How advancing women’s equality can add $12 trillion to global growth
A new McKinsey Global Institute report finds that $12 trillion could be added to global GDP by 2025 by advancing women’s equality. The public, private, and social sectors will need to act to close gender gaps in work and society.
Gender inequality is not only a pressing moral and social issue but also a critical economic challenge. If women—who account for half the world’s working-age population—do not achieve their full economic potential, the global economy will suffer.
Six types of intervention are necessary to bridge the gender gap: financial incentives and support; technology and infrastructure; the creation of economic opportunity; capability building; advocacy and shaping attitudes; and laws, policies, and regulations. We identify some 75 potential interventions that could be evaluated and tailored to suit the social and economic context of each impact zone and country. Tackling gender inequality will require change within businesses as well as new coalitions. The private sector will need to play a more active role in concert with governments and nongovernmental organizations, and companies could benefit both directly and indirectly by taking action.
Why fashtech matters:
Venture funded opportunities - dominated specialized area for women professionals
VC’s - market opportunities for disruption in fashion with scale and magnitude
New Path to the C-Suite - Technology combined with marketing or editorial is still a rare skill set.
Cultivate talent - Opportunity to orient digital directors for C-suite or entrepreneurial path, hire more women engineers, scientists, creatives around the world
More successful women entrepreneurs means opportunities for representation within VC firms
Board seats - C-suite experienced, VC’s, Entrepreneurial women cultivated experience, fresh perspective to legacy systems
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Next Generation Affection & Romanticism from Family to New Industries
Technology and emotion are often perceived as juxtapositions, but I find that a dimension to me, is part romantic technologist none the less. Last night I found that I was giving my daughter IRL gif hugs and kisses. That moment. Entirely amazing. In it’s authentic hilarity and new dimension of affection.
I’m also a proud new aunt to my brother’s new born daughter, Audrey. As proud new aunt, naturally wanted to capture the feeling, and found that I chose to take a whole bunch of boomerang moments, felt it conveyed so much of the joy we were all feeling, also the sign of the times. My brother’s second child and he was way more relaxed in his parenting approach and so my themes ranged from dance party with the aunts, uncles, nieces and nephews to rocket ship lifts when standing next to a posing cousin that captured genuine laughter to football carry’s next to a more careful grandparent and capturing the essence of what ties family’s together for generations.
I’m also so aware of how beautiful and transformative it is to welcome a new born into this world. For all. How in that moment, it will always nurture people’s souls with hope. Captured that on one of my daughter’s apps, musica.ly (set to private) with a video of proud new mother and daughter looking into each other’s eyes, Enya as selected track. To just watching how beautiful it was to see my daughter filled with love holding her baby cousin in her arms. To making sure to go on a nice adventurous walk with my four year old nephew, sitting in the atrium that reminded him of Hawaii as he pondered with the weight of the world what it meant to have a new baby sibling and be the best big brother he could be.
These experiences in love are creating a new kind of excitement for me, of all that is possible - whether it’s with family or playing matchmaker with friends that explores interesting new combinations to project initiatives. That got me thinking about the fashion world and finance world and its long filled tales of romance, but I started thinking about the potential of Fashtech + Fintech, do the stars align in such a way to see a combination that emboldens women entrepreneurs in more enabled ways with the fintech efforts in data, analytics and innovative new thesis’ and niche’ to pursue the huge markets required for venture backed businesses. Cue romantic music orchestration..
The Economic Impact of the Fashion Industry & Distinct Solutions that can come from Fashtech
Fashion is an industry that is unmeasured in it’s most intangible contributions to society and key drivers. Passion, creativity, emotion, real experiences in social and societal. We measure this in a grouped way through revenues.
In fashtech, I think a holistic view of the total ecosystem, including a view of the economic impact of the fashion industry is a major distinction from the traditional legacy systems that adds a technological foundation that makes human life easier and more comfortable. If you’re thinking about building a fashtech business, there’s much room for innovation at every level of the fashion pipeline, value chain, supply chain and new products and services. It’s an exciting time.
Here’s a view of the economic impact of the fashion industry.
Fashion is a $1.2 trillion global industry, with more than $250 billion spent annually on fashion in the United States, according to industry analysts. 1 Fashion and apparel industries employ 1.9 million people in the United States and have a positive impact on regional economies across the country.2 New York City and Los Angeles are the two largest fashion hubs in the United States, with over two-thirds of all fashion designers employed in these cities.3 But they are not the whole story, and cities such as San Francisco, Nashville, and Columbus are beginning to reap economic benefits, including high-paying jobs in fashion design.
Fashion is a structurally diverse industry, ranging from major international retailers to wholesalers to large design houses to one-person design shops. It employs people across occupations—including fashion designers, computer programmers, lawyers, accountants, copywriters, social media directors, and project managers. According to a report by the California Fashion Association, manufacturing is only a fraction of the modern apparel industry as “it is a highly sophisticated industry involving fashion and market research, brand licensing/intellectual property rights, design, materials engineering, product manufacturing, marketing and finally, distribution.
If the customer is king, the data are the pawns – the foundation for any winning position. There is more information available than ever before on people’s consumption habits, behaviours, trends and decision drivers.
However, investments in big data and analytics are wasted if decision-makers receive erroneous insights, or do not have the skills or competencies to convert solid insights into business decisions. Unlocking this information is key to understanding what the mind-set of the consumer is now and is likely to be in the future. By 2020, we foresee a world of real-time linked participants across customers, employees, shareholders, and the marketplace. Driven by the convergence of Big Data, the Internet of Things, and Data Science, luxury retailers will be able to better understand their customers, respond to market trends and tailor sales information & products
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The fashion and luxury sectors are facing rapid business change and people are at the heart of this revolution. It is widely accepted that companies with well-organized talent management practices are gaining the competitive advantage.
Yet, within these sectors, there is still a significant challenge in finding the right people with the right skill mix to enable successful growth through a phase of major transition and expansion. Executive leaders should apply just as much business knowledge and acumen as creativity, to solve complex organisational and talent management issues
Example leading practices to access and retain talent
75% of companies rate workforce capability as an ‘urgent’ or ‘important’ challenge, only 15% believe they are ready to address it
There is still much to be said about in person experiences for relationship building.
Imagine knowing what every customer is going to buy as they walk into the store. This may be the impossible dream, but advances in clienteling are moving that dream closer. Clienteling may not be new to fashion and luxury brands – sales associates can recognise key customers on sight. However the rise of the global customers operating across geographies and multiple channels makes it harder and more complex for companies to comprehensively understand their customer base.
Digital clienteling, which includes leading-edge processes, analytics, and advances in CRM systems is delivering a personalised customer experience across channels – and ultimately improving conversion rates and revenues
Four core clienteling steps to increase customer loyalty and conversion
84% of retail transactions still take place in store, nurturing valuable customer relationships through digital clienteling, makes them more likely to continue for a lifetime
Whilst the fashion & luxury brands continue to work towards omni-channel, there may yet be another shift, and it’s moving faster than fashion. However, the vast majority of fashion and luxury revenues are still driven by offline, physical channels.
It remains true that the cornerstone of capturing this offline retail demand is still ‘location, location, location’ – but a key enabler for success will be to ensure a consistent cross-channel consumer experience from communication to conversion. The variety of demographic and in-region nuances (e.g. cities, such as London – or even specific streets within cities – acting as stand-alone demand centres; together with transit and tourism drivers) will be very important if luxury brands are to truly capture growth.
Balancing the physical growth strategy is one of the most important components of success
80% of visitors use digital for shopping-related activities before or during
their most recent trip to a store— The New Digital Divide, 2014, Deloitte
