Fashion retail industry-Incorporating innovation and technology that is both interactive and engaging has changed the dynamics of fashion retail. In recent years, technology has been drastically dabbling in the world of fashion. With the tilt from brick-and-mortar retail shopping, technology’s impact has been difficult to ignore – especially with e-commerce in full force. Considering the technologies such as AR, VR, artificial intelligence and automation, the retail sector is burgeoning as well as the need for retailers to adapt to the new landscape and embrace the turning point of the fashion world.
Artificial intelligence in the fashion retail industry
Artificial intelligence is reshaping the retail industry at a rapid rate. With its ability to help turn large and diverse data sets into enriched information, it has become a major tool for retailers when it comes to personalizing the shopping experience. Retailers can leverage data to provide a more seamless and personal experience for consumers, thus increasing conversion, repeat purchase and loyalty. Retailers are using AI to collect, organize, analyze, and sort data into relevant classifications, which can then be used to predict and understand what their customers are looking for – and deliver on it.
The rapid advances in machine learning processing have already pushed artificial intelligence (AI) into the mainstream. In the fashion retail industry, AI could help brands and retailers with predictive forecasting, capacity planning and merchandising. It means that consumers can enjoy the rewards of better product availability, faster and more accurate deliveries. In addition to supply chain benefits, AI can also help create a much smoother browsing experience and improve customer retention through personalization. Online platforms like Amazon, Alibaba, and JD.com use AI enhancements to help generate precise product search results and display virtual storefronts tailored to individual shoppers, based on their unique features and preferences.
Footsteps of automation in fashion retail
An increase in fashion retail automation is on the ride. Retail automation is the process of using innovation in tools, technology, and processes in retail which ensures a more efficient operation that leads to a better experience for the customer at a lesser cost to the retailer.