AI, machine learning or big data are no longer strange terms to us, however, most of us might not have a quantified view of how much the world has changed because of them. Human archived data in the past five years has surpassed the total data collected from the entire human history. With the exponential rise of technologies in storage, GPU, and 5G, this speed will continue to accelerate. However, this is not necessarily good news for most of the traditional fashion retailers, especially the ones didn’t quickly embrace the technology into the business. From the capital market, XRT, the exchange-traded fund that represents the retail sector, has been underperforming for the past five years by comparing the entire market or other sectors. The number of fashion retailers that have filed bankruptcies in the past a few years also are more than any same period in history. On one hand, internet giants like Amazon and Google have continuously pushed the overall margin lower and lower for the fashion retailers; on the other hand, the large retailers that have the bandwidth to invest on technologies and embrace AI has significantly gained the competitive advantages comparing the ones who are not.
How AI has affected the fashion industry
Currently, AI has penetrated to almost every area in the fashion industry, including product design, manufacturing, retail merchandising, etc. On the design part, with the revolution of deep learning technologies, AI designer is able to identify real-time fashion trends by training a large set of the fashion products that are currently selling on the market. Based on the customer sentiment from product reviews, ratings and social media activities, fashion retailers and virtually validate the product. Furthermore, AI designer is also able to resurface themes in trending patterns, silhouettes, styles, colors, etc., so the retailers can quantify the proportions of the products on different themes. This not only tremendously reduces time-to-market for the products so the trend is not outdated but more importantly, it also increases the success rates of a fashion product, as the prediction of trends is based on the entire market trend that human designer is not able to have a complete analysis. Large retailers like Tommy Hilfiger has implemented a few of these technologies into their design process.
Influencers have become increasingly influential to shoppers’ buying decisions. Information currently is in the explosive stage. As a result, people have changed their mind from pursuing more information to pursuing less but is processed. That’s why recently more and more shoppers tend to buy products recommended by their friends or who they are following on social media rather than do research on their own. Influencers, on one hand, bring traffic to the retailers paid them and on the other hand, also drive the fashion trends. For fashion retailers, being able to know what is trending from the influencers and what products the competitors are trying to influence are crucial to their success. Another challenge for fashion retailers is to find the best-fit influencer to help them brand and increase sell-through. The current AI technology can find the right influencers based on the complete set of influencer data.
How we can help at Neural Trend
Neural Trend has fully equipped with data, model, and infrastructure to provide best-in-class solutions to support your fashion design process. We provide the best-in-class deep learning based AI solution to design the right product with shortened time and higher success rate. We also provide a solution to build your social media strategy to find the best-fit influencer to enhance your marketing strategy and increase sell-through.