Artificial intelligence to design Myntra’s new fashion line
AI is the intelligence exhibited by machines or software. It is used by tech companies like Google as well as in fields like finance and medicine, among others, to create measurable impact.
“There is a big, emerging trend among internet companies which have accumulated tons of data to use it for personalization. Our platform is disrupting the current way of expert-based fashion forecasting as it is 100% tech-backed. We needed to show that it’s a proven approach with the successful pre-pilot that we conducted,” Ganesh Subramanian, head of new initiatives at Myntra, told TOI.
In the pilot stage, one of the in-house Myntra brands used this AI-driven platform to design its line which, Subramanian says, received a good response in terms of sales. “The bigger goal for us is to build an AI-based fashion platform which continuously produces insights and churns out customer-loving products in real time,” he said.
Myntra will launch a separate brand around this platform next month and then open up the technology for others to use by next year. “We are using machines to learn fashion and its attributes with assistance from a few design specialists,” Subramanian said. Myntra has established a network of partners and processes to crunch supply lead time from a year to only one month, he added.
Myntra, which morphed into an app-based retailer in May this year, has been looking to offer increased personalization to Indian shoppers. This has led to a lot of content being weaved around fashion trends unlike plain-vanilla listing of products reminiscent of the first wave of e-commerce. Product discovery through content is starting to gain traction among consumers, leading to many e-commerce players across furniture and fashion pushing themselves as curators and not merely as sellers.
“Consumption is moving from plan and buy to on-demand across industries. Seeing the mobile revolution kicking in, the pace of change is faster than ever before. The customer today is a curator and creator. By using data science and artificial intelligence, we are able to give real time responses,” Subramanian said. The success of this kind of technology would depend on other retailers and brands also adopting it and finding takers for the products.
Source: Artificial intelligence to design Myntra’s new fashion line
Via: Google Alerts for AI