Based on a report by Tractica, the global AI software market is expected to grow massively in the next few years, with revenues increasing from around 9.5 billion to 118.6 billion USD by 2025. Also, according to a study by Juniper Research, global retail spending on AI will grow to $7.3 billion per year by 2022. This is up by 5 billion, from an estimated $2 billion in 2018. Moreover, recent research has found that in the next five years, retailers will also be heavily investing in other related technologies like blockchain and the Internet of Things.
The many benefits of AI in fashion
There is no denying that artificial intelligence has been dramatically shifting the way business is done. From the use of predictive analytics in business to computer vision in identifying product attributes, there are a myriad ways AI has been benefiting the field of fashion. Some of the ways down below illustrate just how powerful applying AI for fashion is.
Customization –With e-commerce becoming a central way that people shop, there is more data about the consumer being tracked than ever before. Many successful fashion websites are able to keep a log of the browsing patterns of their customers, and in turn suggest similar items based on color, style, and design.Fit predictive personalizationis used in online shopping.
Automating operations – One of the greatest benefits in using artificial intelligence is the ability to automate mundane tasks. A majority of company working time is used for menial data entry, calculations, and other efforts that can easily be run by artificial intelligence alone. This is a huge asset to fashion brands, as they can assess margins with greater accuracy and organization using AI, requiring less man-power. This frees up many retailers to focus on more important matters like strategy and execution.
Managinginventory – A huge problem that retailers face is over-ordering and losing out on profit due to the unsold product. It has always been quite tricky to keep business moving, yet not hold too much that you are left with wasted items. Today, companies like Chain of Demand use machine learning algorithms to make more accurate predictions and choices. While demand forecasting techniques have been around for years, traditional methods only used historical sales data. The majority of calculative work needed to be done by humans and with limitations when the data sets go over 10,000. Yet, with machine learning, you can reduce forecasting errors by up to 50%, and are not restricted to how many data points and sources are used, thereby making more precise predictions.
Reduced returns – Reduce Apparel Returns take approximately 3x longer to inspect than other verticals. This makes operational costs quite high. However, with the help of AI, retailers can help customers to make more informed purchase decisions (as described above). This increase in customization and improved communication prevents dissatisfaction, and in turn reduces the return rate. Retailers lose about $642.6 billion every year from preventable returns, which is why the use of AI would be incredible. AI technology
Innovative Shopping Facility:- AI adds a drastic change in shopping for dress and costumes. People always enjoy to new way to shop their clothes because most of the guys and girls love to shop from their home and choose the best dress or costume with the help of AI.
Read More:-Wedding Guests: How to Choose Your Dress
Shop fit match 