Apparel Tech Up was held in Sri Lanka on July 20 aimed at discussing latest trends in global apparel retail and manufacturing and how new age technologies like Artificial Intelligence, Big Data and Mobility can aid Sri Lankan apparel manufacturers.
It saw a large turnout from apparel manufacturing fraternity of Sri Lanka with the presence of over 90 high management representatives from 42 manufacturing groups including Sirio, Hirdaramani Group, MAS Bodyline and Brandix. The audience included technology providers – Fast React Systems and GSD. A discussion on changing landscape of retailers and consumers of fashion products, the inevitable rise of e-commerce and plausible impact on manufacturers took place.
The number of styles per season is rising at a CAGR of 17.9 per cent. This means by 2020, manufacturers will have to plan twice the number of styles as they do today, whereas the overall quantity will remain constant. Products using AI, Big Data and Mobility can drastically change the landscape of apparel manufacturing in the world.
This impact of fast fashion is expected to greatly affect global apparel manufacturing. Amazon holds a 6.6 per cent share of fashion retail in the US and this is expected to rise to 16.2 per cent in the next five years.
