From data analytics and chatbots to personalized content creation and data visualization, experts from Meta & YouTube among others discuss the transformative impact of Artificial Intelligence on the business of fashion at India Fashion Forum (IFF) 2024
Bengaluru: In the rapidly evolving fashion industry, transformative technology has become key to engaging consumers and driving purchases. With the 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. The substantial impact of two major players in this arena is evident: YouTube and Meta platforms.
YouTube’s meteoric 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. Similarly, insights into Meta platforms revealed a global monthly active user base of 3.8 billion and an astounding 2 billion individuals resharing reels daily.
Speaking at the first day of India Fashion Forum 2024 in Bengaluru today, Meghna Apparao, Director of Meta India, highlighted Meta platforms’ role as a powerful touchpoint for fashion businesses to connect with consumers and drive spontaneous purchases. “There are 3.8 billion monthly active users of Meta across the globe, including India as a significant market, and an astonishing 2 billion people reshare 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.”
Key industry voices have emphasized the critical intersection of AI and fashion. Shubha Pai of YouTube India highlights a 500% growth in watch time. Shubha Pai, Head of Sales and Solutions at YouTube India, delved into the intersection of artificial intelligence (AI) and fashion, emphasizing its transformative potential. “YouTube’s diverse content formats, including ‘Get Ready with Me’ (GRWM) and ‘Outfit of the Day’ (OOTD) videos, have witnessed a remarkable 500% growth in watch time, underscoring its unparalleled influence in shaping fashion trends and consumer behaviour.”
Saloni Nangia, President & MD of Technopak Advisors, emphasized the evolving nature of consumer behaviour and the importance of leveraging technology to meet changing demands. “Technology will be the largest value creator. AI will be an enabler and a disruptor, and sustainability will continue to hold importance.”
The integration of generative AI, from chatbots to personalized content creation and data visualization is revolutionizing marketing strategies and reshaping the fashion retail landscape.
As the India Fashion Forum 2024 progresses, it becomes increasingly evident that AI-powered innovation is not just a trend but a fundamental driver of change, poised to usher in a new era of dynamic and consumer-centric fashion retail in India.
With the integration of generative AI, ranging from chatbots to 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 becomes a foreseeable reality.
