A Retailers’ Guide: Protect Your Business With AI Transformation
Digital is the bridge to survival for retail businesses worldwide.
While governments across countries tackle looming recessions and uncertain markets, retailers across the globe have been advised to hasten the digital transformation of their businesses.
It has become evident that digital advancement is necessary across all retail— from finance to?fashion.?
86% of retailers are already experimenting with AI to transform their businesses and forge new growth paths.
There is increasing attention on the many ways AI transformation will impact the industry and shopper experience.
Quick, Easy Steps to Instant AI Transformation for Retail
To capture or regain market share in a rough global economy and turbulent markets,?retailers must invest in AI & automation tools.
Digital business models will meet customer and supply-chain demands, and equip retail teams working remotely, besides boosting conversion rates.
Here are 4 ways fashion retailers can benefit from AI transformation:
1.?Clean Data
Data is the backbone of customer experiences. They form the basis on which retailers can build relevant journeys for each shopper.?With cleaner, labeled, and structured data, fashion brands can improve the shopper’s product discovery experience online.?
This is possible with AI-powered image recognition solutions that automatically enrich catalogs with generated tags, with attributes like color, pattern, neckline, style, and more.
VueTag — Vue.ai’s AI-powered image recognition extracts accurate, detailed product attributes from the images with no manual intervention,?10X faster product digitization and significant cost savings?at scale.
In addition, VueTag can also use any supplied text information to extract attributes and / or check for quality consistency across the varied sources of data.
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2. 1:1 Personalization
Legacy recommendation systems that earned customer loyalty a decade or two back don’t cut it anymore. With over 5M brands in the world, and with ~80% of retailers looking at options to personalize their site, there is an urgency amongst online retailers to fortify their sites to deliver the best possible retail experience for their shoppers.
1:1?personalization?that uses data to extract product and customer intelligence will help online marketplaces scale up faster.
Vue.ai’s algorithms use every shopper’s behavioral, transactional, demographic data to understand their affinities to visual attributes of the products they interact with (like color, pattern, shape, etc.) and also non-visual attributes like brand, category, price band.
The profiles that are built on the back of this data informs personalized product recommendations, personalized sorting, and also?retail personalization?in emails.?
3.?Automated On-Model Imagery
Traditional photoshoots using models and photographers, taking up to several weeks, will be a thing of the past. AI-powered generation of on-model imagery with only models as inputs will become the norm.
VueModel — Vue.ai’s product for AI-powered on-model fashion imagery — cuts down on the need for these cumbersome photoshoots, and?reduces costs up to 75% and is 5X faster than traditional photography!
The other benefits??Reduced returns, increased engagement and conversion, simply because the customer can visualise the product on a model of their size/ethnicity! Consumers can make truly informed decisions, making them more likely to return to the site.?
4.?Digitized Work Processes
To survive and thrive, retail teams must embrace digital retail to create amazing, meaningful and personal interactions with customers. AI offers easy ways to improve cognitive functions of systems across product digitization, merchandizing and decision making across workflows.?
This means that retail teams can leave mundane tasks to AI and automation, and focus on building world-class brands, save time and money, increase brand loyalty and strengthen relationships with customers.?
Vue.ai’s products, when incorporated into retailers’ networks, enable a ‘360-Vue’ across all different departments and functions.