Artificial Intelligence promises a major advancement for the fashion industry. The industry is one of the biggest in the world. With its 3 trillion dollar evaluation, the industry occupies nearly 2% of the global economy output. Additionally, the competition for the next-big-thing in the fashion industry is heating up. Amazon acquired Zappos, a leading brand for $1 bn in 2010.
Along with this acquisition, and new openings by Walmart, Target and Other major retailers, fashion industry players require innovation to gain a competitive edge. Moreover, AI promises to bring transformation to fashion industry in manufacturing, designing, sales, and consumer-use as well. AI technology today promises to build higher quality products, and also help minimize errors in prediction of next-big fashion trends. The rising investment in the field is expected to drive significant growth for the AI in fashion market in the near future.
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Global AI in Fashion Market: Notable Developments
In 2018, the global fashion industry produced over $150 bn dollar garments. Moreover, out of these, $50 bn went unsold. Additionally, $50 bn were sold through discounts. For the very reason of being able to predict user-preferences, and the next-big-fashion trend, major brands like H&M to Tommy Hilfiger have invested in AI technologies. The major Chinese wholesaler AliBaba also opened a fashion AI store in 2018 with integration of various technologies like intelligent garment tags, smart mirrors, and omnichannel integration. The rising costs of unsold stocks, the unpredictable nature of consumer tastes, and growing investment by major brands are key drivers on the horizon.
University of Texas partnered with researchers from Cornell Tech and Georgia Tech to come with an Artificial Intelligence systems which can offer quick suggestions to users to make their appearances more fashionable. The App was trained using more than 10,000 images and according to user reports, the app provides trendy and easy choices.
The app is known to face internal pressures as data sets can be biased to reflect specific traits. For example, one of the major concern regarding this app it tends to reflect fashion apparels more common in North America, where internet use has been widespread since the 1990s. Additionally, body shapes of specific origins can also be more favored in the long run.
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Global AI in Fashion Market: Drivers and Restraints
The global AI in fashion market is expected to witness robust growth in the near future, thanks to a multitude of AI applications in the industry. AI is expected to aid fashion stalwarts in customization, advanced material procurements, reduced returns, and automation in operations, managing inventory, and product discovery.
These are key areas of improvements in the fashion industry, which conventionally have relied on family-based business models which advance a specific mode of advancing growth. The growing competition in the fashion industry worldwide, the increasing global convergence, and demand for more personal preferences are expected to drive growth.
Global AI in Fashion Market: Geographical Analysis
The global AI in fashion market promises robust growth in North America. The rising investments in startups by major fashion brands, the increased adoption of AI in major retail chains, and growing investment in innovation are expected to drive growth. However, the market also faces challenge as technologies like Amazon Echo Look fall short of expectations and challenge of predicting user tastes remains challenging. Moreover, growth of the AI in fashion market is also expected to soar in Asia Pacific region. The region is witnessing a large influx of startups in the market, thanks to major expansion of the IT sector, changing lifestyle trends, and rising disposable income.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.