A Study on Optimistic need of Artificial Intelligence in Fashion Retail Industry

Abstract

The fashion e-commerce market has been growing steadily in the past few years accounting for USD 371 billion or 21% retail sales of apparel and footwear globally in 2019. But as most of the worlds are experiencing self-isolation and lockdown measures, the corona virus crisis is pushing brands to digitalize even faster to survive, engage with customers, designers, manufactures and redesign their supply chain operations. Many sectors are reeling from the fallout of the COVID-19 pandemic as they stare into the abyss of the impending recession and fashion has not been immune. But aside from economic factors, the industry is also facing lasting structural change. Artificial Intelligence optimizes conversion, Average Order Value (AOV) and repeat purchase rate by understanding a customer’s preferences and suggesting the right products and outfits for them. Recommendations are tailored to the physical stores with latest technologies by implementing virtual trail room, regional trends, as well as the customers’ body type, color, desired occasions and personal style.