How AI Is Changing the Way Retail Leaders Make Decisions
Artificial intelligence-powered decision-making has become a competitive differentiator for retail operations, according to Aily Labs founder and chief executive officer Bianca Anghelina.
This special episode of WWD Voices features a fireside chat between Anghelina and Fairchild Media Group’s chief executive officer Amanda Smith at the WWD Apparel and Retail CEO Summit. During the conversation, Anghelina stressed that the companies that embrace AI solutions are in a better position to deliver strong customer experiences, make the most of inventory and react quicker to data. “The winners will turn out who are brave to actually let some of the old ways of working drop and take some bets with AI,” she said.
Describing Aily Labs’ technology as a “decision adviser in your pocket,” she likened it to a business version of a fitness tracker, since both solutions collect data and provide insights that help users move toward goals. Aily Labs pulls in data from across a company’s operation and value chain as well as external data, which everyone from the CEO down in an organization can use to guide decision-making.
According to Anghelina, two areas that artificial intelligence should not intrude on are creativity and the customer experience. Instead, the point of AI is to optimize elsewhere and enable more investment in these human-led activities in fashion.
AI may not be suited to design a collection, but among the things it can do is help teams manage inventory. Using automated suggestions on inventory reallocation and optimization can have a massive sales impact. AI can also run scenarios, allowing companies to see how actions would likely impact their business before moving in a particular direction. For the apparel industry, Aily has developed a Fashion Momentum Index that tracks moments like fashion shows compared to performance, helping firms determine where to focus their investments. Anghelina noted, “AI can help to say, ‘What do you do next?’”
Listen to the full mainstage talk here.
