Artificial Intelligence: Key for the Retail Fashion industry
The world is heading fast towards digital transformation. The fashion industry is also going through significant transformation changing the retail landscape. Artificial intelligence is shaping the manner of purchasing clothes. From 3D avatars to closet consultants, implementation of AI has made purchasing of products more personalized with chatbots helping the consumers.
Big fashion brands like Myntra, H&M, Tommy Hilfiger, Amazon, and others are successful in using AI and data analytics to figure out clothing designs. With AI and data analysis all fashion companies are empowering brands to utilize data predicting what consumers want to wear and purchase the next time.
Artificial intelligence monitors product prices and also recommends ideal price points to maximize revenue. AI keeps the lowest prices but retains at least minimal margin and maximizes profits.
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AI with its extraordinary depth of analysis has an understanding of consumer and market insights. AI and data analytics promise fashion retailers creativity with digital innovation as a powerful competitive edge in the market.
Artificial intelligence has the potential to drive improvements in areas like forecasting, capacity planning and merchandising production automation and delivery. Customers enjoy the excellent benefits of improved product availability and accelerated fulfillment.
The fashion industry is making gains and securing greater customer insight from their rich business datasets. AI helps in pursuing opportunities like product recommendations, improved customer relationship management, and dynamic pricing. The automated computer program manages conversations with customers and providing them with satisfactory answers, offers, and content tailored to their interests.
Artificial intelligence is also promising the retailers efficient inventory management. The retail companies have significant capitals tied up in retailers inventory which is using artificial intelligence to increase stock turnover by taking into consideration the need to sell older stock as soon as possible. This helps fashion companies to increase their revenues and profits.
Using AI and machine learning the fashion companies can create exact-fit clothing and shoe recommendations and products increasing the variety of products.
The fashion industry is collaborating with designers for their AI-based apparel projects for promoting their brands and attracting new customers with every new clothing collection launch on social media platforms as well as in stores.