AI-Powered Technology Innovation On India's Fashion Retail

* Substantial impact of two major players in this arena: YouTube and Meta 

In the rapidly evolving fashion industry, transformative technology has become key to engaging consumers and driving purchases. “With the help of AI-powered data, businesses can now precisely target shoppers in India's Tier 2 and 3 cities and thus maximize their market reach and impact, said Meghna Apparao, Director of Meta India at the India Fashion Forum 2024 in Bengaluru.

Highlighting on Meta platforms' role as a powerful touchpoint for fashion businesses to connect with consumers and drive spontaneous purchases, she said, “There are 3.8 billion monthly active users of Meta across the globe, including India as a significant market, and an astonishing 2 billion people re-share reels daily worldwide. With AI-powered insights, businesses can effectively tap into the sheer affluence of Tier 2 city shoppers and leverage vernacular content to resonate with diverse consumer demographics."

Delving into the intersection of artificial intelligence (AI) and fashion, emphasizing its transformative potential. Shubha Pai, Head of Sales and Solutions at YouTube India, highlighted, “YouTube’s rise as the quintessential fashion destination is underscored by a staggering achievement of 5 billion views for fashion and clothing content in December 2023 alone.”

She further added, “The platform’s diverse content formats, especially trending ones like 'Get Ready with Me' (GRWM) and 'Outfit of the Day' (OOTD) videos, have witnessed a remarkable 500% growth in watch time, thereby gaining great influence in shaping fashion trends and consumer behaviour."

Talking about the roadblocks in the fashion business, Shailesh Chaturvedi, MD & CEO, Arvind Fashions, said, "We need to re-look at the fundamentals of how we run our businesses and effectively utilize our capital."

Saloni Nangia, President & MD of Technopak Advisors, emphasized the evolving nature of consumer behavior and the importance of leveraging technology to meet changing demands. "Technology will be the largest value creator. AI will be an enabler and a disruptor, and sustainability will continue to hold importance."

The integration of generative AI, from chatbots to personalized content creation and data visualization is revolutionizing marketing strategies and reshaping the fashion retail landscape.

As the India Fashion Forum 2024 progresses, it becomes increasingly evident that AI-powered innovation is not just a trend but a fundamental driver of change, poised to usher in a new era of dynamic and consumer-centric fashion retail in India.

With the integration of generative AI, ranging from chatbots to personalized content creation and data visualization, the horizons of possibility expand exponentially. As an increasing number of companies embrace this technology, its seamless integration into every facet of marketing becomes a foreseeable reality.

Photo Caption:  Shailesh Chaturvedi, MD & CEO, Arvind Fashions moderated a discussion with panelists Rohit Ramesh, Managing Director & Partner; BCG; Gopal Asthana, CEO, Tata CliQ; Suparna Mitra, CEO, Titan Watches & Wearables; Vineet Gautam, CEO, Bestseller India; Vishak Kumar, CEO, Madura Fashion and Lifestyle - ABFRL.