RETAIL TECHNOLOGY
RETAIL TECHNOLOGY
Guess-Alibaba tie-up to bring AI to fashion world
US clothing brand and retailer Guess has marked another milestone in its partnership with Alibaba Group in its efforts to bring artificial intelligence ( AI ) to the fashion world providing customers with a more enriching shopping experience that combines online and offline shopping behaviours .
Rounding out a comprehensive partnership that began in 2013 with the launch of Guess in Tmall this year , Guess also became a global strategic partner of Alibaba ’ s Fashion AI project , an initiative to give shoppers a glimpse of what the future of fashion retail will look like powered by AI . The launch of the interactive concept shop , driven by Alibaba AI , Guess and Alibaba saw , the implementation of the O2O ( onlineto-offline ) project come to life , marking the maturity of the unified customer experience concept .
Last month , Alibaba launched the pilot Fashion AI concept shop on the Hong Kong Polytechnic University campus , pairing Guess ’ retail knowledge and latest collections with Alibaba AI and other technologies . The project was aimed at providing a better retail experience for shoppers and to help brands better use analytics in ordering and maintaining inventory .
“ As technology changes how we interact , it also affects how we shop . As our customers evolve , it is critical that we evolve with them ,” said Victor Herrero , CEO of Guess . “ Our strong and longlasting partnership with global technology leader Alibaba puts us ahead of the market in our industry . Together , we are able to innovate in real time . This is the future of retail and we plan to continuously invest and adapt to our customers ’ needs in this changing retail landscape .”
Zhuoran Zhuang , vice-president , Alibaba Group , commented : “ Guess and Alibaba share the same vision to understand customer behaviours through technologies . With Guess ’ retail expertise , we are able to train and refine our Fashion AI system and marry technology with fashion in a way that ’ s never been done
Guess ’ O2O New Retail concepts has resulted in overall strong performance and growth for the brand in Asia-Pacific .
before . We are looking forward to deepening our partnership to innovate personalised services offered in retail shops .”
The Fashion AI concept store featured smart racks , smart mirrors and next-generation fitting rooms . Alibaba ’ s Fashion AI system offers mix-and-match clothing and accessory suggestions from the Guess line , as well as items sold by others on Tmall and Taobao .
With the advancements in AI and the continuing partnership with Alibaba Group , Guess anticipates extending the experience globally . ra
AR in retail market to worth nearly US $ 8b by 2023
INCREASING online shopping , rising smartphone penetration and growing adoption of connected devices are the major factors driving the growth of augmented reality ( AR ) in the retail market and encouraging retailers to adopt the technology , according to market research firm MarketsandMarkets .
Its new research report titled Augmented reality in retail market showed that the market is expected to grow from US $ 1.155 billion this year to US $ 7.95 billion by 2023 , at a CAGR of 47.1 % between 2018 and 2023 .
Reflecting the way ahead
Due to the emergence of virtual fitting rooms , smart AR mirrors ( which are mainly used as virtual try-on solutions in apparel fitting and cosmetics ) are leading AR in the retail market .
MarketsandMarkets said more fashion retailers are tapping on virtual dressing rooms and the “ try before you buy ” option helps customers with their purchasing decisions .
Garnering sales and revenue is also major objective of using AR in advertising and marketing . According to the report , the increase in the adoption of AR relies on major parameters such as the emotional connection with AR , economical advertising with more engagement , sales boost and improvement in hyperlocal advertising .
Grocery shopping would grow at high rate
The grocery shopping category is expected to grow at the highest rate in the next five to seven years . The ease and the convenience offered by retailers with
the implementation of advanced technologies would be the major drivers for the growth of AR in grocery shopping , the report suggested .
The use of AR in grocery shopping would also allow users to make healthier buying decisions . As customers ’ information ( such as buying habits , brands and frequency of buying particular products ) can be stored ; the data collected by retail companies can then be used to increase sales in the near future . AR for grocery shopping would see some growth due to retailers ’ increasing investments in updating technology and the growing users of AR-enabled devices globally .
This year , North America is expected to lead in terms of market size and revenue generated from AR in retail applications , MarketsandMarkets reported . The AR in retail market is estimated to grow considerably in the subsequent years in this region . ra
26 Retail Asia August 2018