Impact of Generative Artificial Intelligence (AI) in Retail and Apparel – Thematic Intelligence

Access and explore in-depth trends and insights in our ‘Impact of Generative Artificial Intelligence (AI) in Retail and Apparel’ report:

• Gain access to a detailed overview of the Generative Artificial Intelligence (AI) theme along with the use cases for AI in the retail sector.
• The report breaks down the possible impact of generative AI on the retail and apparel sectors.
• The report further highlights risks, limitations, and considerations of the market in focus.

 How is the ‘Impact of Generative Artificial Intelligence (AI) in Retail and Apparel’ report different from other reports in the market?

• Generative AI has grown faster than any other technology and is set to upend and transform business across sectors with lasting impact.
• Understanding the risks and limitations of generative AI will be essential for companies looking to leverage the technology.
• Explore current use cases in the retail and apparel industries to better grasp the opportunities available.
• Companies who invest in the right themes become success stories; those who miss the big themes end up as failures.

 We recommend this valuable source of information to anyone involved in:

• Retail and Apparel Leaders and Startups
• Business Development and Market Intelligence
• Investment Analysts and Portfolio Managers
• Professional Services – Investment Banks, PE/VC firms
• M&A/Investment, Management Consultants, and Consulting Firms

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Impact of Generative Artificial Intelligence (AI) in Retail and Apparel Thematic Overview

AI continues to retain its position as the technology perceived to be the most disruptive since Q3 2021. Generative AI is a type of foundational AI technology that uses machine learning algorithms to create content, including text, images, audio, video, speech, design, and software code. The adoption of generative AI functions such as LLMs are costly to install and maintain, often requiring investment in third-party vendor applications and/or specialized workforces to develop, translate insights, and crosscheck for errors and misinformation.

The Impact of Generative Artificial Intelligence (AI) in Retail and Apparel thematic intelligence report outlines generative AI, the use cases of the technology in retail, and the threats and opportunities it poses to retailers.

Generative AI Usage in Retail

Generative AI is being used in retail for forecasting, design, product descriptions, chatbots, and other purposes.

Chatbots: Chatbots can be used to answer customer queries and recommend products. For example, Shopify’s consumer-facing app Shop will allow shoppers to use a ChatGPT AI-powered shopping assistant. When consumers search for products, the tool makes personalized suggestions and recommendations. It can scan millions of products to find what shoppers are looking for and suggest other similar products.

Design: Retailers can use generative AI to assist in the design process across apparel and retail. For example, H&M has used generative AI to trial designs for its Conscious Exclusive collection. The technology gathers customer data, as well as H&M sales data to find which existing designs are most appealing to H&M’s shoppers. Based on this analysis, generative adversarial networks (GANs) propose new designs aimed at meeting consumer demand and current trends.

Generative AI in Retail and Apparel Usage

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Generative AI in Retail and Apparel – Challenges

The challenges faced by generative AI in retail and apparel theme are bias, hallucinations, privacy, misinformation, and copyright. Generative AI has been under scrutiny because of allegations that it does not appropriately safeguard individual privacy, may generate inappropriate or malicious content, or inadvertently use copyrighted content illegally. Enterprises are concerned about data leakage as well.

Generative AI in Retail and Apparel Challenges

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Generative AI in Retail and Apparel – Competitive Landscape

Some of the leading players making their mark within the generative AI in retail theme are:

• Amazon
• Bard AI
• Best Buy

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Generative AI in Retail and Apparel – Key Takeaways

While much of the hype currently around generative AI centers on the technology’s ability to create text content, it can produce a range of outputs, including images, video, code, and speech/audio. Generative AI can also enhance engagement through customer service interfaces, protect retailers against fraud and cyberattacks, and improve purchasing journeys through personalized product recommendations and inspiration based on shopping and browsing patterns.

Key Highlights

• Generative AI will have several short, mid, and long-term impacts on the retail and apparel industries, such as by enabling agile stock management and product design.
• Younger consumers are the most likely to use a chatbot to answer a query when shopping online.
• A dream of humanity for centuries, AI has the potential to fuel the next industrial revolution​.