Fashion Innovation Report: Why A.I. Projects Fail
About This Report
Technology within the fashion and luxury retail space has traditionally served to facilitate digital transactions.
With the maturing of primary technologies over the past 5 years, technology adoption across the industry started moving into varied areas of business activity that improve the customer experience while increasing operational efficiency and reducing cost.
Artificial Intelligence (A.I.) is the most advanced technology solution for applications in the retail space and not surprisingly the go-to for many innovation projects.
Yet, 85% of A.I. projects fail at various stages of the project lifecycle before going fully live.
This report analyses the experiences and first-hand accounts of fashion and luxury retailers from across the globe collected via a self-complete survey, interviews with senior stakeholders and project managers to present the collective industry findings on why A.I. Innovation Projects fail prematurely and identify the areas of improvement to make retail innovation projects a success.
About The Companies
That Contributed To This Report
The balanced representation of companies from all predominant regions and all sizes ranging from start-up and small size to some of the biggest fashion & luxury retailers in the industry gives this report a unique perspective to identify the issues faced during A.I. Innovation Projects that are common to the industry as a whole.
Where Is The Industry Today
Companies are looking to automate the repetitive processes of manual tasks for operational efficiency so that their human capital can be reallocated to areas where their expertise will add more value.
2024-2025 Innovation Agenda
These are the areas of A.I. Investment of the fashion & luxury retailers’ agenda for this budget year.
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