73% global fashion executives consider Generative AI in 2024 – McKinsey
By Kingsley Odii
According to a new analysis by McKinsey and the Business of Fashion, generative AI shows immense potential in the fashion industry. However, widespread adoption and systematic deployment of the technology still lags behind.
The study reveals that 73% of global fashion executives consider generative AI as a business priority for the coming year. McKinsey also estimates that up to a quarter of the value added by AI will be in the design and new product development stage.
Despite these promising figures, the report highlights that only 28% of companies have actually used AI in the design and development phase. The most common usage of AI in fashion is in the preparation of marketing copy, with 34% of respondents utilizing the technology for this purpose.
However, most users remain in an experimental phase, with 37% admitting to not using it systematically. Additionally, the study found that 18% of fashion executives have never used AI in their design process.
Meanwhile, WARC’s Marketer’s Toolkit 2024 reveals that 58% of marketers are actively testing generative AI, with copywriting being the predominant use case.
However, the report urges caution regarding the potential for AI to create media confusion and emphasizes the need for transparency to ensure brands do not deceive customers.
Fashion executives are also shifting focus towards brand marketing, with 71% planning to increase their brand marketing investments in 2024 compared to this year. This aligns with the growing interest in AI technology, which is being considered as a powerful tool in enhancing brand marketing efforts.
Overall, the fashion industry recognizes the immense potential of generative AI, but its full integration and utilization in the design process are yet to be realized.
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