Crowdsourcing in the Fashion Industry

Abstract

In today’s cutthroat competitive world of fashion, flexibility and adaptability are essential elements for a company to survive in this industry. As such, there is a growing interest for open innovation and crowdsourcing as tools that might boost the competitiveness in the industry. By embracing open innovation, the use of external knowledge to emphasize internal creativity and expand market influence, industries can reach beyond their own internal resources and develop better ideas, faster and at a lower cost. The fashion industry is no exception. Specifically, crowdsourcing is lowering the fashion industry’s barriers to entry and giving the public an opportunity to not just shape a brand but also determine the trends of an entire sector. This chapter aims at analyzing the features, the pros, and the cons of crowdsourcing in the fashion industry focusing on the perspectives of both the companies and the customers.