254 How Stylumnia is augmenting human intelligence in fashion and lifestyle retail for a better world
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At Stylumia we believe in augmenting human intelligence in fashion and lifestyle retail for a better world.
With relevant data and the right technology, people and businesses in fashion and lifestyle retail can solve hard problems and change the world for the better.
In 2015-16, when we looked at the available technology and solutions, we saw fashion forecasting and demand planning are either subjective in nature, or traditional consumer research based going with what consumers say, or data platforms which throw supply driven signals. We saw these methods do not solve the fundamental challenge in fashion trend spotting, prediction and the business metrics of full price sell through continue to remain around the 50% mark creating over USD 750 billion/annum of wastage globally. The biggest wastage in the fashion industry is the one caused by ill-informed decision making.
We saw a need for a different kind of technology and approach and we knew it would need a different kind of company to build it. That is why we formed Stylumia.
Stylumia is one of the fastest-growing fashion tech start-ups with Fortune 100 clients to mid-sized ones, solving a fundamental challenge of the business, predicting future demand for an unseen product. The global fashion industry is around 3 Trillion USD, half of which is not what the consumer wants. This huge supply-demand gap poses a huge sustainability threat to the planet. United Nations and Fashion for Good are rallying for us. Using AI, Machine Learning, Computer Vision, Stylumia has a proven methodology to improve the prediction accuracy of fashion brands and retailers across 7 countries. We strongly believe in eliminating waste before it happens.
Stylumia has many awards and recognitions. Select few are,
Aegis Graham Bell Award for AI Innovation in Retail Winner 2021
Amazon AI Conclave Award Retail - Winner 2019
Nasscom Emerge 50 2019
Entrepreuners Worldcup 2020 - World Top 100, India Winner
Accenture Global Innovation Challenge Finalist 2018
Top 25 AI Companies In APAC - CIO Advisor 2017
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