Why should you consider AI for Fashion to succeed?
Three years ago we wrote right here about how the fashion industry was witnessing a subtle switch in focus towards eCommerce. The fashion industry was seeing a 12% increase in worldwide revenue since 2018 and predicting a steep growth rate. And then in 2020, a huge elephant stampeded into the room… Covid-19.
With subsequent world-wide lockdowns, retail revenues noticeably plummeted with bricks and mortar shops closing their shutters, and high streets literally had tumbleweed blowing through them. Shoppers were forced online and the eCommerce revolution began and accelerated.
Fashion companies, brands and stores have had to adapt very quickly and AI technology has revolutionized the sector. Indeed, the majority of companies that have successfully deployed AI report that it proves its worth. Those not keeping pace have risked insolvency.
Creeping out of the pandemic, and even as retail shops have rolled back up their shutters to the droves of shoppers back in the streets, it appears the prediction in a study by Juniper Research by 2022 that fashion’s investment in AI technology would reach $7.3 billion. It seems that the investment in AI will stand very much true to target. A Markets and Markets report has gone further, expecting it to rise to $10.88 billion by 2023.
But… is it really true that fashion businesses absolutely need AI solutions today, or is it just a trend word that’s supposed to make your business look more attractive?
The Customer journey has changed since Covid-19
Whereas many were previously questioning the necessity of AI integration, now retailers are realizing the importance of the customer journey in their eCommerce platforms.
The COVID-19 pandemic has changed the customer journey practically overnight. Shoppers have become accustomed to online and now demand a better shopping experience. Especially in searching for fashion. The pressure is on to improve product discovery, and importantly have consistent and correct data – something tedious to do manually.
AI Solutions for the Fashion Industry to increase the efficiency
The AI Solutions not only improve the customer experience, it can improve and increase team efficiency too.
AI solutions for the fashion industry, like those offered by Wide Eyes, are able to monitor consumers, studying their behaviour based on how often they shop, what items and styles they usually search for, and what items they mostly avoid. By calculating all these variables, tech systems can generate accurate demand forecasts and help retailers manage inventory down to the last item. Human input on a detailed taxonomy is time consuming and an inefficient drain on companies’ resources. Wide Eyes’ Auto Tagging tool provides rapid and accurate processing of entire catalogues.
In some cases, should the retailer experience shortage or abundance in stock, AI can offer different solutions to sidetrack the issues by suggesting similar items to shy the shopper’s attention away from the lacking item, or offer matching styles to a selected item to encourage more sales.
Most importantly, AI offers a visual search tool, such as Wide Eyes’ Search by Image tool, which cannot be replaced by human control. Our proprietary technology benefits both consumers and retailers, in that the shopping experience is easier for consumers, and an additional channel attracting clients benefits the latter.
Times are changing and shoppers are evolving. Retailers are encouraged more than ever to compromise and mesh both tradition and technology, allowing them to allocate the strategic benefits while still maintaining human control. AI makes it possible. But… If AI consistently proves its worth, why doesn’t your business deploy it successfully? Wanna talk?