The Fashion Industry is about to have its greatest “Fashion Moment” yet with the help of Artificial Intelligence and Machine Learning (AI/ML) – Here’s how the industry is about to scale even more.
Artificial intelligence and machine learning in fashion can solve two of the biggest problems facing the industry. Firstly, the fashion industry is increasingly becoming one of the biggest threats to our environment. To put things in perspective, the industry is producing over $500 billion worth of waste on an annual basis. This combined with the fact that it emits more carbon emissions compared to international flights and maritime shipping industries combined.
Clearly, this is a big problem.
It is another problem that artificial intelligence and machine learning solutions can help solve. The future of the fashion industry can be greener as it will be powered by AI/ML solutions.
Here are some of the key AI’s “greatest Fashion Moment yet” solutions that AI can provide in solving environmental issues in this realm of fashion:
1. Trend Forecasting
Fashion companies across the globe are in this constant competition of introducing new styles of clothing and developing trends. Clothing manufacturers are producing countless garments in different styles in an attempt to push boundaries in fashion. However, the problem is that sometimes certain styles are not as well received by consumers as others. So what happens to those clothes? Well, they are simply added to the increasing waste. This combined with the culture around fast fashion are factoring into this issue.
AI/ML applications can help forecast these trends more efficiently. The solutions rely on collected data accumulated from past trends to effectively suggest the trends that will and will not work. The process can be simplified to the point where it is almost like predicting weather patterns. Such solutions will help manufacturers significantly decrease waste and decrease forecasting errors by 50%.
2. Demand Planning
This area goes along with trend forecasting where AI-powered solutions can help manufacturers and retailers plan for demand more efficiently. Using a predictive analysis can allow them to avoid overproduction and minimize overstock. The idea is simple! Use AI to be more efficient and make fashion smarter. This level of efficiency with companies planning demand for their products can help with the growing waste problem in the industry.
3. Track the whole production process
When it comes to AI’s greatest Fashion Moment yet; manufacturing clothes, a lot of time the issue is that it is hard to track how exactly it was made. How can fashion companies go greener if they simply do not know where to start? Implementing AI applications at various stages of production will allow for transparency of the whole process. From design to production to logistics, this transparency will help companies understand how and where their processes are contributing heavily to the destruction of the environment. To simplify this, it is about making the first step which is recognizing where the problem is. It opens more doors by allowing companies to come up with strategies to make these processes greener.
There is also a visible shift where customers want to know where and how products are made. Consumers are increasingly demanding information about the products they purchase which will continuously change the dynamics of industries like fashion and many others. This has given rise to various sustainable fashion brands which are welcomed by consumers.
Essentially, AI’s greatest Fashion Moment yet solutions are at our disposal for making the fashion industry greener. These different areas of AI solutions serve as a starting point with a lot more room left for growth and continuous improvement.