“Fashion” is usually associated with clothing, trends and personal style, yet fashion retailers are increasingly implementing technology in a way to ensure that the world looks and feels fabulous.
At one time, technology wasn’t something fashion retailers were using to improve sales, but today tech is a basic accessory to their wardrobe.
NY Fashion Tech, as described on their website, is a public/private partnership between the Partnership Fund for New York City, Springboard Enterprises and several major fashion retailers focused on targeting early and growth stage companies that have developed innovations at the intersection of fashion, retail and technology.
According to an article in Forbes, there are currently 175,000 jobs in New York City that are related to fashion, which is about six percent of the NY City job market. The U.S. apparel market is reportedly the largest market in the world, with about 28 percent of the global total, which equals to $331 billion, according to Statista.
The support of tech startups is necessary in NYC’s core industries
Maria Gotsch, President and CEO of the Partnership Fund for New York City, told Forbes that because NYC has one of the highest concentrations of large corporate technology users that the company should be cultivating startups that meet their needs within the city’s core industries.
Eight start-up and growth fashion-tech companies were selected from the 120 applicants for NY Fashion Tech Lab. Five of which have women as founders.
The needs of fashion retailers
According to Larry Nipon, chief revenue officer of TRENDALYTICS, most incubator and accelerator programs provide feedback from the investor perspective.
TRENDALYTICS is a visual analytics platform that combines art and science through fashion and beauty. They measure consumers’ resonance by paying attention to merchandise trends and by identifying and synthesizing product attributes across search behavior, social media and shared images to reveal the most relevant insights that are actionable for marketing teams and merchandising. TRENDALYTICS receives insights and feedback from more than 100 professionals across 40 brands and retailers.