Fashion Industry Showing More Imagination in Use of AI - AI Trends

The fashion industry did $3 trillion in business, 2% of global GDP in 2018; e-commerce fashion amounted to $520 billion in 2019. AI is poised to revolutionize the fashion industry by providing insights into fashion trends, purchase patterns, and enabling better inventory management. Capgemini, the French consulting services multinational, estimated that global annual spending on AI by retailers is projected to hit $7.3 billion by 2020, and AI could help retailers save a potential $340 billion annually by optimizing processes and operations, according to a recent account in T_HQ technology and business. The global brand H&M has been applying AI solutions to boost business operations. One example is a system to organize and allocate masses of unsold stock to retail stories with highest demand, reducing the need for discounted sales.