Depop and Selfridges are revolutionizing the fashion industry by incorporating artificial intelligence into their clothing offerings. The collaboration with British startup Kelp Technologies, also known as Truss, aims to analyze market trends and prices of second-hand apparel to provide valuable insights for both retailers and consumers.
Kelp Technologies will utilize AI to automatically assess items of clothing, suggest prices, recommend products, and refine search results. These proprietary algorithms will be integrated into Depop’s platform for clothes listings and Selfridges‘ resale arm, Reselfridges. By leveraging AI technology, the project aims to save time and money for both retailers and consumers while also boosting the second-hand clothing market and potentially reducing waste and greenhouse gas emissions.
Woody Lello, the CEO of Truss, emphasized the importance of unlocking the value of each item of clothing through instant access to rich, actionable data. Founded in 2022 by Lello and three friends from Warwick University, Truss uses AI to analyze historic fashion data and predict future trends. Their platform aggregates visual, textual, and financial information about clothes listed online, providing valuable insights to the second-hand fashion industry to adapt their garment selections, sale prices, and release dates accordingly.
The fashion industry has seen a shift in trend cycles, with the traditional „20-year rule“ being surpassed by the rapid evolution of styles due to social media and fast fashion. Trends now come and go within a few years, increasing the complexity of decision-making for fashion retailers. AI technology is well-suited to analyze these fast-paced trends and provide timely insights for retailers to stay ahead of the curve.
The British government has recognized the potential of AI in driving innovation and growth in various industries. Truss is set to receive part of a £32mn budget for new AI projects, highlighting the importance of government support in fostering technological advancements. Feryal Clark, the minister for AI and digital government, emphasized the role of technology in driving change and growth across different sectors, expressing confidence in projects like Truss to realize these ambitions.
In conclusion, the collaboration between Depop, Selfridges, and Kelp Technologies represents a significant step towards integrating AI into the fashion industry to enhance decision-making, improve efficiency, and drive sustainability. By harnessing the power of AI to analyze market trends and provide valuable insights, retailers can adapt to the fast-paced nature of fashion trends and meet the evolving demands of consumers in a more sustainable and efficient manner.