Artificial intelligence is transforming the fashion industry, consequently giving rise to new opportunities and allowing businesses to reach target market with ease. AI-powered machines capable of giving rise to new fashion trends as well as inform product decisions are the new thing in the apparel industry.
Artificial Intelligence in Apparel Industry
Increased spending on artificial intelligence from $2 billion as of 2018 to $7.3 billion as of 2022 should make the technology an integral part of various industries. The apparel industry is one that stands to benefit a great deal as the trend-setting technology continues to evolve.
Given the vast amount of fashion data already in supply, forecasting of the next big trend is already a reality. Right from assisting in spotting futuristic fashion trends, AI is also helping fashion designers come up with unique designs capable of satisfying varying consumer tastes.
Trend spotting is a key area that artificial intelligence stands to play a pivotal role. Unlike in the past, when anticipating new fashion trends was challenge the use of a vast amount of data should make the work a little bit easier. Once a fashion trend is spotted, artificial intelligence, powered machines should be able to come up with fashion designs able to address various market tastes.
In addition to making it possible to forecast the next big trend in the fashion world, artificial intelligence is also helping retailers manage apparel inventory with ease. Similarly, technology is also playing a pivotal role in making it possible for retailers to reach out to the target market with ease.
Artificial intelligence-powered chatbots have slowly cropped up, consequently helping retailers offer 24/7 connection customer service. The chatbots are also assisting retail outlets to stock what customers actually want.
As it stands, artificial intelligence stands to be a game-changer in addressing a number of issues that have clobbered the fashion industry for decades. The technology has the ability to lessen the amount of time it takes to come up with new designs as well as enhance the manufacturing process of new garments. Ultimately, the technology should help textile designers as well as producers and retailers in improving efficiency of work in the multibillion-dollar industry.
Amidst the AI revolution in the apparel industry, a number of companies are already providing greater exposure to the revolutionary technology in Canada.
Canadian AI Focused Stocks
Shopify Inc. (TSE: SHOP) is one of the companies that is using AI technology to enhance its business of offering cloud-based platforms for small and medium businesses. The Ottawa-based company has already launched AI recommendation algorithms to help businesses that use its platform. In addition, the company is using the technology to help businesses in fraud detection as well as reduce operational costs.
Kinaxis Inc. (TSE: KXS) is another company in the process of leveraging AI technology to detect trends in operational data. The use of the technology should enhance supply chain operations as well as boost efficiency of companies that use Kinaxis’ software solutions for sales.
BlackBerry Ltd (TSE: BB) is another tech giant that has taken a keen interest in AI technology. The company is already using the technology to enhance its cybersecurity solutions. The tech giant has also bought Cylance for $1.4 billion, a firm that leverages AI to develop products that combat cyber-attacks.