As more and more traditional “brick and mortar” fashion companies suffer from lost profits, lack of brand engagement, and what has been deemed an “overall retail bloodbath,” well-known brands such as Kate Spade are re-analyzing their traditional business models, and looking to partner with tech disruptors to combine fashion with function.
Retailers Looking for Tech Startups to Heighten Consumers’ Experiences
As retailers such as Bloomingdales, J. Crew, and Macy’s continue to lose out on sales, particularly on mobile e-commerce platforms, we are seeing an unprecedented move towards not only internal tech-friendly product development, but also partnerships with outside tech startups to re-imagine its consumers’ experience.
In the age of self-branding, consumers are increasingly looking to customize their shopping experience beyond traditional measures such as size and clothing type. For example, startups are developing personalized style “genomes” for companies to use to offer more curated sartorial options to consumers utilizing e-commerce platforms.
What does this mean for fashion tech startups?
It is apparent that large retailers are looking to partner with/acquire fashion technology startups that can help their ailing profits. Whether you work in product development, data analytics, or software, there is ample opportunity for your innovation to have an impact in the fashion industry. However, as with any market gap, copycats will inevitably begin to flood the market.
How can you protect your fashion tech startup from copycats?
You’ll want to make sure that you are looking to patent your idea as soon as possible. Here at KissPatent, we make the patent process painless by providing you with the resources and guidance that will give you a smooth patent application process.
Wondering if your idea is patentable? Have a question about this article? We can answer all of your questions — just hit "contact us" down below!