Artificial Intelligence (AI) is having a profound impact on all the industries and the way they operate. Fashion industry is no different! Opportunities to improve the customer experience & retail operations are immense and have a direct impact on top line and bottom line of the companies.
Fashion industry has myriad stakeholders and influencers right from designers to fashion houses to bloggers to celebrities and finally the customer herself. The trends and shopper preferences complicate the entire supply chain and retail operations. The complicated relationship between shopper preference and supply chain management has made the retail operations more of an art rather than science. Artificial intelligence can integrate this diverse set of data into engaging and actionable information.
Many industry players like Nordstrom, Shoe Dazzle, Sephora, etc. are investing in AI to suggest styles to their shoppers personalizing the shopping experience in the process. Start-ups like Tuzo are helping the retailers in taking the guessing out of the game. The insights from the shopper preferences can be used for better demand planning and product sourcing.
The fashion retail market is roughly half a trillion US dollars in Asia Pacific (excluding China) and half of this market is addressable market for AI personalization which makes it a very lucrative market.
