<\/p>\n
AI has evolved into a strategic asset in retail, as the sector faces overwhelming upheaval. Amid the blistering pace of innovation, and empowered consumers who expect omnichannel excellence, affordable fashions and personalized marketing, AI guides retailers by delivering fact-based intelligence to delight shoppers.<\/p>\n
AI and retail: A perfect fit<\/strong><\/h2>\nToday\u2019s retailers and brands are drowning in data and struggling to make sense of the abundance of information on their own. AI solves this problem by offering \u201ca cheaper, faster way of doing many tasks that companies currently employ humans to do,\u201d like simplifying complex data analytics.<\/p>\n
Companies also embrace AI to improve agility, top-line performance and customer service \u2013 all while lowering costs. For instance, retailers gain greater accuracy in predicting a consumer’s style at the exact moment<\/em> an individual is shopping, leading to more sales, fewer returns and improved stocking ability.
\nThese business benefits explain why 45% of retailers expect to use AI within 3 years<\/a>.<\/p>\nElevating CX to the next level<\/h3>\n
AI can also help consumers, who simply want \u201cto buy stuff as quickly<\/a> and easily as possible.\u201d
\nFashion retailers and brands can make the customer experience pleasant by applying AI to gain data insights down to the individual shopper level, which makes the experience more consumer-centric, relevant and personalized than ever before.<\/p>\nWhether a shopper\u2019s look is casual chic, vintage inspired or haute couture, AI allows lets them perform easy product searches, so consumers discover fashions they will actually buy, saving them time and effort.<\/p>\n
For instance, AI can help individual shoppers find the perfect pair of jeans by tracking their sales history, online browsing and Instagram likes for a seamless shopping experience.<\/p>\n
7 ways AI is revolutionizing retail<\/h3>\n
Here are 7 ways AI innovations make life easier for fashion companies and fashionistas alike.<\/p>\n
\n- The fastest way to find your look: AI-driven visual search helps shoppers to promptly find their desired fashions. Pinterest recently launched a visual search tool called Lens, which uses machine vision to detect items on the web or in the Pinterest library and suggest related items \u2013 like a Shazam for products. Neiman Marcus launched the AI-driven Snap. Find. Shop. mobile app; customers use their smartphone cameras to take pictures of an item they like and the app displays similar items from the store\u2019s\u00a0inventory. Retail brands using visual search for a superior online shopping experience include Asos, John Lewis, Shoes.com, Nordstrom, Hook (an aggregator of all brands) and Urban Outfitters.<\/li>\n
- Hyper-personal product recommendations: For individualized service, IBM Watson partnered with The North Face to ask shoppers questions about their gender, time of year and technical product details, to tailor product recommendations. Blending AI and a human touch, style service Thread asks customers to complete a questionnaire and upload images of themselves. A stylist reviews the information to understand each client\u2019s needs and uses the company\u2019s AI algorithm to sort through thousands of products for personalized style suggestions.<\/li>\n
- Unprecedented omnichannel service: Farfetch, the world\u2019s top luxury online marketplace, uses AI to improve supply chain visibility. AI helps Farfetch\u2019s partners, including 1,500 boutiques and over 200 brands, link their online inventory with inventory in their physical stores, and deliver services like click-and-collect and in-store returns. Also, AI-driven bots help retail companies engage consumers across channels, like Facebook, Slack or a retailer website. Burberry launched a Facebook Messenger bot during London Fashion Week to offer exclusive glimpses of the new collection before the runway debut, plus live customer service so users could buy the clothes immediately.<\/li>\n
- A savvy social sales assistant: Pinterest also launched Shop the Look, a machine learning tool that identifies pinned items shoppers can buy, including fashions from major retailers. The insightful data analytics from Shop the Look can also tell retailers whether a sponsored post on the social media platform results in a sale.<\/li>\n
- Shop like a stylist:
![\"Artificial](\"https:\/\/www.intelligencenode.com\/blog\/wp-content\/uploads\/2017\/11\/Hook-fashion-banner.jpg\")
\nTo give tech-savvy, fashion-conscious millennials and Gen Zs a mobile personal stylist, the Hook team at Intelligence Node<\/a> created the first AI-generated fashion feed for consumers. Hook learns, in real time, what a shopper likes just by analyzing which product images the individual has liked or added their online wishlisted, so shoppers find items they love, fast. The app sends shoppers real-time price drop alerts on their wishlisted or liked products. Hook helps consumers shop like a sophisticated stylist by gaining unprecedented search capability to find a specific item they want with a single view of the item across brands so they can compare prices and get the best deal.<\/li>\n- The ultimate trendspotter: To give retail companies certainty on up-to-the-minute fashion trends, AI can crawl eCommerce sites to pinpoint exactly which products are most visible. AI can also crawl social media sites to identify trends, helping brands be first to market with popular styles. Intelligence Node built the world\u2019s most comprehensive retail crawling framework \u2013 like a \u2018Google\u2019 for fashion. The system crawls more than 1000 (?) websites and maps one billion products from 130,000 brands in 1400 categories in real time, using AI and machine learning for image recognition to rapidly process and make sense of the abundant retail market data.<\/li>\n
- The best way to ensure the price is right: Big data tools like Incompetitor \u2122<\/a> \u00a0help retailers maintain a competitive pricing strategy<\/a>, combining AI and machine learning. Retailers integrate this API into a brand\u2019s data, so there\u2019s a rules-based engine that keeps prices optimized, depending on real-time external factors like inventory, competitors\u2019 out-of-stock situations and discounts. This integration allows retailers to optimize their price and, for instance, ensure they always sell a specific SKU 10% cheaper than Amazon.<\/li>\n<\/ol>\n
(let\u2019s think how to replace In competitor \u2122 with Hook analytics giving retailers real-time intelligence on the consumer\u2019s voice and preferences).<\/p>\n
AI-driven tools like Hook analytics helps retailers gain a deep understanding of each shopper as a unique individual. They help retail companies understand a shopper\u2019s size, and preferred styles, colors and price points<\/a>. AI takes this combination of data and translates it into real-time intelligence that reflect product recommendations at prices that make the shopper more likely to add them to their cart. This deep consumer knowledge matched with relevant products and pricing help the shopper feel understood \u2013 and more willing to buy.<\/p>\nTo avoid getting left behind during this period of digital transformation, fashion companies should be injecting artificial intelligence into their business strategy. AI simplifies retail big data, which helps companies improve their processes and bottom line \u2013 while keeping shoppers happy, loyal and chic.<\/p>\n
\nThese business benefits explain why 45% of retailers expect to use AI within 3 years<\/a>.<\/p>\n
Elevating CX to the next level<\/h3>\n
AI can also help consumers, who simply want \u201cto buy stuff as quickly<\/a> and easily as possible.\u201d Whether a shopper\u2019s look is casual chic, vintage inspired or haute couture, AI allows lets them perform easy product searches, so consumers discover fashions they will actually buy, saving them time and effort.<\/p>\n For instance, AI can help individual shoppers find the perfect pair of jeans by tracking their sales history, online browsing and Instagram likes for a seamless shopping experience.<\/p>\n Here are 7 ways AI innovations make life easier for fashion companies and fashionistas alike.<\/p>\n (let\u2019s think how to replace In competitor \u2122 with Hook analytics giving retailers real-time intelligence on the consumer\u2019s voice and preferences).<\/p>\n AI-driven tools like Hook analytics helps retailers gain a deep understanding of each shopper as a unique individual. They help retail companies understand a shopper\u2019s size, and preferred styles, colors and price points<\/a>. AI takes this combination of data and translates it into real-time intelligence that reflect product recommendations at prices that make the shopper more likely to add them to their cart. This deep consumer knowledge matched with relevant products and pricing help the shopper feel understood \u2013 and more willing to buy.<\/p>\n To avoid getting left behind during this period of digital transformation, fashion companies should be injecting artificial intelligence into their business strategy. AI simplifies retail big data, which helps companies improve their processes and bottom line \u2013 while keeping shoppers happy, loyal and chic.<\/p>\n
\nFashion retailers and brands can make the customer experience pleasant by applying AI to gain data insights down to the individual shopper level, which makes the experience more consumer-centric, relevant and personalized than ever before.<\/p>\n7 ways AI is revolutionizing retail<\/h3>\n
\n
\nTo give tech-savvy, fashion-conscious millennials and Gen Zs a mobile personal stylist, the Hook team at Intelligence Node<\/a> created the first AI-generated fashion feed for consumers. Hook learns, in real time, what a shopper likes just by analyzing which product images the individual has liked or added their online wishlisted, so shoppers find items they love, fast. The app sends shoppers real-time price drop alerts on their wishlisted or liked products. Hook helps consumers shop like a sophisticated stylist by gaining unprecedented search capability to find a specific item they want with a single view of the item across brands so they can compare prices and get the best deal.<\/li>\n