A new report by Deloitte and Google Cloud states the fashion industry is using technology to deliver quick sustainability wins that can translate to long-term gains.
Key takeaways from the report, published in partnership with World Retail Congress, include how technology developments have been fast-tracked because of the pandemic. The report argues that because of the wider use of cloud-based technology, the retail industry has better data collection, tracking and tracing, and supply chain visibility.
The report states that retail is also using technology to explore circular business models, such as resale apps and item rentals. It also found that driving “meaningful change” is becoming more achievable now that retailers have access to new technology that can help put scalable solutions in place cost-effectively.
New cloud-based technologies are starting to help retail companies drive sustainability in ways that are good for the planet and the bottom line.
Other key findings are that “millennials and Gen Z” are influencing the consumer landscape. The report found that despite increased inflation, 47% of consumers are choosing to spend more for sustainable goods and services and have begun to demand transparency around companies’ carbon footprints.
Commenting on the report, Karla Martin, Global Fashion & Luxury Leader, Deloitte DTTL, said: “It’s no secret that the retail industry has long been criticised for the toll it has taken on the planet – from production processes to consumption behaviours, and everything in between.
“Progress in creating more planet-friendly practices hasn’t been made quickly enough, perhaps, due in part to a lack of tools that could help make meaningful change. However, new cloud-based technologies are starting to help retail companies drive sustainability in ways that are good for the planet and the bottom line.”