During the 1960s a new profession emerged as fashion forecasting in Paris when fashion agencies started to make trend books. These books have latest design ideas and collection of fabric. The retailers use the trend books for inspiration. These books are made with the deep research from the catwalk to the sidewalk. It was an attempt to identify the next big fashion in the industry. Earlier the research work was done manually and now the same thing is doing by Artificial Intelligence in a better way. Artificial intelligence has become the greatest trend in the fashion industry which is used to predict the latest fashion trends. It is expected that the market of AI will reach $40 billion by 2020.
Why Artificial Intelligence (AI) in predictive fashion ?
Fashion forecast is done by gathering and analyzing the data about what people liked in past, want today and likely to want in the future. The data patterns of the fashion industry are notorious and highly volatile. The forecast depends on so many factors and it is tough to consider all the factors by the human mind. It is very difficult to analyze these data to learn the underlying patterns by the traditional statistical methods. So the traditional methods fail to forecast the sound fashion prediction. But the latest AI technology has provided the alternative way to forecast the latest fashion trends more accurately and precisely. AI software can tell the sales and marketing team that what, when, and how much to buy or sell. AI software combines the social, economic, and digital data to forecast the fashion trends.
AI is beneficial for the retailers as well as consumers because it enables the consumers to instantly browse the similar, better and cheaper alternative products. And retailer also remained tuned about the latest trends and demands.
How AI works?
Artificial intelligence software learns the style and creates the computer-generated image which matches to that style. This system allows the retailers to create the customized piece of clothing and help to predict the latest fashion trend. The AI system uses two algorithms
• Convolutional Neural Network (CNN): It is used to identify the preferences of users for certain items. Like when you access some product on e-commerce websites it shows “other items you might like”.
• Generative Adversarial Network (GAN): It is used to generate realistic images. GAN can help the e-commerce retailers to identify what the customer wants beyond the item that already exists.
Who is entering the world of AI in predictive fashion?
Large tech firms are now searching opportunities in the arena of the fashion trend analytics. Google has set up a “TrendSpotting” division which is specialized in publishing the annual fashion trends by using the search data. Amazon is also trying to lead the way when it comes to replacing the designers and stylists with the latest AI technology. Amazon is working on the several AI systems which will shape the latest fashion trends which will help the company to expand its clothing business or even dominate the fashion industry. Alibaba has developed FashionAI to provide an interface to offline customers. Alibaba is using AI technology both online and offline. The AI machine made the suggestions to the customers according to the items they are trying. The customers can try the clothes according to the recommendation and receive fashion tips from the AI. Customers can also get in touch with the store attendant with the press of a button. Because of AI system, Alibaba made a $25 billion sale on Saturday’s Single Day even which was more than quadruple what American spent During Black Friday event last year.
The involvement of the AI in the fashion industry will be a game changer. The emerging AI technology has the potential to revolutionize the fashion industry.