Artificial intelligence (AI) is revolutionizing the fashion industry by helping trend forecasters detect emerging styles and reduce fashion waste, ultimately contributing to a more sustainable future.
In the fast-paced world of fashion, accurately predicting trends is crucial for companies to stay competitive and avoid wasting resources on unwanted products. Traditionally, trend forecasters relied on qualitative methods, such as observing runway shows and pop culture, to make predictions. However, with the increasing power of AI technologies, forecasting agencies are now turning to quantitative results generated by machine learning.
AI tools can analyze large datasets of runway show images, social media posts, search data, and sales data to detect patterns and spot emerging trends more accurately and quickly. This not only benefits the fashion industry, which is worth about $US2 trillion globally, but also has significant implications for the environment. The fashion industry is responsible for at least 4% of worldwide emissions and throws away over 92 million tonnes of fabric each year.
Accurate trend forecasts enabled by AI can reduce waste, save money, and give companies a competitive edge. By producing only what they can sell, companies can contribute to their goal of becoming net zero by 2040. For example, H&M is exploring how AI can play a part in their forecasting process to constantly improve trend forecasting and minimize waste.
While it’s important to consider the environmental costs of AI itself, the direct incentive for using AI forecasting tools is clear. The more accurate the forecasts, the less likely companies will be to produce clothes that go unsold, thus reducing fashion waste. By embracing AI, the fashion industry can become more sustainable by reducing the likelihood of inaccurate predictions and making smarter production decisions.
Forecasting in the fashion industry can be challenging due to factors like emotions, aesthetics, and social and cultural movements that heavily influence trends. Trends can change overnight, and even a celebrity wearing a specific pair of shoes on stage can have a dramatic effect on sales. AI can help fashion forecasters navigate these complexities and make more informed decisions.
In conclusion, AI is transforming the fashion industry by revolutionizing trend forecasting. By leveraging AI tools to analyze large datasets, fashion forecasters can detect emerging trends more accurately and quickly. This not only benefits companies by reducing waste and improving profitability but also contributes to a more sustainable fashion industry. Embracing AI is a crucial step towards achieving a net-zero future and minimizing the environmental impact of the fashion industry.
