Substantial impact of two major players in this arena: YouTube andMeta
Bengaluru, February 21, 2024: In therapidly evolving fashion industry, transformative technology has become keyto engaging consumers and driving purchases. “Withthe help of AI-powered data, businesses can now precisely target shoppers in India’s Tier 2 and 3 cities and thus maximize their market reach and impact,said Meghna Apparao,Director of Meta India at the India Fashion Forum 2024 in Bengaluru.
Highlighting on Meta platforms’ role as a powerful touchpointfor fashion businesses to connect with consumers and drive spontaneous purchases,she said, “There are 3.8 billion monthly active users of Meta across the globe, including India as a significant market, and an astonishing 2 billionpeople re-share reels daily worldwide. With AI-powered insights, businesses can effectively tap into the sheer affluence of Tier 2 city shoppers and leverage vernacular content to resonate with diverse consumer demographics.”
Delving into the vintersection of artificial intelligence (AI) and fashion, emphasizing its transformative potential.
Shubha Pai, Head of Sales and Solutions at YouTube India, highlighted,“YouTube’s rise as the quintessential fashion destination is underscored by a staggering achievement of 5 billion views for fashion and clothing content in December 2023 alone.”
She further added,“The platform’s diverse content formats, especially trending onesvlike ‘Get Ready with Me’ (GRWM) and ‘Outfit of the Day’ (OOTD) videos,have witnessed a remarkable 500% growth in watch time, thereby gaining great influence in shaping fashion trends and consumer behaviour.”
Talking about the road blocks in the fashion business, ShaileshChaturvedi, MD &CEO, ArvindFashions, said, “We need to re-look at the fundamentals of how we runour businesses and effectively utilize our capital.”
SaloniNangia, President &MD of TechnopakAdvisors, emphasized the evolving nature of consumer behaviorand the importance of leveraging technology to meet changing demands.”Technology will be the largest value creator. AI will be an enabler and adisruptor, and sustainability will continue to hold importance.”
The integration ofgenerative AI, from chatbotsto personalized contentbcreation and data visualization is revolutionizing marketing strategies andreshaping the fashion retail landscape.
As the IndiaFashion Forum 2024 progresses, it becomes increasingly evident that AI-powered innovation is not just a trend but a fundamental driver of change, poised tousher in a new era of dynamic and consumer-centric fashion retail in India.
With theintegration of generative AI, ranging from chatbotsto personalized content creation and data visualization, the horizons of possibility expand exponentially. As an increasing number of companies embrace this technology, its seamless integration into every facet of marketing becomesa foreseeable reality.
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