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Retail Business Review | Monday, March 28, 2022
The world is moving fast towards digital transformation. The fashion industry is also undergoing a significant shift, changing the retail landscape. Artificial intelligence is forming the manner of purchasing clothes. From 3D avatars to closet consultants, the implementation of AI has made purchasing of products more personalized, with chatbots assisting the consumers.
Big fashion brands such as Myntra, H&M, Tommy Hilfiger, Amazon, and others successfully use AI and data analytics to determine clothing designs. Through AI and data analysis, all fashion companies enable brands to use data to predict what consumers want to wear and purchase the next time.
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Artificial intelligence monitors product prices and recommends ideal price points to optimize revenue. As a result, AI maintains the lowest prices but retains at least a minimum margin and optimizes profits.
With its extraordinary depth of analysis, AI understands consumer and market insights. As a result, AI and data analytics guarantee fashion retailers' creativity with digital innovation as a decisive competitive edge in the market.
Artificial intelligence can drive improvements in forecasting, capacity planning, merchandising, production automation, and delivery. As a result, customers enjoy the excellent advantages of improved product availability and accelerated satisfaction.
The fashion industry profits and secures greater customer insight from their rich business datasets. AI helps pursue opportunities like product recommendations, enhanced customer relationship management, and dynamic pricing. The automated computer program controls conversations with customers and provides them with satisfactory answers, offers, and content tailored to their interests.
Artificial intelligence is also promising retailers efficient inventory management. The retail companies have significant capital tied up in retailers' inventory, which uses artificial intelligence to increase stock turnover by considering the need to sell older stock as soon as possible. This supports fashion companies in increasing their revenues and profits.
Through AI and machine learning, fashion companies can create exact-fit clothing and shoe recommendations and products, increasing the variety of products.
The fashion industry collaborates with designers for their AI-based apparel projects to promote their brands and attract new customers with every new clothing collection launched on social media platforms and in stores.
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