Generative AI Empowering Fashion Retail

In today’s world of rapid technological change, the idea that machines might become smarter than humans has moved from science fiction to a possible reality.

- AMIT CHOPRA, LAVI PAL SINGH & VIKAS BAGGA

Technology is advancing so quickly that it’s outpacing our ability to keep up. Businesses are being advised to navigate these changes carefully. We aim to provide insight into Generative AI (Gen AI) to understand its technology, uses, implementation, challenges, and risks. Generative AI is being hailed as a revolutionary force that will change the way we work and respond to evolving customer and employee behaviors.

The journey of Generative AI is fascinating. Though it seems like a new concept, its roots go back to the 1950s when scientists first started exploring the idea of machines mimicking human intelligence. Early models followed strict rules and produced simple outputs. A notable example was the Eliza chatbot created by Joseph Weizenbaum in the 1960s, which, despite its limitations, was a significant milestone.

Since then, Generative AI has transformed dramatically, thanks to continuous advancements over the last thirty years. Modern generative models use deep learning techniques and sophisticated algorithms to create new content such as images, videos, audio, and text that mimic real data. Techniques like deep learning, neural networks, and transformers enable these models to capture complex data patterns, handle natural language, and generate sophisticated content.

Generative AI’s impact reaches beyond academic circles. It has democratized storytelling, allowing businesses of all sizes to create engaging narratives using AI’s creative power. As technology advances, the competitive landscape will keep evolving. In short, Generative AI has come a long way from Eliza’s basic conversations to today’s advanced models, opening up exciting possibilities for the future.

The launch of ChatGPT by OpenAI in November 2022 marked a significant moment in the Generative AI race, quickly gaining over a million users in just five days. This sparked a media frenzy and prompted business leaders to take action on this emerging trend.