How AI-Powered Product Tagging Helps Brands and Retailers With Sustainability Goals
As brands and retailers increasingly explore ways to create more sustainable business models, Syte is helping its customers — including Farfetch, Prada Group, and Hibbett Sports — address their sustainability goals through AI-driven technology.
Find out how AI Tagging supports retailers’ sustainability strategies by forecasting supply and demand and reducing over-manufacturing, stockouts, and excess inventory here.
Even with inflation, rental services are seeing an uptick in demand as people cut back on buying new clothes. Just last month, Rent the Runway hit 141,205 active subscribers, which is the highest since its launch in 2009. Similarly, The Black Tux’s revenues are now 35% higher than pre-pandemic levels.
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Despite resale’s burgeoning popularity with consumers, brands and retailers find it challenging to sustain profits. Nevertheless, resale is a key element of sustainability practices for retail companies, and boosting CSR initiatives will help to attract and retain an increasing number of bargain-seeking and eco-conscious customers.
Coach’s store on Prince Street in Soho, New York features the first storefront AR try-on. Passerbys who stop in front of the digital mirror are met with a reflection of themselves wearing the brand’s Tabby bag. The experience continues in-store with an AR mirror kiosk, where visitors can browse more bags, snap a photo and save it or share on social media.
Brands like Zara are teaming up with textile recycling firm Circ to make garments using recycled fibers that can be used time and again. Circ defines circular fashion as apparel, footwear, or accessories that are thoughtfully and responsibly designed, sourced, produced, and distributed with the intention to be maintained at their highest value and the ability to be reused, remade, or recycled.