Luxury brands have been skeptics adapting digital and AI was no exception. This stems from the nature of the industry which is delivering memorable experiential services. The early adopters of AI in luxury led the way for others to open up, experiment, and finally adopt. Since the industry embraced AI the level of personalization of services has driven sales and redefined what the future holds. AI is helping brands identify complex buying patterns, learn from buyer experiences, and help create the most personalized experiences till date. It also aids brands and retailers in crafting the most seamless experiences online, which is a requirement of the modern-day luxury customer. Chatbots, Machine Learning, Voice Recognition, and Image Recognition are the AI-powered technologies helping brands reach their audiences in the most effective manner. So, this month we dedicated our blogs to explore AI in the luxury sector.
Egyptian Pharaoh King Tutankhamen's mummified remains were found with jars of perfumes. AI is helping increase the longevity of natural fragrances. Carto, the AI scent creation tool by Givaudan enables perfumers to make their formulas. AI can suggest various combinations of ingredients to perfumers to craft new scents. The world’s first smart perfume device will be a reality soon and is being awaited with bated breath. Read all about it here.
The luxury watch industry is using big data to not only stay relevant but also manufacture and sell what people want. ORIGYN, the Swiss non-profit foundation is taking up a big issue of counterfeits in luxury watches heads on by utilizing the power of Blockchain, AI, and Machine Learning. SIHH in 2019 had a dedicated display area for showcasing new tech such as AI, robotics, and 3D printers. Read all about this adventure which has just begun!
Fashion houses are adopting AI across their framework, be it design and manufacturing, sales and promotions (by way of chatbots), counterfeit detection, and more. This fun piece lays out the details.
AI in fashion retail is another interesting read this month. AI in visual research helps consumers find clothing they like by uploading pictures from their smartphones. Virtual Trials, Virtual Visualization of products, Interactive holograms for hyper-personalization are all redefining the fashion retail experience.
Did You Know?
A High Street Brand from New York benefitted from Sherlock.Ai, our proprietary tool and got an additional $10 million in sales during the 2019 thanksgiving weekend. Overall a 26% improvement over Salesforce Search Engine!!
And last but not the least, leaving you with something that all of you look forward to! Signing of with a dose of humor 😊
Video editing and film-making
If you have ever been in the business of video editing, especially when a famous celebrity was involved, and no matter how much you try to salvage the video, you cannot; deepfakes will help with that clip and your video will be made uninterrupted. Earlier, movie directors would spend millions on creating the perfect location for their movies. This is now achievable with a far lesser sum using deepfake and AI. Deepfakes can be real game-changers in film-making. Imagine new movies starring Charlie Chaplin opening to full houses. This, ofcourse, after all the copyright issues are taken into consideration..
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.