InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI-based Personalized Stylist Market (Types (Chatbots, Personal Shoppers And Visual Shoppers), Category (Apparel, Accessories, Footwear, Beauty & Cosmetics, Jewellery And Others))- Trends, Industry Competition Analysis, Revenue and Forecast To 2030.”
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According to the latest research by InsightAce Analytic, the Global AI-based Personalized Stylist Market is expected to reach US$ 804.06 million by 2030, with a CAGR of 35.7% during the forecast period of 2022-2030.
With the advancement of artificial intelligence, smart technology, and machine learning, many businesses are adopting product personalization.Stylists powered by AI that analyse information from uploaded photographs find trends in photos and offer comparable things from product catalogues that match a customer’s interests to make tailored suggestions for consumers even more relevant. Artificial Intelligence technologies and machine learning algorithms revolutionise how customers engage with e-commerce fashion retail while simultaneously boosting the number of loyal customers and revenue.An excellent example of A.I. is smart mirrors, which can be found in various retail stores worldwide, allowing customers to try on clothing, makeup, and accessories virtually. Users can also explore new beauty, and fashion finds via mobile apps that use smart beauty systems. With customers expecting increasingly personalized and fast service, A.I. looks set to be a part of meeting these expectations.
The demand from customers for a more personalized experience and more automation in business processes is the primary factor for the expansion of the industry. The factors driving the market for the next forecasting period are technological advancements, research on A.I. use and productivity, increased funding and investments, and quick strategic collaborations between fashion companies and A.I. developers will drive the AI-based personalized stylist market. Investments from tech titans are also expected to fuel the growth of AI-based solutions across the Region.
During the projected period, the market in North America is expected to be the largest Region. The market is rapidly expanding due to various factors, including increased social media adoption, the expansion of local businesses, and government efforts aimed at A.I. advancements.
Some vital market players are Bestlook, ClothStudio, Dressipi, Dresslife, Epytom, Intelistyle, Lily, Mallzee, ModeWalk, Mona, Shop It To, ShopLook, Stitch Fix, Stryde Men, Stylebook, Stylitics Inc., Syfto, The Yes, VueStyle, Wardrobe Essentialist, Xpresso, Style.me, Stitch Fix, Pixyle.ai, StyleScan, glood.ai, YesPlz, Inc.
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Key Developments in the market
- In Mar 2022, PSG Equity has acquired a minority position in visual merchandising solution Stylitics after investing $80 million in series C investment. The new investment from PSG brings the total amount Stylitics has raised since it was founded in 2011 to $101 million. Past investors include PeakSpan Capital, HDS Capital, NPD and Forerunner Ventures. The SaaS platform uses A.I. to help brands and retailers inspire online shoppers with personalized styling, outfitting and bundling suggestions across Product Detail Pages (PDPs), category pages, emails and ads.
- In Jan 2020, Lily AI has obtained funding for the expansion of its customised recommendation technology. According to the business, Lily AI has acquired $12.5 million in Series A investment and uses “deep product data and anonymised consumer behaviour data” to deliver customised e-commerce experiences.
- In Nov 2018, Intelistyle, London had raised over €500K in seed funding. The funding was for establishing Intelistyle as the premier solution for smart fashion styling, to grow faster in U.S. and European markets, and to develop their technology further through their development centres in London and Athens.
Global AI-Based Personalized stylist market , by Type, 2022-2030 (Value US$ Mn)
- Personal shopper
- Visual shopper
Global AI-Based Personalized stylist market , by Catagory, 2022-2030 (Value US$ Mn)
- Beauty & Cosmetics
Global AI-Based Personalized stylist market , by Region, 2022-2030 (Value US$ Mn)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America AI-Based Personalized stylist market , by Country, 2022-2030 (Value US$ Mn)
Europe AI-Based Personalized stylist market , by Country, 2022-2030 (Value US$ Mn)
- Rest of Europe
Asia Pacific AI Based Personalized stylist market , by Country, 2022-2030 (Value US$ Mn)
- South Korea
- Australia & New Zealand
Latin America AI-Based Personalized stylist market , by Country, 2022-2030 (Value US$ Mn)
- Rest of Latin America
Middle East & Africa AI Based Personalized stylist market , by Country, 2022-2030 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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