AI is playing a crucial role in the rapid transformation of fashion. In 2023, a report by McKinsey & Company indicated that AI could bring the profits of the fashion industry to $275 billion in the next few years. Industry leaders are thrilled about this.
The Business of Fashion and McKinsey’s survey found that 73% of fashion executives plan to focus on AI by 2024. AI has the potential to modify fashion. Kearney’s Benjamin Bond asserts that it will completely transform the creation of innovative ideas. This will expedite, expedient, and make the job easier.
The potential of AI in fashion was recognized by Yarden Horwitz, a former Google fashion analyst, over ten years ago. Using AI, she and her colleague Oliver Zimmer discovered the patterns in Google search data and produced the first Google Fashion Trends report.
The use of AI by Spate’s company enables them to analyse trends more closely. They launched a consumer trends report in 2023, which utilized GPT4 AI and an analysis of billions of search signals. Fashion design can be made more technical with the help of AI. As per Bond’s statement, AI has the ability to discover details about numerous products that are not accessible to humans.
AI is being employed by startups like Fashable to support fashion brands. Customers provide insights to Fashable through AI-generated images of clothing. By enhancing sales chances, brands can reduce waste by creating styles. Fashable’s Orlando Ribas Fernandes states that their AI models are tailored to suit the needs of each brand.
The designs are kept distinct and not shared with competitors. While fashion may not be the most affordable, AI could help address some of the industry’s issues such as waste and overproduction, according to Fernandes. Fernandes envisions a future where fashion is the norm, and brands collaborate with customers to design their own clothes. Custom-made pieces could be made specifically for individuals instead of mass-produced items. In general, the fashion industry is poised to benefit from AI’s ability to optimize, conserve, and customize it.
