Founder Muchaneta Kapfunde on the evolution of the Experience Economy through the lens of fashion and technology
We are at the beginning of an IoT Revolution. It’s about making mistakes and finding the way.
For decades, technology has changed the landscape of the global economy.
It should come as no surprise that it’s influencing fashion and that fashion is influencing how we interact with technology. Spearheading this evolution is this month’s featured Droplit Podcast guest, Muchaneta Kapfunde, co-founder of FashNerd.
“Data is the new oil,” said Muchaneta who is leading the dialogue in how the Internet of Things will impact the future of style and design. “Many see this as an opportunity to improve the customer experience.”
She said evolutions in tech and fashion represent a positive challenge to major industries and other segments such as healthcare, retail, military and sports. As consumers’ demands and needs change, companies either adapt using tech or parish by the roadside.
“Technology is a tool,” Muchaneta emphasized. “Every industry that recognizes this begins to flourish.”
When asked how IoT has impacted fashion, she said companies are thinking more about the consumer and how tech can be used as a tool create a personalized, unique experience. More importantly, tech is is becoming the go-to for how people solve problems in health and make everyday life simple.
New rules, she said, are being explored. Technology is being co-created by artists and technologists as part of a new wave of strategic IoT partnerships.
“Fashion has been dragged kicking and screaming into technology,” Muchaneta said. “Many feel as though [technology] is going to kill the tradition of doing fashion of designing.”
Research and studies support Munchaneta’s industry experience. According to a Juniper Research study released in 2018, the fastest growing segment of wearable technology is connected clothing. By 2020, connected clothing is estimated to be a $1B industry and quadruple in growth by 2022.*
In the future, integration and partnerships will be key to innovation in art and tech. Industries utilizing technology and fashion to gain a competitive advantage. The top industry adopters in the connected clothing segment are healthcare, retail, military and sports.
Muchaneta says the current state of tech integration into our daily lives is exciting, leaving many investors anxious to discover the next big thing. She says adoption of tech is often slow and advises that progress in this space takes patience, money and education.
“We are at the beginning of an IoT Revolution,” Muchaneta said, emphasizing that we’re at a turning point in history. “It’s about making mistakes and finding the way.”
For more on FashNerd, visit www.fashnerd.com. For more podcasts with other influencers in IoT, visit http://bit.ly/2LfIKme