Is Artificial Intelligence the Newest Trend in Fashion

Views:
 
Category: Entertainment
     
 

Presentation Description

No description available.

Comments

Presentation Transcript

slide 1:

Is Artificial Intelligence the Newest Trend in Fashion Accurate sales prediction is critical for apparel businesses as it makes for effective inventory management that enhances profits by lowering markdowns because of overstocking. Consequently a large number of apparel companies are using artificial intelligence AI to transform ways to predict trends in the fashion industry develop products and interact with customers and suppliers. AI’s ability to draw insights from large datasets has numerous practical applications in the fashion industry. In the age of “fast fashion” designers online influencers retailers and suppliers are always under immense pressure to anticipate what customers want and make it available instantaneously. Here are 5 ways by which AI is going to transform the future of the fashion industry: 1. Tailor recommendations: To keep expenses down brands must know the likes and preferences of customers by collecting and scrutinizing purchase data. Making use of this data together with machine learning and AI enables apparel businesses to create outfits that customers wish to purchase. For instance apparel brand Stitch Fix uses AI tools that analyze customer profiles and sort through thousands of combinations of outfits to pick outfits that fit customers’ budget and taste. 2. Connect with shoppers: Today several retailers use smart assistants or AI chatbots to connect with shoppers and offer recommendations. This method helps them save money on staff while creating customer loyalty. Some of the leading apparel brands such as Tommy Hilfiger and Levi’s use chatbots to help customers pick the right denim jacket. 3. Manage inventory: For apparel brands precise inventory management is an enormous pain point. Retailers must have enough stock to keep their business moving and make sure that it doesn’t drain their cash reserves through unsold products. To do this they must be able to anticipate demand. AI-powered tools use demand forecasting algorithms to solve this long- standing pain point. 4. Improve product detection: Visual search which is another retail trend powered by AI makes it a lot easier for customers to discover products they are looking for. Shoppers just have to take a picture and upload an image of the item they are looking for then AI recognizes the image across multiple retailers and sites. To take advantage of visual search and make products easily discoverable retailers must make sure that the images are up-to-date and high-quality. 5. Reduce returns: Brand apparels lose a huge amount of money due to customers returning their products. It takes about three times longer to examine returned clothes compared to other verticals raising operational costs. In addition apparel returned in poor condition is often considered unfit for sale. With AI retailers can customize the shopping experience helping customers make informed decisions.

slide 2:

It is clear that machine learning and AI will play a huge role in the future of the apparel industry. Retailers will leverage AI to enhance efficiency and create a unique and delightful shopping experience. Going ahead AI will offer apparel brands an edge in the jam-packed fashion industry.

authorStream Live Help