Process optimization is the only way to maintain the industry model.
Artificial Intelligence would be able to save 73% of waste in fashion production
Analyticalways leads retail transformation in a “sustainable, responsible and profitable” sector
The concept of sustainability is no longer an option for the retail industry: it is a priority. The importance of offering solutions adaptable to consumer demand, concerned about the environment, has pushed many companies to make a 360-degree turn in their strategy. That’s why Retail bets on Artificial Intelligence.
Amancio Junior, CEO and founder of Analyticalways, has specified that, thanks to Artificial Intelligence, the mobilization of 10% of the stock could save millions of dollars that would have been unnecessarily invested in new manufacturing. This is especially true in the field of fashion: a recent study by the Greenpeace platform estimates that up to 73% of the clothing produced annually is incinerated or thrown away.
If the trends of 2022 are consolidated, it will be vitally important for every retail company to commit to sustainable production that is appropriate to the current needs not only of the environment, but also of a consumer with evolving habits. Gone are the days of the consumer who appreciates compulsive shopping and fast fashion.
Business interest in sustainability is accentuated in the retail sector, one of the sectors with the highest percentage of production that does not reach the point of sale. In this context, Analyticalways stands out with its technological solution, the ROIvolution application, which has achieved savings of 100 million dollars in the last year for retailers who rely on its recommendations and predictions.
The two main consequences of a retail strategy based on predictive algorithms are, on the one hand, an adequate investment in stock and, on the other, a drastic reduction in overstock. At a global level, we would be talking about zero environmental impact, i.e., materials or products that the predictions indicate do not need to be manufactured, with the consequent savings in materials and natural resources.