Fashion Tech Applied: Exploring Augmented Reality, Artificial Intelligence, Virtual Reality, NFTs, Body Scanning, 3D Digital Design, and More

© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2023

V. N. Ruzive, P. Jeun Ho TsangFashion Tech Appliedhttps://doi.org/10.1007/978-1-4842-9694-3_6

6. Minimum Effort, Maximum Output

Von N. Ruzive¹   and Peter Jeun Ho Tsang¹

(1)

Paris, France

 

6.1 The Winners Are Tech Savvy

Budgets for innovation, either for technology or other forms of innovation, are often quite low for fashion brands compared to other budget lines such as marketing or distribution. According to McKinsey & Co (2022), “in 2021 fashion companies invested between 1.6 and 1.8 percent of their revenues in technology. By 2030, that figure is expected to rise to between 3.0 and 3.5 percent.” Even by the time 2030 rolls around, innovation budgets will ...