Impact of Technologies on the Fashion and Retail Industry

Abstract

This dissertation program's thesis is "Impact of technology on fashion and retail industry." The intention of this study is to better understand how recent technological developments have dramatically altered the retail sector. Recent technological breakthroughs have affected and continue to change a variety of industries. In retail, there is no exemption. Recent technological advancements have accelerated significant change and led to significant disruptions in the retail sector. For instance, with technology-driven innovations like one-click ordering, customized suggestions, smart speakers, and anticipatory shipping, Amazon has transformed retail and displaced numerous brick-and-mortar stores. The retail industry is undergoing considerable change as a result of artificial intelligence, which is the driving force behind many of these technologies. Artificial intelligence (AI) refers to software, algorithms, systems, or computers that display intelligence. It can refer to a collection of tools that increase the intelligence of a product, service, or solution. Examples of how AI is applied in the retail sector include personalization and recommendation systems, sales/customer relationship management, customer service management, supply chain optimization, inventory management, and the creation of shop jobs.