Doyou know how fashion companies are using AI? People often think that fashion and AI can’t go in the same direction, but many companies are using AI to offer a variety of services.
While AI has been used to analyze buying patterns and sales data, starting with trend forecasting, it is now being used in a wider range of fields, from fashion design to product planning, inventory management, pricing strategy, store automation, and customer service.
The market has also seen a gradual expansion in size, with a report from US market research firm Research and Markets predicting that the global fashion AI market will grow from $228 million in 2019 to $1.26 billion by 2024, at a CAGR of 40.8%.