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The Big Fashion Retailer H&M is Leveraging AI and Big Data
- By Using Data Insights: With the help of data insights bad product cycles can be eliminated from the process. Earlier in the fashion industry what we need is that the retailer should have good quality for better prices and fresh products but now H&M needs to predict what the market want to avoid the worst product cycle and the discounting inventory and much more. So with the help of data insights the fashion retailers can build more flexible and faster supply chain, to gain the trendy stuffs, fix the prices and can also manage the inventory.
- Automation of Warehouses: H&M invested in the automated warehouses to gain the customized inventory according to the customers demand without hampering their shopping experiences. Now the consumers can expect anytime, anywhere the delivery of their products. The warehouses and the loyalty programs are fueled by algorithms and data, thus the company is improving the efficiencies in its supply chain.
- Customization: Now all the consumers are enough smart they all are using their android applications, time spent on application by consumers we get to know about his lifestyle, activities can also be monitored and then according to their taste and preferences the retailers produces a dress and design the dresses. All this can be possible, machine have poised music, and partnership with Google and H&M's digital fashion house Ivyrevel for that we have coded couture.
- Genuine Feedback: H&M is already proposing personalized recommendations for online shoppers, but it will soon bring that capability to its brick-and-mortar stores through RFID technology. When they are in the store, customers can explore suggestions for merchandise selected for them by algorithms. They are working on better integration between the online and offline shopping experience.
- Inventory Management for single store: H&M is using big data and Artificial Intelligence (AI) to analyze returns, receipts and loyalty card data to tailor the merchandise for each store. This is known as localization and can be trickier to execute for a global chain such as H&M that typically can leverage economies of scale with its global network of suppliers.