As the world's largest search engines unveiled new AI robots, the artificial intelligence (AI) is taking hold in the value chain of fashion accessories, furniture, apparel and footwear, from optimizing resale experiences, helping shoppers find products that are suitable for reducing returns and customizing the purchase journey.
The effect of the pandemic in China, where the intransigent "zero Covid" containment policy imposed in an authoritarian way by the Beijing government continues, is particularly heavy for retail chains. A Reuters dispatch reports that sales fell 0.5%, against expectations of a 1.0% increase and compared to a 2.5% increase in September. On the other hand, the country is missing its annual growth target of 5.5%. A Reuters poll predicts growth of only 3.2% in 2022.
This article of @voguebusiness explains that retailers are busy right-sizing their inventory. That doesn’t bode well for garment workers, who may be even more vulnerable amid rising prices and stagnant wages than they were early in the pandemic. [Retailers, facing an inventory crisis, are cancelling orders again – Vogue]
Purchasing officers now prefere Turkey [for European markes], and China [in its home market]. Preferences for Ethiopia, and Vietnam fall significantly. Data shows it’s part of a larger nearshoring and reshoring pivot in fashion to bring their supply chains closer to home. [Why now and for how long? – Vogue]
How to maneuver in the recession driven by the COVID-19 pandemic, Russia's unprovoked invasion of Ukraine and the cost-of-living crisis: perspectives of the retail evolution’s great acceleration in the example of the UK, where booming clothes shops buck retail decline in February.
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