Analysing the existing challenges in the buying process of fashion retail industry and suggesting a possible solution using artificial intelligence

New technologies are disrupting the way business is done and the need for adapting these technologies within the business processes and value chain is increasing. The aim of this thesis was to analyse one such business process under the fashion retail industry and explore the use of technology in it. The study examined the challenges faced by the retail buyers and professionals in the buying process of the fashion retail industry. In addition, Artificial Intelligence applications were explored to solve the identified challenges and suggest a possible solution. The work was performed in collaboration with Yanca Oy, a fashion retail consulting company, with an objective to find a possible solution for the major challenges faced by the fashion retail buyers. The study was done in two main parts: literature review and empirical research. The first part of the study analysed the literature on retail industry, fashion retail industry and the retail processes such as buying, merchandising, marketing and range planning. In addition, the technical aspects of Artificial Intelligence and its use cases in the Fashion Retail industry were studied. The empirical research investigated the challenges faced by the retail professionals in the fashion retail buying process. Also, the challenges were brainstormed with Artificial Intelligence and Machine learning experts to suggest a possible solution. Data for the study was collected by means of online survey, semi-structured interviews and in-depth interviews. A Qualitative Research methodology was therefore applied. The analysis of the research results identified the challenges faced by the retail buyers in the buying process. Based on the challenges, a solution with possible features using Artificial Intelligence applications was suggested. Also, a functional prototype was created. The study could be further applied to create an AI assistant tool for the retail buyers using the suggested features