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Hassle-Free Shopping with New Fintech Trends
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The fashion e-commerce landscape has changed significantly in the last few years, thanks to technology and changing consumer habits. FinTech has brought many innovations that have made e-commerce so much more carefree. Buyers feel that the intersection of tech and fashion has surprised and delighted them into buying with so many options at the click of a button. Here are some trends that are happening with notable players leading the charge. Augmented Reality (AR) Try-Ons Do you recall when shopping over the web was all about financial risk? Such days are gradually turning out to be a thing of the past due to Augmented Reality-based try-ons. AR technology has advanced with enhanced precision in its real-time rendering. Impact on E-commerce: AR try-ons are changing the status quo of how fashion products are bought online. Through the use of technology, customers can make purchases similar to a physical trial, where they can try out a shirt, wear an accessory, or apply cosmetics. The trial eliminates the chances of losses, reducing the percentage of customers who return their purchases often. Industry Player: Wanna Kicks is doing an excellent job by offering AR try-ons for sneakers. Satisfied customers confirm that the company's technology is as effective as advertised. Sustainable Fashion Tracking As a result of rising awareness of environmental conservation, customers are now calling for complete disclosure of the effects of fashion fabrics. Smart sensors and the implementation of blockchain technology ensure that the lifecycle of a garment, from obtaining materials to production and delivery, is recorded with utmost transparency. Impact on E-commerce: It enables fashion brands to give customers certain information related to the sustainability of products they offer, helping environmentally conscious users make the right choices. This information is backed by the prices and the breakdown of the fabric used in the product. Industry Player: G3+ Fashion is one company that is making a lot of effort to provide greater detail on its product's sustainability information. Due to this, it has managed to build a strong customer portfolio based on trust and goodwill. AI-Powered Personal Styling Fashion is always unique as per trends. Different things suit different people. Hence, there was always a gap in personal fashion. Enter AI-powered personal styling. The advancements in machine learning now allow for algorithms to ascertain people's preferences for specific products or services and provide recommendations. Impact on E-commerce: These AI stylists use consumer's purchase history and their internet browser history, including social media interactions, to recommend clothes that best fit their choice. That is, it is as if one has a personal stylist in his or her pocket! Industry Player: One of the leaders in this sphere is Stitch Fix, which offers clothes suited to the client's preferences with the help of AI. Their success story showcases personalized recommendations as one of the best applications of FinTech in e-commerce and fashion. Blockchain for Authentication Today, global counterfeiting is significantly high in the fashion industry. Hence, matters concerning originality are of considerable significance to the industry. In this regard, blockchain offers a secure distributed electronic record that can trace a product from its manufacture to its consumer purchase. Impact on E-commerce: Customers feel safe using Blockchain authentication, which enables them to ensure the genuine nature of their products, especially when purchasing products from the luxury brands segment. This technology also assists labels in fighting against fake products being sold on the internet by fraudsters. Industry Player: LVMH, the French luxury goods conglomerate, pioneered the adoption of blockchain technology in goods authentication. Their AURA platform is a good example of the application of blockchain in fashion e-commerce. Social Commerce Integration Social media applications are presently a necessity in everyone's life, and fashion e-commerce is not left behind. As seen in the case of advanced APIs and the integration of social media platforms with e-commerce sites, social commerce is already a reality. Impact on E-commerce: Customers can now find products they are interested in and make seamless purchases through social media, combining the processes of communication and shopping. Industry Player: One of the main trends in connecting purchases with discovered content has been Instagram Shopping, in which brands can tag products in their posts and Stories. Voice Commerce With the rise of smart speakers and voice assistants, voice commerce is the next big thing in fashion e-commerce. Natural Language Processing (NLP) has come a long way in this space, and it can now accurately recognize and understand context. Impact on E-commerce: Customers can now search for products, add to cart, and checkout using voice commands alone. Industry Player: Amazon's Alexa has been at the forefront of voice commerce with features that allow users to shop for fashion items using voice commands through the Amazon shopping portal. Conclusion The world of fashion e-commerce is evolving, thanks to technological innovations altering how we engage with e-commerce. From AR try-ons that bring the fitting room to your living room to AI stylists that understand your preferences better than your best friend, these trends are revolutionizing how we shop and reshaping our connection with e-commerce and fashion. Who knows? Your next favorite piece might be suggested by an AI, verified by blockchain, and virtually tried on before it even arrives at your doorstep. It's come to the future of fashion e-commerce - it's looking good!
Finextra Research
Tue, 9 Jul, 6:02 AM UTC
Meet BoardRoomAI: AI that makes decision-making a breeze
AI is finding its way into every corner of our lives, from personal assistants to predictive algorithms. Now, it's stepping into the boardroom, ready to transform how decisions are made. With its ability to analyse vast amounts of data and offer real-time insights, AI is set to become the ultimate decision-making tutor. Enter BoardRoomAI -- an innovative tool designed to guide executives with data-driven recommendations, making smart, informed choices easier than ever. In an era where data drives decisions and innovation, Tagbin, an AI, AR, and VR technology services, has launched BoardRoomAI, a tool designed to transform decision-making processes at the highest levels of business. This pioneering technology leverages artificial intelligence to provide real-time, data-driven recommendations, enabling leaders to make faster, smarter, and more accurate decisions. The tool's custom implementation plan ensures that each organization's unique needs are met, with local hosting that upholds the highest standards of data security and protection. This robust security framework is essential for maintaining confidentiality and trust across all industries. BoardRoomAI has already demonstrated significant impact in the government sector, where it has played a crucial role in facilitating data-driven decisions. It is now being tested in multiple private industry proof-of-concepts, showcasing its versatility and effectiveness across various sectors. Saurav Bhaik, Founder and CEO of Tagbin, highlighted the transformative potential of BoardRoomAI: "Imagine being able to predict inventory shortages before they occur or adjusting your sales strategy in real-time based on emerging market trends. BoardRoomAI empowers leaders with AI-driven insights that transcend reactive measures, enabling proactive strategies and driving growth and innovation."
The Financial Express
Wed, 11 Sept, 8:08 PM UTC
Mango unveils AI-generated campaign for limited-edition collection - ExBulletin
Spanish clothing brand Mango has unveiled a campaign for a limited edition collection for its teen line. created entirely with generative artificial intelligence. Mango is one of the first fashion companies to use AI-generated imagery for a collection campaign. US retailer Toys R Us recently posted an AI-generated ad using OpenAI's Sora video generation tool which has garnered mixed reviews. Mango is a retail leader in the use of AI. The brand has been using the technology since 2018, developing more than 15 machine learning platforms for the effort, it said, including Gaud, a tool used for product recommendations, and Midas, a pricing platform that helps brands offer premium products. helped raise prices in line with demand, boosting Q1 2024 sales. The latest launch of the clothing brand, available in 95 markets, is part of the company's strategic plan until 2026, which aims to create value through technological development, data management and operational excellence, he said. "This initiative reflects our continued commitment to innovation and cutting-edge fashion," said Jordi Alex, Mango's chief information officer, in a statement. Several teams across the company were involved in creating the campaign, Mango said, including its design, art and styling teams, as well as a team responsible for training the datasets and AI models. The process began by taking real photos of models wearing the clothes, Mango said. A generative AI model was then trained on the photos to learn how to generate images by positioning the real clothes on a model. Mango said the biggest challenge in using generative AI was achieving editorial-quality images similar to those of a fashion campaign, while maintaining the characteristics of the garment and the model. Mango's art team then selected and edited the AI-generated images for the campaign. Artificial intelligence is a technological revolution that presents great opportunities that should serve as a co-pilot to expand the capabilities of our employees and further amplify our creativity, Alex said. Because either technology will make us more human or it won't.
ExBulletin
Fri, 12 Jul, 6:03 AM UTC
Are AI stylists revolutionising the fashion industry? | Mint
AI applications for styling make life easier for consumers. These applications can scan through vast amounts of information to present curated options based on body type, skin tone, silhouette preferences, occasion, and more. These recommendations can help individuals look and feel great while staying on trend without spending much time. For online shoppers, AI can enhance the buying experience by enabling accurate virtual try-ons. AI tools improve augmented reality (AR) experiences through object recognition, natural language processing, and real-time data analysis, making AR more interactive. These tools, using computer vision and augmented reality, simulate how a garment would look on a customer, reducing the need for physical fittings. Additionally, using AI to help consumers make more informed decisions is a significant step towards reducing return rates, benefiting brands, consumers, and the environment by reducing the carbon footprint of each purchase.
mint
Fri, 19 Jul, 12:06 PM UTC
This new AI-powered tool is about to make life easier for ecommerce websites built on Hostinger.
Hostinger, one of the best website builders, has just launched a new AI-powered tool that allows users to automatically create product descriptions by uploading a product image. All users need to do is upload one or more images of the product they are selling and then hit the 'Generate text' button. The AI-Powered Product Information Generator will automatically analyze the image and suggest a title, subtitle, description, and label. You can then edit and refine the generated text to ensure it accurately represents the product and aligns with your brand. Product description fatigue is a familiar fate for online store owners. Countless hours are spent uploading new products and trying to come up with creative and unique product descriptions for each one. It can be a significant drain on resources and costly to those who outsource the task. Hostinger's new AI tool seeks to drastically reduce the time ecommerce businesses spend on undertaking these types of tasks. The new tool aims to help all users save time but will be especially useful to those who upload a high volume of products and for those looking to generate unique descriptions for products with multiple variations. The AI-Powered Product Information Generator is the latest addition to Hostinger's collection of AI-powered tools aimed at helping users build better websites faster than ever before. Other tools available on the platform include an AI writer, AI image generator, and AI heatmap. Hostinger also offers one of the best AI website builders on the market. This latest addition follows an industry wide trend that sees the top website building platforms leverage AI technology to support users throughout their website building and management journey.
TechRadar
Wed, 31 Jul, 2:00 PM UTC
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