It’s been a wild ride in 2019 for the tech and luxury fashion industries, setting the stage for what could be a seismic shift in 2020. Glossy’s Year in Review takes a close look at the impact of Artificial Intelligence (AI), tech and luxury IPOs, and the luxury slowdown that’s been impacting the fashion world. From the big wins, losses, and changes redefining the status quo, here’s what you need to know.
1. Glossy’s Year in Review: Artificial Intelligence in the Spotlight
In 2020, artificial intelligence made some significant leaps forward. Whether it be in robotics, medical software, autonomous driving, or machine learning, AI systems helped move their respective industries past traditional limits. Here’s a look back at some of the biggest AI breakthroughs of the year.
- A cutting-edge robotic starfish developed by a team of researchers at Stanford University and Max Planck Institute for Intelligent Systems proved its mettle by navigating coral reefs autonomously, helping scientists study and observe hidden marine life.
- The rapidly expanding medical industry saw its first ever AI-based system approved by the FDA. A deep learning system developed by a leading healthcare provider in the US is now used across the country to aid in the detection of breast cancer.
Autonomous mobility also took a giant step forward this year. With a flurry of automakers developing self-driving vehicle technology at an unprecedented pace, the dream of riding in autopilot on the highway is becoming a reality.
2. The Boom in IPOs: A Surprising Twist of Events
2020 has been characterized by an unprecedented boom in Initial Public Offerings (IPOs). The recession of March 2020 was quickly followed by a revival of the market with many companies aiming for IPOs to raise capital and enhance their growth prospects. This sudden, dramatic twist of events has left the business world wondering how companies were able to take advantage of the challenging situation.
The answer lies in the ability of the enterprises to identify new business opportunities, rapidly forge relationships with potential investors and implement innovative strategies to survive turbulent times. From the world of telemedicine to the automated internet of things, the companies racing for IPOs had identified fresh avenues for growth and were successfully able to turn the situation to their advantage. This strategic foresight enabled them to tap into the pockets of individual investors, financial institutions and venture capitalists, laying the cornerstones of a remarkable market revival.
3. The Unavoidable Luxury Slowdown: Bracing for Impact
The luxury goods market may be slowing down, but the damage of such a downturn could be far-reaching. Rapidly changing consumer attitudes combined with economic uncertainty have pushed the sector towards a meltdown, and businesses are feeling the pinch.
From jewelry and apparel, to cars and yachts, luxury brands have been hit hard.
What it means for the industry:
- Diminished demand due to changing economic cycles
- Increased competition, especially in the tech space
- Cumbesom production and sales channels
- Offline stores may be bottlenecks to online sales
It’s clear that luxury brands will need to go back to the drawing board and find creative ways to gain back the trust of their customers. Companies must pivot quickly or face a defining moment of their brand’s existence. With so much on the line, it’s time to buckle up and brace for impact.
4. Looking Forward: Assessing the AI and IPO Outlook for 2020
With the dawning of the new decade, the world is taking stock of the latest trends in the artificial intelligence (AI) and Initial Public Offering (IPO) sectors. Here are a few things to consider when assessing where these two markets are headed in 2020:
- AI Growth: AI is expected to continue to be a major driving force behind technological advancements. Companies are anticipated to place greater emphasis on automation this year and large investments in AI development are expected.
- IPO Uptick: After a period of significant regulatory changes, the number of IPO’s is expected to once again increase sharply. This growth will be driven by a number of factors, including cost savings from technology adoption, expanding customer loyalty, and improved internal processes.
Overall, it looks like 2020 could be a very promising year for both the AI and IPO markets. It will be interesting to see which of the latest trends take hold and which companies are leading the charge when it comes to innovation and market expansion.
2018 will be remembered as the year of AI, IPOs and the great luxury slowdown. These events have shaped our lives and given us insights into the fast-moving tech, retail, and luxury markets. And while there may have been losses and disruptions, we can remain hopeful that 2019 will bring in new successes and new opportunities. Cheers to another year of success and innovation!
