The global artificial intelligence (AI) in the fashion market is predicted to reach $4.4 billion by 2027, undoubtedly an impressive number no matter how you feel about emerging technologies. Largely, this growth is driven by an increased amount of data generated from digitalization, which creates an opportunity for algorithms to extract valuable insights and deliver them to retailers.
We’ve already extensively covered the various applications of AI in fashion retail. From customer behavior management to demand forecasting tools — there is a multitude of areas that AI can be useful in.
The aforementioned market growth can’t be achieved without specific companies driving innovation within the fashion retail field. Thus, today, we’d like to introduce you to five startups that play a major role in expanding the capabilities of AI within the fashion retail market. Let’s dive in.
Top 5 AI-Powered Startups Fashion Retailers Must Know
As discussed, there are plenty of ways for AI technologies to improve fashion retail operations. So, in the interest of providing you with the most valuable information, the five below startups we’ve chosen are those that are innovating in somewhat different areas of the industry.
The first company we’ll cover is Vue.ai. It positions itself as an AI-powered experience management suite that combines the power of product, customer, and business intelligence with the help of computer vision and natural language processing technologies.
The company claims to cater to multiple industries, including fashion, grocery, electronics, home and furniture, and beauty. For the fashion sector, there are five distinct products offered:
Visual-style based recommendation engine
Product tagging tool
Styling assistance solution
Email personalization software
Human modeling platform
Moving on to Dynamic Yield, this is an organization focused on experience optimization and helping retailers accurately identify customer segments to enhanced personalization efforts and other marketing initiatives.
With the help of predictive analytics and deep learning models, Dynamic Yield helps consolidate data from multiple sources and provide retailers with meaningful insights on their customers.
AI.FOR is fashion retail’s visual similarity monitor that lets companies benchmark their catalog against that of competitors.
The company claims to facilitate the monitoring of products that might be similar to your competition, thus allowing you to adjust the pricing strategy accordingly.
Once again, AI plays a crucial role here as it can visually scan and compare product images to extract patterns and sequences to find the most relevant products from competitor inventories.
The fourth company at the forefront of AI in retail innovation is SKMMP. It specializes in delivering an improved virtual order experience to buyers.
Specifically, with the help of voice and conversational AI, SKMMP improves the ordering experience to transform wholesale and retail transactions. Thus, if you want to equip your team with COVID-friendly buying tools — don’t overlook this startup.
Finally, we couldn’t wrap up this list without mentioning GFAIVE.
Since inventory distortion is an enormous problem within the fashion retail sector, we decided to focus on helping companies minimize overstocks and become more sustainable. Thus, also leading to a decrease in costs and boosted revenue.
Specifically, the above-mentioned goals are accomplished through AI-powered demand forecasting, new models sales prediction, and assortment mix simulations. So, if you’re looking to improve your inventory management practices and make the most of internal and external data — don’t hesitate to reach out.
Ready To Leverage AI in Fashion?
As you can see, fashion retail is being reshaped by AI as we speak. There are hundreds, if not thousands, of innovative companies focused on delivering better products and services to retailers and this is just the beginning.
The five startups we mentioned here today cater to all kinds of unique business challenges fashion brands may be looking to solve. So, if you’ve found one that might be of interest to you — get in touch with the team. After all, it’s not a good idea to put off leveraging AI for fashion, since those who do so effectively first will end up outperforming competitors.