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How personalisation and payments innovations can drive sustainability

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Vogue Business or enjoy below

🗞️ Driving the news: Over the past two decades, personalisation, driven by advancements such as AI chatbots, 3D styling, and blockchain, has revolutionized the luxury fashion industry by enabling brands to offer tailored online retail experiences

🔭 The context: The industry's technological evolution is coinciding with an increased focus on sustainability, as a majority of luxury consumers, particularly those under 35, now prioritize checking a brand's sustainability credentials before making a purchase

🌍 Why it matters for the planet: With only a quarter of Europe's annual 5.2 million tonnes of clothing waste being recycled, the need for sustainable practices is imperative
• The "extended producer responsibility" proposed by European lawmakers and the rising popularity of the circular economy model reflect proactive measures to counter textile waste

⏭️ What's next: Brands are increasingly recognizing the value of personalization data, with companies like Hugo Boss heavily investing in data science, while the emergence of AI and ML technologies paves the way for advancements in areas like fraud prevention, cash-flow management, and tailored payment options

💬 One quote: “Retailers adopting these technologies gain a competitive edge and show their commitment to a seamless and secure shopping experience, making the future of retail payments biometric, personal, and AI/ML-powered” (Ebby Abdul, J.P. Morgan Payments)

📈 One stat: One-fifth of luxury fashion brands now operate a direct resale service for used products, as indicated by the latest Vogue Business Index

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