Artificial Intelligence

A truly global phenomenon, the transformative power of artificial intelligence or AI can reach its full potential only when paired with human expertise and ingenuity. A KPMG study on the apparel and footwear industry finds that although it is being deployed, the journey still has miles to go.

The National Institute of Fashion Technology (NIFT) has launched the ‘VisioNxt Fashion Forecasting Initiative’, a bilingual web portal and the India-specific fashion trend book ‘Paridhi 24x25’.

Generative AI could become a game-changer for the fashion industry, adding between US$150 and US$250 billion to operating profits within three to five years. While the fashion sector has only started integrating AI, the opportunities and challenges it presents are evident across all business processes.

A new consumer study that analyses customer preference and customer behaviour has found that consumers must often spend hours searching for the right products, scouring product recommendations and reviews, comparing prices, and assessing sustainability performance.