The intersection of fashion and AI
In the fast-evolving realm of fashion, a new muse has emerged, one that blends innovation and style : Artificial Intelligence (AI).
Business of fashion
The Year Ahead: How Gen AI Is Reshaping Fashion’s Creativity
KEY INSIGHTS
- According to McKinsey analysis, as much as one-fourth of generative AI’s potential value in fashion may be driven by use cases in design and product development.
- 73 percent of fashion executives said generative AI will be a priority for their businesses in 2024, but just 28 percent have tried using it in creative processes for design and product development.
- Equity funding for generative AI-focused start-ups skyrocketed in 2023, reaching $14.1 billion in the first half of the year alone.
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Vogue business
A new study created by Vogue Business and Google found that the incorporation of AI enhancements by brands has the potential to significantly boost brand perception, drive loyalty and improve consumer spend. The research, which surveyed 2,976 luxury fashion consumers across the US, UK, Italy and France, aimed to investigate how the introduction of AI tools impacts both the perception of brands and purchase intent of shoppers.
The research identified three distinct consumer mindsets, each with their own specific priorities and values driving their shopping choices: purists, expressionists and activists. By diving into the unique values of these three key groups and the beliefs that unify them, brands can better understand how AI can impact brand perception and consumer behaviour for each group. Additionally, the research reveals at which points in the purchasing journey shoppers are influenced by AI, as well as new opportunities for using AI in the future. Purists are connoisseurs of tradition, prioritising authenticity, craftsmanship and the pursuit of refined garments. Activists are conscious consumers drawn to brands that align with their values, particularly when it comes to social impact. Expressionists seek to stand out from the crowd by maximising their individual style and selecting brands that represent a joie de vivre.
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3dlook.ai
Predicting Trends
Fashion is intrinsically tied to trends; it’s all about keeping up with what’s hot and what’s not. AI has proven to be an invaluable tool in this aspect, revolutionizing how brands anticipate and capitalize on fashion trends.
Take, for instance, the multinational technology company, IBM. They partnered with the Fashion Institute of Technology (FIT) and utilized AI for fashion capabilities, which consisted of a set of APIs specifically created and trained for the fashion industry. These APIs harnessed deep learning, natural language processing, and computer vision to support fashion companies in enhancing customer experience, refining product design and development, optimizing merchandising and planning activities, and bolstering merchandise performance analysis.
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