Apparel Tech Up was held in Sri Lanka on July 20. The event was aimed at discussing the latest trends in global apparel retail and manufacturing. And subsequently how new age technology like Artificial Intelligence, Big Data and Mobility can aid Sri Lankan apparel manufacturers.
The event saw a large turn out from the apparel manufacturing fraternity of Sri Lanka with a presence of over 42 manufacturing groups including Sirio, Hirdaramani Group, MAS Bodyline and Brandix. The audience also included technology providers Fast React Systems and GSD. There was a discussion on the changing landscape of retailers and consumers of fashion products, the inevitable rise of e-commerce and the plausible impact on manufacturers.
The number of styles per season is rising at a CAGR of 17.9 per cent. This means that by 2020, manufacturers will have to plan twice the number of styles as they do today, whereas the overall quantity will remain constant.
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. Products using AI, Big Data and Mobility can drastically change the landscape of apparel manufacturing in the world.