Cryptocurrency In Retailer & Luxury - How Blockchain Technology Can Promote Sustainable Shopping

In recent years sustainable shopping has gone from ‘just another option” to an almost fundamental necessity. 2021 indicates a new beginning for the fashion industry with retailers and designers gearing up to leave their questionable business practices of the last decade behind, and take a whole new approach to reduce their environmental footprint.

Blockchain In The Fashion Industry For Sustainability And Transparency

With sustainable and eco-friendly practices in play, luxury brands and designers need to communicate that message to their audience and offer more efficient and transparent ways to track, and trace the entire lifecycle of a luxury item from the manufacturing, up to the selling point and beyond.

Twenty20

Fashion Companies Using Blockchain To Redefine Customer Experience

In the words of Amanda Razani at CoinClarity “ I was surprised to learn that New York Fashion Week, sent out a model garbed in a cryptocurrency themed outfit. With blockchain being one of the biggest headlines in the news, it should probably not be a surprise that someone in the fashion industry would eventually turn their focus towards it.”

Anna K with the Verge creative director / cryptocoin.news
Martine Jarlgaard created a single digital token for every piece of clothing she manufactured
A permanent record of each product / Image Source: KoreaTimes
Changing the Future of Fashion with Blockchain Technology

How Blockchain Technology Can Prove Authenticity For Luxury Products

In 2020 the annual sales losses from counterfeiting in the fashion industry reached a staggering 26.3 billion euros. The global sales loss from counterfeit and pirated goods doesn't only harm the revenue of specific brands. The traditional cycle of flooding the market with plastic, unethically sourced items can only negatively impact the environment. By tagging each luxury item with a unique QR Code brands can mitigate counterfeit risks by digitally tracking products along the supply chain and after the point of sale.

Cristina Ventura’s preloved work bag on sale at LUXARITY Preloved Pop-Up 2019 (Source: Green Queen)
Attendees of Shanghai Fashion Week scan apparel embedded with BitSE technology Photo credit BitSE

In Conclusion

Eleven million garments end up in landfill each week / Image Source: SkyNews

Freelance SEO Blogger & Copywriter. Links: www.konnaant.com / www.kmeetsstyle.com

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