- “According to Common Thread Collective’s 2021 Fashion Industry Report, fashion eCommerce grew 26.5% in 2020, with apparel gaining the lion share of that growth at 29.6%.
- Online fashion’s expected 7.18% compounded annual growth rate will put the industry north of $1.0 trillion by 2025.”
“One example of an organisation that has got it right is the Commonwealth Bank of Australia. It deployed AI and automation successfully as part of its customer engagement engine, building over 200 machine learning models with 157 billion data points. This helps the bank anticipate customer needs and decide the ‘next best conversation’ customer service personnel should have with each individual customer in any interaction. Because the customer engagement engine was built in a low-code, model-based design environment, the bank can easily adapt and finetune processes over time to improve customer service with every interaction. During the initial lockdown period, the bank saw a 500% spike in usage of their ‘benefits finder’ helping customers understand what they are entitled to, and they were able to quickly change communications strategies both outbound and dealing with inbound.”