The increasing investments by fashion brands in artificial intelligence and machine learning technologies are proof of their immense business potential.
Today, technologies like artificial intelligence (AI) or machine learning in the fashion industry are changing every aspect of this forward-looking business sector. The use of AI in the fashion industry has become so well entrenched that fashion retailers are today encountering bankruptcy. As a result of this, spending on AI technologies by the fashion & retail industry is estimated to reach 7.3 billion dollars each year by the year 2022. Here is more about the impact of AI and ML in the fashion industry.
Supported by the availability of big data, customer personalization, and other services in fashion companies are no longer feasible without AI in fashion. According to reports, the leading 20 percent of the global fashion brands are creating 144 percent of the industry profits. This means that for any fashion company, it requires to be in the top 20 percent to be a profitable business. Driven by this need, fashion brands are investing in AI and ML to remain relevant in a highly competitive marketplace. With sophisticated data collection, fashion brands are using technology to know customer needs and design better apparel. Fashion platform is using AI-powered fashion designing that is based on the customer’s preferred colors, textures, and style preferences.
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Fashion brands using AI and ML tools can identify fast-changing fashion trends and provide the latest fashion accessories to retail shelves quicker than the conventional fashion retailer. As a result, leading fashion brands are quicker in offering instant gratification to retail customers by knowing seasonal demands and manufacturing the right supply of the clothing. AI-powered technologies like augmented reality (AR) and virtual reality (VR) are now cementing the gap between online and in-store shopping experience. In-store AR enables shoppers to access any merchandise through digital media. Leveraging VR technology, fashion brands can create a virtual image of their pop-up retail store.