Navigating Fashion Tech Frontiers at the BoF Professional Summit
For the 2022 Business of Fashion Professional Summit, the fashion-tech community gathered in New York to debate the industry’s next wave of transformation. Natasha Franck, EON Founder and CEO, and Natalie Massenet, Founder of Net-a-Porter, Managing Partner of IMAGINARY and Board Member of EON discussed the role Digital ID will play in the new frontier of retail technology.
“Brands today capture a fraction of the possible revenue that they could from each asset, and [Digital ID] is unlocking that possibility… The value of Digital ID is in the ubiquity. If you think of the barcode, every single product has it and that’s where brands are moving with Digital ID" - Natasha Franck
Leading fashion brands are expected to grow their investments in technology from about 1.7 to 3.25 percent by 2030 according to The Business of Fashion and McKinsey & Company's latest report: The State of Fashion: Technology. Accelerated by the recent EU Digital Product Passport directive, Digital IDs are one of the technologies fashion executives are investing in to bring transparency and traceability to the product lifecycle.
Product passports are now a key strategic priority for fashion brands
2 out of 5
fashion executives plan to adopt product passports in 2022.
"The State of Fashion: Technology" Report
The Business of Fashion + McKinsey and Company
Digital IDs are foundational to unlocking ongoing data and profit after a product’s initial purchase. By connecting to the EON Product Cloud, brands can communicate and exchange product data instantly with their ecosystem to introduce new customer services such as resale, gain insights for competitive advantage and extend the profits of existing goods.
“EON is like the world wide web for your products - everyone has to be on it.”
Managing Partner, Imaginary
One of the most compelling opportunities for brands is the ability to collect royalties each time an item is resold, and generate additional revenue beyond the initial purchase.
“We’re seeing that Digital ID is the first step to resale. We’ve been using a very analogue approach to resale today which is a one-off partnership between a brand and a reseller, but the world is more complex. Customers are buying and selling everywhere. EON unlocks access to revenue from all activated resale channels.” – Natasha Franck
Digital IDs connect physical products to a brand’s digital ecosystem – enabling a world of applications, users and capabilities. Brands can connect their physcial products to any partner, from resale to blockchain.
“What we imagine will happen is that brands will create smart contracts where…when [a] transaction is happening, whether it’s in store or digitally, [and] the credit card gets used the smart contract will be triggered and the royalty will be put out in perpetuity to the brands." – Natalie Massenet
“Brands today capture a fraction of the possible revenue that they could from each asset, and [Digital ID] is unlocking that possibility.”
Founder + CEO, EON