At the Miami Fashion Week Summit this past weekend at the Miami Dade College Wolfson Campus, one of the talks focused on how the digital landscape is changing the fashion industry.
At the “The Impact of the Digital Revolution on Fashion Business Sustainability” talk, Juan Pedro Moreno, president of the marketing agency Accenture for Spain, Portugal and Israel, explained how traditional businesses are disappearing due to new rising business models.
“Now the starting point is no longer the technology of the product. The starting point is the experience you want to deliver,” Moreno said.
Moreno said the future of fashion lies in its consumers: millennials. By 2025, they will make up 75 percent of the world, and by 2050, 30 percent of the world population will be 65 and older.
He said companies can increase their clientele by providing hyper-personalization and segmentation. He said Amazon has its own brands, Nestle has created personalized cookies and Michelin, which is known for its tires, now provides services to its clients.
“People like hyper-personalization, people like brands that behave like them,” Moreno said.
Today, brands seek to shape consumer’s thoughts, attitudes and behaviors through social media.
Valeria Hinojosa, an Instagram fashion influencer with more than 54,000 followers, said Moreno’s speech opened her mind to the connection between consumerism and emotions. As someone who utilizes social media to promote her lifestyle, she said information can reshape lives and help heal the world.
“As an influencer, social media has not only become my business card, but also a microphone that transports my voice around the world on loudspeakers,” Hinojosa said. “It is a channel that, when used consciously, can change the world for the better.”
Miami Fashion Week’s honorary president was actor Antonio Banderas, known for his role in “Zorro” and various other films. An aspiring fashion designer, Banderas attended the summit to learn about sustainability in fashion.
“Find yourself, have your own personality, don’t let anyone manipulate you,” said Banderas.