★FREE DOWNLOAD★ (Available In The Top Right Column) Often defined as the new electricity, AI empowers online retailers throughout the entire value chain, with applications ranging from inventory management to customer services, from dynamic pricing to fraud detection. Enhanced by AI, extended reality (XR) has reached unseen levels of quality, too. E-commerce companies can now provide a product experience that might be just as good – if not better – than the in-store one.
In the United States, most retail companies are likely to use artificial intelligence (AI) for marketing purposes. Nearly 49 percent of professionals from retail companies answering a survey in 2024 stated that their enterprises will be using AI to handle marketing automation. chatbots and virtual shopping assistants follow in the ranking, with 31.4 percent of answers.
The global artificial intelligence in fashion market amounted to 270 million U.S. dollars in 2018 and was expected to grow at a CAGR (Compound Annual Growth Rate) of 36.9 percent during the forecast period from 2019 to 2027, to amount to 4.4 billion U.S. dollars by 2027.
Fashion, beauty and other retail businesses are eager to latch onto the creative talents of generative AI — a tech that can spawn impressive works of writing, photos, audio and video. But they may be too eager, according to the latest study.
Fun Fact: Scroll down to view the magazine cover art created by Emily Weil, a New York-based generative artist, using AI by asking ChatGPT to answer common beauty questions like: "What order should you layer skin care?"