Fashion is a $3 trillion market, constitutes 2% of the global GDP. Clothes & accessories have never been cheaper or more abundant in the history of mankind.
Having said that, the market has never been as fiercely competitive or dynamic as well. Tastes, trends, materials, and styles now change each month, rather than annually. Artificial Intelligence has found various use-cases in this space, but what is interesting to note are the driving characteristics of its application, which are:
(1) Complex Supply Chains – Lots of moving parts, dependencies, stakeholders, event-based implications and points of potential impact/inefficiency
(2) Creating Demand – The ability to induce, create or tap into latent demands rather than depending on existing or overt needs – hence, requiring omnichannel marketing and outreach towards intelligently segmented target markets
(3) Simulation & Design – Businesses forecast, not just to beat the competition but also to ward off failure. The business model is built on predicting the future accurately
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