Where to Invest Your Technology Dollars in 2023

So far this decade, the fashion industry has seen a series of incredible ups and downs. The ongoing supply chain disruptions have worsened by rising geopolitical conflict, and the still-progressing global pandemic continues to play havoc with labor and inventory. But there have been very encouraging technological innovations as well, and leading technology companies have worked hard to keep the sector not only connected but moving forward. 

Advancements in virtual and augmented reality garnered a lot of headlines in 2022, however other technology solutions have also emerged which provide more substantive and lasting value to your business. Solutions that automate routine processes, provide an immersive experience for your customers, and allow you to expand your reach worldwide are the functions of a truly valuable digital transformation and where you should spend your technology dollars in 2023. 

Drive your business

When you invest in functionality, you drive your business forward. A true digital transformation allows you to reach your customers where they are—whether that’s using digital tools to enhance your in-person encounters or connecting virtually with buyers around the world. According to JOOR’s research, this season, 79% of retail buyers intend to take advantage of virtual buying. Brands are responding in kind: 94% of brands will be offering their collections via a virtual showroom in order to facilitate sales.

Technology solutions also provide flexibility when you need it most. 53% of buyers will extend their buying window, placing their orders much later in the season. Brands that invest in technology such as JOOR, allowing them to accommodate buyers’ shifting needs and schedules, will gain a distinct advantage.

Expand your reach

Choosing the right technology partner can not only help you work with your existing retail partners, it can also help you form new retail connections.  In fact, in 2022 alone, JOOR facilitated 340K new connections between brands and retailers on the platform.

One such case was Auckland-based brand Wynn Hamlyn.  Looking for a solution to showcase his collection and streamline the ordering process, the designer joined JOOR Passport, a curated virtual marketplace. “Not only did we benefit from substantial retailer exposure,” says Creative Director Wynn Hamlyn, “but with the help of JOOR’s fantastic customer success team, we were able to discover and understand the broader JOOR platform, which helped us grow our business.”

Hamlyn’s success with JOOR Passport encouraged him to upgrade to a JOOR Pro membership. In the next six months, the brand doubled its sales. His next step is to use JOOR Pay so he can effortlessly invoice retailers and collect payments. “It’s an easy way for customers to pay us using their preferred method... it simplifies payments for brands with seamless reconciliation tied to orders all in one platform.”

‍Make smart choices

While augmented and virtual reality technologies are exciting, an innovation in practical technology can bring more immediate dividends. For example, reducing the labor spent on creating linesheets allows for more time to personalize the buying experience for each customer—and digitalizing the ordering process provides valuable data to inform future decisions. In a recent article, Business of Fashion asserted, “Tools and technologies that shore up a brand’s core business may not get pulses racing quite like NFTs and virtual worlds, but with major economies expecting a slowdown, they’re the sorts of investments that can help brands weather the uncertainty.”  Journalist, Mark Bain, recommends technology solutions “that let retailers make better forecasts and tailor their assortments to avoid overstock and keep margins high.” JOOR is a perfect example of this type of technology—enabling brands and retailers to make the right choices to optimize their business.

Make 2023 the year to shore up your technological foundation. Invest in a platform that connects you with customers worldwide, facilitates both physical and virtual buying and selling, and optimizes your assortment planning. Invest in JOOR.

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Are you ready to find out how JOOR’s technology can help you build your business? Request a demo today!