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How AI is Fashion's Perfect Fit presented by AJ Mak, Chain of Demand
- 1. Confidential and Proprietary. 2019 Copyright (c) by Chain of Demand Ltd. All Rights Reserved. ARTIFICIAL INTELLIGENCE: FASHION’S PERFECT FIT
- 2. TO TRANSFORM THE FASHION INDUSTRY BY CONNECTING WHY AI FOR FASHION? PROFITABILITY & SUSTAINABILITY
- 3. WHY AI FOR FASHION? Saved throughout the value chain US$340B Growth in Annual Revenues +10% < < > >
- 4. WHY NOW? 25% of 250 global retailers are integrating AI AI deployment in 2018 grew +600% from 2016 Source: Juniper Research, Capgemini Research Institute, IBM Research Retail AI spending to grow 4X to $7.3B by 2022
- 5. “Companies that aren’t experimenting with this capability risk falling behind. They need to move quickly if they hope to remain competitive” - IBM Global Markets TOP 5 AI APPLICATIONS VENDORS RETAILERS Product Development 86 % Supply Chain Planning 85% Manufacturing 81 % Demand Forecasting 85% Supply Chain Planning 79 % Store Operations 73% Customer Intelligence 79 % Marketing 75% Demand Forecasting 81 % Customer Intelligence 79%
- 6. FASHIONAIEXAMPLES Retail Operations Product Development Demand ForecastingCustomer Intelligence Fashion AI Reimagine Retail Stitch Fix AI Consumer Direct
- 7. CHALLENGES Lack of clear business benefits 15% Lack of trust in automated decisions 26% Alignment of vision to execution plans 26% Lack of skills/resources to execute 34% Resistance in adapting new capabilities 34% Integration with existing processes & systems 44% Risks tied to machine responsibility 46% THE BIGGEST CHALLENGE IS NOT THE TECHNOLOG Y
- 8. SUCCESS FACTORS Ensure decision makers trust the results 26% Ensure employees understand this capability 30% Communicate a clear vision & benefits 30% Secure the necessary platform and devices 38% Align strategy with execution plans 39% Create a culture open to change and adaptation 41% Obtain the right skills & resources 43% THE RIGHT SKILLS IN THE RIGHT CULTURE
- 9. KEYS TO SUCCESSFUL AI DEPLOYMENT 1. AI SOLUTION NEEDS TO BE INDUSTRY SPECIFIC 2. START SMALL, GET RESULTS, GET MORE BUY-IN 3. READINESS OF DATA
- 10. Lower Inventory Risk Less Pollution Higher Margins Less Deadstock Better Demand Forecasting Higher Sell-throughs Faster Product Replenishment Less Markdowns UNDERSTAND THE HOW DEMAND FORECASTING AS AN EXAMPLE
- 11. HONG KONG IS THE BRIDGE
- 12. TOGETHER WE CAN CHANGE
Editor's Notes
- What is the ultimate goal in apply AI for Fashion? The 2 biggest challenges faced by the fashion industry is sustainability, and profitability And for the first time, we now have a tool that is able to link the two together, and bring about hugely impactful changes to the industry. But most importantly, now we can use AI to link sustainability, with profitability
- AI and big data help to make faster, better, and smarter business decisions Retailers can save as much as $340 billion by taking AI to scale across the value chain, including operations, supply chain, planning, product development, distribution, and more.- Capgemini Research Institute Retail and consumer products executives project that intelligent automation capabilities could help increase annual revenue growth by up to 10% - IBM But most importantly, now we can use AI to link sustainability, with profitability
- IBM identified the following six ways the retail industry plans on utilizing AI, based on respondents' feedback: Supply chain planning (85%) Demand forecasting (85%) Customer intelligence (79%) Marketing, advertising, and campaign management (75%) Store operations (73%) Pricing and promotion (73%) So we can see that the top 3 targets for both buyers and suppliers are demand forecasting, customer intelligence and supply chain planning
- AI and big data help to make faster, better, and smarter business decisions Retailers can save as much as $340 billion by taking AI to scale across the value chain, including operations, supply chain, planning, product development, distribution, and more.- Capgemini Research Institute Retail and consumer products executives project that intelligent automation capabilities could help increase annual revenue growth by up to 10% - IBM But most importantly, now we can use AI to link sustainability, with profitability
- BUT THE PEOPLE & PROCESSES THAT STAY THE SAME
- An example of how AI can help
- But actually, We are in a great position to be a leader in adopting AI (I mean just look at this crowd!) We have many great international brands/buying offices in HK, Many high quality suppliers based in HK with global view Hong Kong has always been the cultural bridge that connects East and west Domestic market and international market And applying AI is the same Demand side and supply side needs to come together in order to cash in on new tech
- Together we can change the industry , implementing new ways of doing business which we have always been great at. I look forward to connecting with all of you and to create a new