2021 journal article
The power of 4th industrial revolution in the fashion industry: what, why, and how has the industry changed?
Fashion and Textiles.
author keywords: Fourth industrial revolution; Technology; Business model innovation; Personalization; Sustainability; Productivity
doi.org (publisher)
Source: ORCID
Added: October 25, 2021
Abstract The 4th Industrial Revolution (4IR henceforth) is fundamentally reshaping the way we live and work. Each industrial revolution has evolved to solve major problems in society. This study views unmatched demand and oversupply as the major problems in the fashion industry and posits that 4IR technologies are being deployed to solve these problems by addressing three prime goals—hyper-personalization, environmental sustainability, and productivity. Based on a literature review and analyses of global industry cases, this study examines what, why, and how the 4IR technologies address these three prime goals. By comparing successful cases that do not utilize the 4IR technologies with those that do, this study highlights that innovative business models that address the unmet needs of the consumers are more important than technology adoption per se. Drawn from ample global cases, the findings can offer strategic directions for fashion firms preparing for unforeseeable changes that are further being accelerated by the Covid-19 pandemic. This study concludes with insights into how 4IR is shaping the fashion industry and raises thought-provoking questions for the industry and academia.
