Artificial intelligence (AI) is changing the face of many industries – a major one being fashion. In an article for Forbes, CEO Brandon Ginberg, CEO at Apparel Magic, writes about the commercial opportunities and challenges that AI brings to the industry.
Certain benefits of AI on fashion include supply chain management – where AI models can be trained to predict future sales and reduce waste for increased profits and satisfied customers. The technology also enhances marketing efforts through AI-powered marketing tools that can strategically analyze consumer data for targeted marketing strategies. AI can also aid the design process, as AI algorithms can predict trends and customer preferences to unveil new opportunities for creation and innovation.
However, while there are many benefits of this rapidly evolving technology, the industry has to grapple with a number of challenges ahead – some known, and some unknown. A major challenge will be its impact on the human workforce as AI threatens to replace human labor, potentially causing harmful ramifications for the industry and broader economy. There is also a fear that AI algorithms that drive the industry may promote homogeneity that limits quality, creativity and diversity among fashion products.
At these relatively early stages, the industry is embracing the business opportunities and efficiencies that AI brings to improve the bottom line. Whether people like it or not, it seems as though AI and its transformational potential is already in full swing.
Ginberg writes that while the industry is in both a love-hate relationship with AI technology, it is clear that AI has the potential to revolutionize fashion. However, the industry will have to address challenges as they arise to protect the industry and its integrity.