and the opportunity created by digital, are all converging to create new dynamics for the industry. Seasons have gone out of style and in its place are trends that are instantly consumed via Instagram or TikTok before linking to an online shop, which can process an order for next-day delivery. Keeping pace with this expedited consumption and having the flexibility to adapt quickly and in multiple directions, has become key.

The demand shifts and the vastly fluctuating operating costs associated with inflation, converge to create significant uncertainty and poor predictability in many areas, with luxury goods being one of the few micro-verticals immune to the wider market issues.

As they seek out new ways of managing this changing landscape, fashion executives are adapting their processes, practices and business models and evaluating everything from product design, and supply chain strategies, to the fulfilment of aftermarket responsibilities, and managing reputational risk. This paper explores the role of digital as an enabler of necessary change, and highlights three key themes driving transformation.