The Very Group booked flat sales for FY23, however GlobalData retail analyst Tash Van Boxel says the company’s investment in AI and the enhancements it is making to its online platforms will support the online shopper journey.
Van Boxel explains the release of faster and more efficient search tools will mean the online pureplay can improve its conversion rate as consumers will be better able to find products.
“AI will also help The Very Group to improve its profit margins through the streamlining of its operations, resulting in more accurate forecasting and faster response times to changes in demand and improvements to product availability,” she adds.
GlobalData’s Artificial Intelligence in Retail and Apparel report suggests the market will be worth $908.7bn by 2030 and within the apparel sector manufacturers will have the biggest opportunities to capitalise on that growth depending on where they choose to apply the technology.
Co-founder and CEO of software solutions provider Polytropon, Leslie Riley points out AI is a powerful tool for trend forecasting and sales forecasting. She explains companies are using personalised recommendations for shoppers online but AI means platforms are enabled with bots that can register consumer choices and tailor-make recommendations based on them.
Mentions of AI in company filings surge between 2018 and 2023
GlobalData’s apparel company filings data shows mentions of the keyword “AI” increased five times between October 2018 and October 2023. AI was used 39 times in 2019, the highest overall.
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Earlier this month The International Trade Centre (ITC) and International Apparel Federation (IAF) partnered on an AI-based innovation that claims to deliver full supply chain profitability and added value to both fashion brands and manufacturers.
Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.