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Part II
Part III
Digital Economy and the Fashion Industry: A Macroview
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FASH455 Global Apparel & Textile Trade and Sourcing
Copyright© 2012-2024 Dr. Sheng Lu, Professor, Department of Fashion & Apparel Studies, University of Delaware
FASH455 Global Apparel & Textile Trade and Sourcing 
This presentation opened my eyes to how new technology is not only growing itself, but it is also expanding the textile and apparel industry in new ways. From the key points of globalization, merchandising, the flow of data, and the nature of the fashion industry, all of these aspects revolve around each other. The digital economy is evolving all the levels of the fashion industry to become more productive, which in turn is a good thing whether or not there are disagreements behind it. In understanding globalization and merchandising, one must have a full idea of how the industry, whether from a production perspective or business perspective, works. The digital economy is extremely relevant to the trading industry and all the levels in between. I enjoyed this presentation especially because after last weeks speech on understanding the consumer, this presentation finalized and tied everything together.
This seminar made me realize that globalization is unavoidable in our world today. I had never thought about services being traded internationally but Google and Disney are perfect examples of how services are a part of globalization. Bitcoins really amazed me. It is hard for me to comprehend spending digital money to buy online goods and services. This seminar also taught me how the characteristics of the supply chain have not changed but the participants have. The markets and suppliers who make up the supply chain are global and are spread throughout the world. Also, the way the supply chain is constituted and coordinated has changed. PLM, product life cycle management, allows for real time collaboration in the supply chain. All things can happen at the same time which is probably the biggest impact that the digital economy and globalization have had on the fashion industry. This seminar took the main topics we have discussed in class and filtered them into a presentation that emphasized their importance and the role they play in the fashion industry.
I really like how you discussed globalization and what it means specifically. Your speech touched greatly on what we have learned about globalization so far in class. Globalization means freer movement of goods, services, people and capital around the globe. This allows for economic development and lowers trade and investment barriers between companies and countries around the globe. Due to all the technological advances that have been made over the past decade, transportation and communication have advanced greatly, which adds to globalization. Globalization is something that we have to be educated on because it is inevitable in the world today. I had never heard of bitcoins before, and this is something that I see growing vastly in our future. I learned that the digital economy and the fashion industry go hand in hand.
I really liked that this a seminar topic and how it did tie into the theme of “digital technology” and fashion. That globalization is happening if we like it or not. When we look at the digital economy and the fashion industry, we should ask questions like “What has changed” and “what has not changed”. With the help of technology, globalization is easier and it’s helping the fashion industry.
This seminar defines globalization very well and emphasises how important it is in todays economy. Technological advances have changed the way the modern world communicates and travels, making the world a somewhat smaller place. Globalization will not stop and only continue to grow with the advances of modern technology. Bitcoins was something new to me, I had never heard of before. I think this is something that will definitely continue to grow as well. I think it is very important that globalization is understood because it benefits the industry when looking at the big picture.
In the beginning of the presentation, Dr Lu mentions that he was inspired by the previous week’s presentation relating to new developments of technology and their connection to fashion. The information shown in this seminar was relevant, and elaborated further on developments currently being introduced, and others to come. It also emphasized globalization’s connections to the digital world. It revealed truths about the development of technology and our connection to this every day. This concept is rapidly and continuously developing, making the global marketplace even smaller as time progresses.
Ever since the establishment and growth of globalization, the digital economy and the fashion industry in the 21st century have become tightly interconnected. The digital economy relevant to the traditional industries such as fashion. Providing the target market with the right merchandise, at the right place, in the right quantity, at the right place and the right time would not be possible without the supply chain. Since the fashion industry is buyer driven, fast fashion is possible because of many countries coming together in the production of a single garment. This would not be possible without the communications and shipment of directions and information digitally. It is crucial to be able to understand the links between globalization, technology, and leadership and how one is nothing without the other. Everything we own and the services we are members of would not be what they are today without globalization. Globalization helps different markets in different countries communicate with one another and fulfill each other’s needs by using technology. Certain countries, especially in the fashion industry, are looked at as leaders rather than others in globalization and using technology to its’ full potential.
This seminar presentation enhanced what we learn in class, but also went further than our discussions in class and added a digital aspect to the fashion industry. The restructuring of the supply chain to take advantage of the innovative technologies being developed today directly correlates with our discussions in class; the U.S. textile and apparel industry has adopted strategies such as mergers and acquisitions, exploring overseas markets, improving supply chain management and branded manufacturing. Specifically, digital companies have created inventions to aid trade online. Such inventions include BIT COIN, SKYPE, iTunes, and Dropbox. The digital economy has deepened globalization and brought international trade to a new level. Free trade agreements like the TTIP have enabled the digital economy to continue to prosper. The nature of the fashion industry itself has not changed, but the way that consumers and retailers/marketers approach the industry; online shopping and customized production are some aspects that have changed the industry. I thought the insights Professor Lu mentioned in this presentation were very interesting to me. As a result of our class, but also this presentation, I have begun to look at the global fashion industry as a whole and not just from the perspective of the United States.
Thank you for the thoughtful comment ! Glad to hear you like the presentation !