IPA Newspack
  • Home
  • now
  • politics
  • business
  • markets

IPA /

IPA Special

IPA Special

Generative AI Seen Capable Of Adding $275 Billion To Apparel Business In 3-5 Years

By K Raveendran

Generative AI has been described as a milestone that will be as impactful as the advent of internet. The optimism is matched by an equal measure of concern over its effect on employment as also ethical questions about its use, apart from its potential for mischief. But according to a new analysis, while still nascent, generative AI could add up to $275 billion to the apparel, fashion, and luxury sectors’ operating profits in the next three to five years alone.

The analysis by McKinsey partners Holger Harreis, Theodora Koullias, Roger Roberts, and Kimberly Te, assert that generative AI has the potential to help fashion businesses become more productive, get to market faster, and serve customers better.

OpenAI’s ChatGPT became an overnight sensation and sparked a digital race to build and release competitors. It became available only recently and still has bugs and other worries to be addressed.  ChatGPT is only one consumer-friendly example of generative AI, a technology comprising algorithms that can be used to create new content, including audio, code, images, text, simulations, and videos. Rather than simply identifying and classifying information, generative AI creates new information by leveraging foundation models, which are deep learning models that can handle multiple complex tasks at the same time.

From codesigning to speeding content development processes, generative AI creates new space for creativity. It can input all forms of “unstructured” data—raw text, images, and video—and output new forms of media, ranging from fully-written scripts to 3-D designs and realistic virtual models for video campaigns.

The authors say generative AI is not just automation; it is rather about augmentation and acceleration. That means giving fashion professionals and creatives the technological tools to do certain tasks dramatically faster, freeing them up to spend more of their time doing things that only humans can do. It also means creating systems to serve customers better. Fashion companies can use the technology to help create better-selling designs, reduce marketing costs, hyperpersonalize customer communications, and speed up processes. It may also reshape supply chain and logistics, store operations, and organization and support function.

Using tools from tech companies such as Cala, Designovel, and Fashable, fashion designers are already tapping into the power of generative AI to spark new ideas, try myriad design variations without having to produce expensive samples, and vastly accelerate their processes. In December 2022, a group of Hong Kong–based fashion designers from the Laboratory for Artificial Intelligence in Design (AiDLab) held a fashion show featuring generative-AI-supported designs.

According to McKinsey research, generative AI could also be applied to personalized customer communications. The findings suggest that companies that excel at personalization increase revenues by 40 percent compared with companies that don’t leverage personalization. Several start-ups are already helping pioneer personalized marketing at scale through generative AI, the tools for which offer several options from which the marketer can choose.

Generative-AI-powered chats, which use stronger natural-language processing to better understand and interact with humans, are already a measurable improvement over existing AI chats. Yet, current chatbots and other text-generating tools still occasionally make errors that could cause serious customer service disasters. Eventually, though, this technology could help customer support agents outsource complex inquiries—for example, using chatbots to help provide personalized responses in numerous languages. A generative AI ‘representative’ can handle customer service queries across email, chat, text, and a brand’s own platforms. These services help to reduce customer service wait times and improve response times.

Virtual try-ons are yet another example of how generative AI can improve sales and consumer experience. Paris-based Veesual enables virtual try-on integration for e-commerce fashion brands, meaning customers can choose their model and pick clothes to try on.

The McKinsey analysts point out that even as generative-AI technology is exciting, companies will still want to tread cautiously before entrusting any of their core tasks entirely to generative AI. But neglecting to explore the possibilities that this technology offers could be just as risky, given the pace at which it is evolving and the explosive growth of the user base. (IPA Service)

IPA Special

Installation Of Sengol At New Parliament Building Is A Part Of RSS Plan On Hindu Rashtra

June 1, 2023
IPA Special

Coming Caste Census Has To Focus On Many New Dynamics Of Indian Society

June 1, 2023
IPA Special

High Growth Rate Of GDP In 2022-23 Hides Many Concerns Over Its Nature

June 1, 2023
IPA Special

BJP Leadership At State, Centre Have Been Stoking Manipur Fire

June 1, 2023
IPA Special

Centre and The Ruling Party Have Lost All Propriety By Defending The Accused BJP MP

June 1, 2023
IPA Special

Brazil President Lula Pushes For Integration At South American Summit

June 1, 2023
IPA Special

The Bloody History Behind The British Possession Of The Koh-i-Noor

June 1, 2023
Politics

DMK to coordinate opposition unity efforts: Stalin

June 1, 2023
Politics

Modi blasts Cong for misleading poor, ‘guarantee habit’

June 1, 2023
Happening Now

Gehlot adds free power to pre-poll promises

June 1, 2023
Politics

Rahul holds session with Silicon Valley AI experts, entrepreneurs

June 1, 2023
Happening Now

Farmers call Khap Mahapanchayat for wrestlers

June 1, 2023
IPA Special

US Govt Putting Pressure On India To Join NATO+ As A Part Of Asia-Pacific Strategy

May 31, 2023
IPA Special

Political Outcome From Communal Cauldron May Not Favour BJP

May 31, 2023
IPA Special

No Real Truce Is Ready At Ending Gehlot-Pilot Infighting In Rajasthan Congress

May 31, 2023
IPA Special

Slowdown In Containerized Exports Poses Setback To Pro-Export Agenda

May 31, 2023
IPA Special

Sons Of First Joint Climbers Of Mount Everest Are Carrying The Legacy Of Their Fathers

May 31, 2023
IPA Special

Shiites And Not Jews Emerge As Touchstone Of Saudi Moderation

May 31, 2023
IPA Special

Kerala Govt To Move SC Against Centre’s Cut In Net Borrowings Ceiling

May 31, 2023
IPA Special

G7 Conclave Fails To Meet Commitment For Nuclear Weapons Abolition

May 31, 2023

An appeal

The legacy of IPA, founded by Nikhil Chakravartty, the doyen of journalism in India, to keep the flag of independent media flying high, is facing the threat of extinction due to the effect of the Covid pandemic. Only an emergency funding can avert such an eventuality. We appeal to all those who believe in the freedom of expression to contribute to this noble cause.
Click here to learn more

Share

Reply

  • 0
More on IPA

Installation Of Sengol At New Parliament Building Is A Part Of RSS Plan On Hindu Rashtra

June 1, 2023 4:05 pm | IPA Staff

By Prakash Karat Twenty opposition parties had boycotted the inauguration of the new parliament building on May 28 on the grounds that the Modi government...

IPA Special

Coming Caste Census Has To Focus On Many New Dynamics Of Indian Society

June 1, 2023 4:03 pm | IPA Staff

By Krishna Jha We are a multi-religious country. For each community, there is a spiritual path to arrive at the basics, the most sacred that...

IPA Special

High Growth Rate Of GDP In 2022-23 Hides Many Concerns Over Its Nature

June 1, 2023 3:52 pm | IPA Staff

By Dr. Gyan Pathak India’s growth rate for 2022-23 exceeded expectations. It has now been estimated upward to 7.2 per cent from 7 per cent...

IPA Special

BJP Leadership At State, Centre Have Been Stoking Manipur Fire

June 1, 2023 3:46 pm | IPA Staff

By Arun Srivastava It needs fairly high amount of moral strength and conviction to look straight into the eyes of the rulers of the country...

IPA Special

Installation Of Sengol At New Parliament Building Is A Part Of RSS Plan On Hindu Rashtra

in IPA Special
Jun 1, 2023   ·  

Coming Caste Census Has To Focus On Many New Dynamics Of Indian Society

in IPA Special
Jun 1, 2023   ·  

High Growth Rate Of GDP In 2022-23 Hides Many Concerns Over Its Nature

in IPA Special
Jun 1, 2023   ·  

Leave a Reply Cancel reply

You must be logged in to post a comment.

Follow us on
Up Next: Supreme Court Agreeing To Hear The Petition On Prayagraj Killings Is Welcome
©2020 -2021 India Press Agency, All Rights Reserved.
Newspack by India Press Agency | Statement of Ownership | Contact Us
logo
  • Home
  • now
  • politics
  • business
  • markets