The study of fashion follows a 5-stage cycle. A new trend enters the market in the first stage and goes through the entire life cycle. The last stage is the introduction stage. Retailers and consumers need to be aware of these stages because they can tell if a particular style is in style or is about to go out of style. If a style is out of fashion, it will be hard to predict when it will be back in style.
The development of collaborative design processes is an ongoing trend in the fashion industry. Several examples of this include the work of Andy Warhol, Christel/O'Donnell, and McCann. The co-design process involves consumers at every stage of the process and allows for greater customer engagement. As the democratization of high-performance sportswear has resulted in growth markets for fashion, this concept has been successful in the fashion world. The co-design process recognizes that the interests of consumers in style, color, and price are similar.
In addition to using cryptocurrencies to pay for products, fashion brands are also looking to the Internet as a source of data. Social media platforms like Facebook and Twitter can help luxury brands generate new insights and find new sales opportunities. For example, a Paris-based tech startup, Heuritech, has developed a platform for analyzing millions of images on social media in order to create clothing that is both fashionable and unique. Moreover, the technology can be used to predict trends.
