Artificial intelligence in fashion market is growing at 36.9 per cent globally. Factors such as the availability of massive amounts of data due to increasing proliferation of digital services across the globe, and real time consumer behavior insights and increased operational efficiency are driving the adoption of AI in the fashion industry.
AI integration in fashion plays a crucial role in sales, marketing, and customer-focused purposes. Initial adopters point towards the key impact of technology in improving customer experience and decent growth in company revenue. Elevated customer experience helps the retailer crack entirely new tactics of customer engagement and communication. With AI integration, retailers can precisely spot the customers’ expected needs at precise times and offer the appropriate product to gain a competitive advantage. Several fashion brands are leveraging chatbot to improve the customer experience; Tommy Hilfiger's Facebook Messenger chatbot offers consumers a custom-made and interactive shopping experience than customary online shopping.
Artificial intelligence in the fashion market on the basis of deployment is segmented into cloud and on-premise. Cloud segment leads artificial intelligence in the fashion market. The market for artificial intelligence in fashion by application is further segmented into product recommendation, virtual assistant, product search and discovery, creative designing and trend forecasting, customer relationship management, and others.
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