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| The fashion industry is on the verge of a tech revolution. Clothes of tomorrow could be designed, fitted and sold to us by technology alone.
Click here to subscribe to The Economist on YouTube: https://econ.st/2xvTKdy From Gucci to Chanel, Topshop to Primark – Clothes industry heavyweights rely on fashion forecasters for next season’s new look. But advancements in artificial intelligence are about to turn their art into a science. Cognitive computing is now able to identify patterns previously inaccessible to humans. It can simultaneously analyse vast amounts of global data – from social media buzz to political polls – making it possible to accurately spot what’s hot and what’s not. WGSN, the world’s biggest fashion forecaster. now uses AI alongside more traditional methods. A move that could reduce forecasting errors by up to 50%. Trend-spotting mistakes can have far-reaching consequences. H&M recently confessed to a $4.3 billion unsold stock mountain. Industry waste costs both profits and reputation. Technology could make the fashion industry more sustainable. By using machine learning, an AI technique, to match supply with demand unnecessary manufacturing could be limited and fashions environmental footprint reduced. Online retailers are cottoning on. In the next two years 75% of fashion retailers plan to invest in AI. But keeping up with tech giants is going to be tough. Amazon is now developing what’s believed to be the world’s first AI fashion designer. It plans to use an algorithm that designs clothes by analyzing images and copying popular styles – using them to build completely new designs. This technological makeover could hold huge benefits especially for those who like to shop online. A Japanese company has unveiled the Zozo, a body measurement suit that will ensure the clothes you order fits you perfectly. All meaning our future wardrobes could contain clothes designed for us and sold to us by technology alone. For more from Economist Films visit: http://films.economist.com/ |
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