The Future of Fashion Trends Lies in AI
In the past, the world of fashion was heavily influenced by a select few - those who had seats at high-profile runway shows in renowned fashion capitals around the world. Their opinions were considered the be-all and end-all when it came to setting trends. However, the trend-setting landscape has undergone a significant transformation over the last decade.
Now, online platforms and social media have taken center stage, changing the way trends spread. Data reveals that almost half of global consumers have shopped for clothing and accessories at least three times through social media platforms.
"The availability of information has definitely increased," says a top executive at a popular online fashion retailer, "And I believe social media has accelerated the pace at which trends evolve."
AI's Role in Fashion Decision Making
With so much information at their disposal, those in the fashion industry are now turning to Artificial Intelligence (AI) to stay ahead in the game. The executive shared how AI recently assisted her team in a decision-making process - choosing between a red or blue stripe shirt for an upcoming spring collection.
"Previously, making such a decision would either require a spontaneous choice without much thought, or requesting samples from overseas manufacturers, a process that could be time-consuming and expensive," she explains. "But now, we simply feed the information into AI, get a full body image preview, and make an informed choice."
They opted for the blue stripe.
AI's Predictive Power in Fashion
AI is proving beneficial to the fashion industry in multiple ways. From helping create personalized customer experiences such as virtual fittings, to managing the supply chain and generating images, AI's potential is vast. Its use in predicting what will be a hit next season involves gathering and analyzing data from various sources.
"Our AI models monitor everything, from runway shows to social media trends," explains a fashion expertise lead at a Paris-based company that collaborates with major fashion brands. "We have access to a massive amount of data, allowing our AI to identify early signs of trends - sometimes even months before they become mainstream."
She shared that their company's AI algorithms have successfully predicted several trends for the forthcoming year. These include dotted prints, flat-thong sandals, and the color yellow, all of which have made appearances on this year's fashion week runways and will soon be seen in popular retail stores.
The Human Element in Fashion Forecasting
However, despite AI's advanced capabilities, the consensus among industry experts is that it cannot replace the human touch in fashion forecasting. "While our AI is incredibly advanced, the human element continues to be crucial," says the fashion expertise lead.
"AI can enhance our work," adds the chief forecasting officer at a global consumer trend forecasting company, "but it's essential to apply a rigorous process to our work."
She emphasizes that while AI excels at predicting quantities of popular items a retailer should stock, human experts must ensure that the information provided by AI does not lead to incorrect conclusions.
"On social media, trends can quickly gain popularity and seem massive," she says. "But what's entertaining and what's commercially viable are two different things."
She explains that while an eye-catching fashion post on social media may garner a lot of engagement, it doesn't necessarily mean people will buy the featured item: "Will they actually spend money and wear it to the bar after work?"
