Systematizing the Fashion Industry with Blockchain Technology
The global fashion industry is worth a whopping 3000 billion dollars. Naturally, this means that there are millions of garments passing along the supply chain and later getting disposed of every single day. Despite all the technological developments, it is safe to say that the fashion industry is quite cluttered, and needs to be systematized.
What are the major concerns in the fashion industry?
There are a number of issues that are causing growing dissatisfaction among businesses and customers alike, as follows:
- The fashion industry has always been accused of being excessive. However, in the past decade, the wastage has reached new heights, causing outcries among environmentally conscious customers.
- It has become hard for emerging fashion brands to keep up with growing customer demands and manage the complexities of the supply chain.
- Due to the large volume of fashion products making their way through the supply chain, it has become next to impossible to separate the real goods from the fake ones.
- Due to the mass number of customers, fashion brands are not able to effectively address each customer’s concerns and get them rectified in an orderly fashion.
How can blockchain technology systematize the fashion industry?
While the product pileup issues are causing trouble in the fashion industry from start to finish, introducing blockchain technology can go a long way in bringing a sense of order and efficiency in all the processes. Here is how it works:
1. Promotes sustainability across the industry:
Sustainability and fashion are not known for going hand in hand. However, many brands, both big and small, are trying to adopt sustainable practices and reduce the carbon footprint they create. Plus, a lot of customers want to be sustainable, but are not aware of the options that allow them to do so, particularly while disposing of used products.
Such concerns are easily addressable using blockchain technology. For instance, fashion brands can reveal the sustainable steps they take to their customers through tools like smart tags. Any customer can access such data at the store. And when it’s time for disposal, customers can use smart labelling solutions again to find out how they can stop their products from getting into overflowing landfills.
2. Automates supply chain operations and makes them manageable:
A manually managed supply chain system is not always efficient, and tends to experience a lot of mishaps. The best way to ensure seamless supply chain processes is to automate them. This feat is made possible with the track and trace solutions enabled with blockchain technology. Not only do the transactions become easier to trace, but they also get protected from external risks through cryptographic security.
3. Assists in enabling anti-counterfeiting solutions for effective detection:
Sorting the real garments from the fake becomes a mammoth task when there are huge stocks of documented and undocumented products. It also increases the risk of thefts in the organization. However, with the help of blockchain technology, fashion brands can keep an eye on each and every one of their products.
4. Brings personalization into all aspects of customer care and service:
Keeping customer satisfaction levels up is crucial for any fashion brand hoping to stay afloat in the competitive market, regardless of how good the overall product quality is. A great way to make customer service systematic is by using blockchain-driven services, like Authlink’s Customer Connect feature, for instance. This helps in setting up a system in which customers can voice their concerns, and brands can resolve them promptly as well.
Why is Authlink ideal for enabling blockchain solutions for the fashion industry?
The Authlink platform, apart from being simple-to-use and highly convenient, offers blockchain-enabled services that are tailor-made for the fashion industry. Fashion brands employ these solutions to rectify supply chain complexity issues, enhance consumer satisfaction and promote authenticity and transparency throughout their operations. By doing so, Authlink is bringing the fashion industry a step closer to resolving its systematization hurdles.
Interested in decluttering your fashion’s brand’s supply chain and more? Schedule a free demo here or sign up for the beta version here.