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The original purpose of clothing was to protect the human body from the elements. New trends later evolved, and the industry of producing attractive clothing was born as the wheels of time began to turn. The apparel sector creates finished items including children’s clothing, men’s and women’s clothing, and other apparel.
One of the most in-demand industries nowadays is garment manufacturing. Particularly in the world of fashion, fads come and go. Manufacturers of clothing look for several ways to grow their business in order to stay competitive.
In order for manufacturers to remain competitive in the garment market, they must put the highest priority to factors including short product life cycles, ephemeral fashions, unexpected market trends, and the propensity of customers for impulse purchases.
The Global apparel market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Artificial intelligence (AI) has been used by brands in recent years to enhance customer shopping experiences, analyze data, boost sales, predict trends, and offer inventory-related guidance.
In retail establishments, chatbots and touchscreens are being utilized to enhance customer service and offer individualized product recommendations. If you visit the website of a fashion brand, you almost certainly will find some form of AI chat technology that is being used to improve the customer experience. Algorithms that track customers’ journeys to match them with the right products are part of the AI technology.
Trend forecasting and supply chain management are among the most profitable applications of AI, despite the fact that these customer service technology tools are promising. For example, because it saves time and makes warehouse management and operations more effective, real-time inventory tracking has become essential for brands.
Brands could gain a significant competitive advantage by combining AI’s powerful data prediction tools for trend forecasting with inventory tracking.
Brands no longer have to rely solely on conventional methods of trend forecasting, which necessitate the observation and collection of data from fashion designers, trend spotters, and influencers. Instead, they can immediately gain access to data that enables timely planning of the appropriate styles and quantities.
For instance, STITCH FIX. Using analytics, the British fashion brand has developed an automated wardrobe planning tool that displays female customers’ purchases in a virtual wardrobe.
Women can also create looks from their existing wardrobes and select from over 10,000 shops on the platform.In the meantime, TRUEFIT, a personalization platform, uses an online fit engine to help users find a good fit for both established brands and emerging styles.
Brands are also using smaller retail technology companies to fill this void. Edited, a London-based company, offers live data analytics software to retailers who want instant access to complete market data. It can quickly synthesize the global market and has charmed brands like Boohoo, Tommy Hilfiger, and Marni.
Intelligence Node, which enables users to monitor trends in real time, is yet another intriguing illustration. Keywords, user navigation patterns, price points, and other information can be entered by customers.
Users of the Intelligence Node AI-driven search discovery platform have the ability to track the exact or closest matches to your product, which can provide valuable information regarding competitive differentiators.
Global supply networks for clothing are being significantly impacted by the COVID-19 outbreak. Many governments are placing restrictions on travel and gatherings, and international brands and retailers are cancelling orders from their supplier factories.
Many clothing factories are halting production as a result, and either dismissing or temporarily suspending their workforces. According to recent figures, over a million employees have already been let go or temporarily suspended from their jobs, and the number will likely rise.
The effects on the workforce are catastrophic. Due to the difficulty of maintaining social distance while at work and the possibility that employers may not be putting in place the proper health and safety procedures, those who work in factories are at a substantial danger.
Those who become ill might not have insurance or sick pay coverage and may have difficulty accessing services in source nations where the public health and medical facilities were already deficient before the outbreak.
And those who lose their employment face months without salary to sustain themselves and their families, have little to no savings to fall back on, and have a very restricted number of possibilities for making money. While some governments are putting plans in place to assist employees, these efforts are frequently inconsistent and insufficient.
