Daily Newsletter

24 November 2023

Daily Newsletter

24 November 2023

Using generative AI to solve fashion’s inventory problems

Introducing generative AI into inventory management systems is the next step for fashion retailers wishing to solve inventory problems, writes OMMAX’s VP of data science and data engineering, Dr Hardy Kremer.

Guest Author November 24 2023

The benefits of AI are clearly of huge importance for fashion retailers looking to improve inventory management but its limitations cannot be ignored. Credit: Shutterstock.

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Traditional AI is here to stay in the retail and apparel space

The global healthy snacks market will be valued at $74.6 billion in 2023 and is expected to grow at a CAGR of 6% by 2030, per GlobalData. Increasing awareness of health and wellness among consumers is the major contributor to the growing demand while a rise in vegan and plant-based diets and rising disposable income, and middle-class expansion are also expected to drive market growth. However, this growth is affected by the challenges posed by high cost of ingredients.

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