🛍️ AI-Powered Pricing
Depop and Selfridges have partnered with Truss, a British startup, to implement AI analytics in their second-hand fashion operations. Truss will use its proprietary algorithms to evaluate clothing, recommend prices, and refine search results. This will allow Depop to enhance its platform and Selfridges to optimize Reselfridges, their resale division. The goal is to cut costs, save time, and boost the market for second-hand clothing.
🌱 Sustainability Impact
The project also aims to reduce carbon emissions and waste in the fashion industry. By promoting the resale of clothes, the partnership could have a significant environmental impact. “Every item holds a story, but unlocking its value is a laborious process marked by online research and manual data entry,” said Woody Lello, CEO of Truss. Truss' AI-driven insights provide instant access to data that can make resale operations more efficient and sustainable.
📈 Government Support
The UK government is backing the project with new funding. Truss will receive part of a £32M budget allocated to AI projects across the country. Feryal Clark, the new minister for AI and digital government, emphasized the importance of technology in boosting economic growth and innovation. The funding, although significantly less than the previously promised £1.3B, is seen as a positive step towards enhancing the UK’s AI capabilities.
🔄 Changing Fashion Cycles
Truss's platform is also crucial in adapting to the rapidly changing fashion cycles. Traditionally, fashion followed a 20-year trend cycle, but social media and fast fashion have drastically shortened this. Trends now reemerge within just a few years, requiring retailers to make quick, data-driven decisions. Truss helps retailers like Depop and Selfridges stay ahead by analyzing historic fashion data and predicting future trends, making AI a vital tool in today’s fast-paced fashion industry.
Is AI the future of second-hand fashion pricing?
