In the apparel industry, spending on artificial intelligence is predicted to grow by 7.3 billion USD by the end of 2022. Well, this clearly shows the rise of machine learning in the retail industry.
Here are 4 ways artificial intelligence is proving out to be a game-changer in the apparel industry
Accurate inventory management is a challenging task for brands, especially when they have a huge inventory. Retailers got to keep enough stock to stay business moving; however, not such a lot that it drains money reserves through the unsold product.
To do this, you would like to be able to predict demand. Machine learning algorithms use pre stored data to form predictions and selections. AI-powered tools use these algorithms to solve the old age inventory management problem
These tools will facilitate retailers scale back forecasting errors by up to 50%, whereas reducing inventory by 20-50%.
Connecting your brand with customers
Many fashion retailers are using AI chatbots to communicate with customers and recommend their products. This smart method of customer assistance helps in scaling your business ten folds and also helps to save some money on employing customer staff while building customer loyalty.
Let’s take an example of Levi’s virtual stylist, which helps customers choose the right pair of jeans. It helps shoppers find the right fir, rise, and stretch so that the chances of returns are minimal.
Another brand, Tommy Hilfiger, is leveraging chatbot technology for fashion brands. Their Facebook Messenger chatbot offers a personalized shopping experience.
Users can browse the brand’s latest collections, see discounts, and share their style preferences for product recommendations.
To stay prices low, brands got to higher predict client preferences by gathering and analyzing purchase information. Using this information, AI and machine learning enable fashion retailers to make garments that will entice customers to shop.
Stich Fix, a fashion subscription uses AI to recommend tailored clothing to its subscribers. It analyses a customer’s profile then sort amongst million of clothes combination to handpick the ones that match with a customer’s choices and budget. It grabs customer’s data, processes it, and recommends a personalized selection to them, which elates the customers.
Improves product discovery
Visual search is making waves in the marketing world. It makes product search effortless than ever before for the shoppers. They can snap and upload a photo, and AI will show them similar products after identifying its color, shape, and size.
One impressive example of this is Google Lens that allows customers to snap and upload photos and then finds similar pictures through Google shopping.
Fashion retailers are posting high-quality product images to make their products more discoverable.
Looking forward to a more technology-driven fashion space
In the coming years, the use of AI, ML, AR, and VR is going to surge many folds. Brands will continue to employ these technologies on a larger scale for reducing costs and improving efficiency. The future of AI-driven fashion space looks bright, and I can’t wait to see which new technology proves out to be a hustler.
This is Sharon Winget, Staff Writer with GoodFirms, a review and rating platform of top IT companies & software. A tech geek at heart, I firmly believe technology can transform societies. I enjoy blogging about web design, email marketing, and content marketing.