Digitalization and digitization are two conceptual terms but often used interchangeably in a broad range. Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities1, in which data is at the center. With advanced digital technologies, traditional fashion companies start to change business operations, business models and even revenue streams. To embrace new business opportunities, many digital oriented startups appear and have achieved a varying degree of success.
In 2017, the number of brick-and-mortar stores collapsing into bankruptcy hit a new all-time high. More than 6,985 stores closed across the US by December2, and according to Fung Global Retail & Technology, this is even worse than the estimated record during the 2008 financial crisis.