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Erschienen in:
2023 | OriginalPaper | Buchkapitel
6. Minimum Effort, Maximum Output
verfasst von : Von N. Ruzive, Peter Jeun Ho Tsang
Erschienen in: Fashion Tech Applied
Verlag: Apress
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Abstract
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 still be small. This means that for many fashion brands, the expectations will be that fashion tech deployments should garner maximum output or return for very minimal effort or investment. This is slightly paradoxical as technology does require more initial outlay before the rewards can be reaped.