Forecasting the future demand for particular styles, fabrics and colors is an important aspect of the fashion industry. Fashion forecasting is an important activity to ensure that future fashions are be based on sound and rational decision making. But increasingly, these rational decisions are being made by machines rather than people.
Listen to the video and complete the ten gaps in the transcript below:
From Gucci to Chanel, Topshop to Primark, clothes industry heavyweights rely on fashion forecasters for next season's new look. But (1)______ in artificial intelligence are about to turn their art into a science. Cognitive computing is now able to identify patterns previously inaccessible to humans. It can simultaneously analyze (2)________ amounts of global data, from social media buzz to political polls, making it possible to accurately spot what's hot and what's not.
WGSN, the world's biggest fashion forecaster, now uses AI alongside more traditional methods, a move that could (3) _______ forecasting errors by up to 50%. Trendspotting mistakes can have far-reaching consequences. H&M recently confessed to a $4.3 billion unsold stock mountain. Industry waste costs both profits and reputation.
Technology could make the fashion industry more (4)_______. By using machine learning, an AI technique, to match supply with demand, unnecessary manufacturing could be limited, and fashion's environmental footprint reduced.
Online (5)________ are cottoning on. In the next two years, 75% of fashion retailers plan to invest in AI. But keeping up with tech giants is going to be (6)_________. Amazon is now developing what's believed to be the world's first AI fashion designer. It plans to use an algorithm that designs clothes by analyzing images and copying (7)________ styles, using them to build completely new designs.
This (8)________ makeover could hold huge benefits, especially for those who like to shop online. A Japanese company has unveiled the ZOZO, a body measurement suit that will ensure the clothes you order fit you (9)________. This may mean that our future wardrobes could contain clothes designed for us and sold to us by technology (10)_______.
Listen again and read the transcript and answer the five questions with no more than TWO WORDS from the text.
Who do big fashion industry companies depend on to predict future styles?
What does cognitive computing examine and assess to predict future trends?
What can be halved by the inclusion of AI in fashion forecasting?
What contributed to H&M's unsold stock?
What will the Amazon algorithm create?
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