Fashion and AI
Throughout history the fashion industry has always been shaped by the shifts and transformations of society. However a new player is now emerging on the scene promising more significant changes; artificial intelligence. This goes beyond trendy designs or color palettes; we are entering a world where AI will have a say in what we wear how we shop for it and how it is marketed to us.
The Year Ahead: How Gen AI Is Reshaping Fashion’s Creativity
The Business of Fashion describes the impact of Artifical Intelligence on fashion and the various ways it has begun to revolutionize clothing. With analytics reports cited from McKinsey, statistics from AI application reports and highlights of brands already participating, you will be able to comprehend the shift taking place and its importance in the fashion industry.
“The overall financial impact of gen AI on the industry is potentially significant. According to recent McKinsey analysis, as much as one-fourth of the value is expected to be driven by use cases at the design and product development stage of the value chain.
It’s no surprise then that gen AI is on industry executives’ radars. The BoF-McKinsey State of Fashion 2024 Survey of global fashion executives found 73 percent of respondents said gen AI will be an important priority for their businesses in 2024. Yet while many are experimenting with the technology, just 28 percent said their businesses had tried it for design and product, indicating fashion companies are not yet capturing its value in the creative process.” (BOF, 2023)
Artificial Intelligence In Fashion
In this article by Forbes, they explore the advantages of AI but more importantly, the effects and long-term disadvantages on the industry. From effects on the workforce and homogenization, they analyse the impact of artificial intelligence.
“One of the biggest concerns is the potential for AI to replace human labor. With AI algorithms capable of doing the jobs of designers, marketers and other fashion professionals, there is a risk that some jobs will be lost. This could have a significant impact on the fashion industry as a whole, as well as on the broader economy. This is a valid concern, and it’s important for businesses to approach AI in a responsible and ethical manner.”
Despite these challenges, much of the fashion industry is embracing AI with open arms. With its ability to analyze data and make predictions, AI is offering businesses new opportunities to streamline their operations and reach new heights. From improving supply chain management to revolutionizing the design process, AI is transforming the fashion industry and changing the way businesses operate.
So, what’s the verdict? Is AI in fashion a love or a hate relationship? The truth is, it’s a little bit of both. While AI has the potential to revolutionize the fashion industry, it also poses new challenges that businesses will need to address. However, as with any technology, the benefits and drawbacks of AI in fashion are all a matter of perspective. And with the right approach, businesses can use AI to drive growth and improve their bottom line (Forbes, 2023)
AI in Fashion Marketing: The Future or the Fall of Traditional Roles?
“Marketing as we know it is undergoing a paradigm shift—a combination of artistry and scientific methods employed to captivate consumers interests like never before. Gone are the days when a catchy tune or an eye catching billboard guaranteed sales. In this era driven by data AI has taken the reins orchestrating campaigns with precision that both impresses and worries many.
Trend Forecasting; Predicting fashion trends has always been like deciphering messages. However AI is now transforming this art into an endeavor. Algorithms sift through amounts of data from Instagram posts, tweets, Pinterest boards and e commerce statistics. The result? Reliable predictions about what will be the big trend. Think bell bottoms are making a comeback? Chances are AI knew it before you did.” (Digital Daze, 2023)
