AI News: Guess and Alibaba Team Up on ‘Smart Store’

In the latest AI news, Guess (NYSE:GES) and Alibaba (NYSE:BABA) have teamed up to create a smart store that uses artificial intelligence to help streamline the process of buying apparel for consumers.

AI NewsThe two companies announced that they seek to bring the future of fashion to the forefront with this smart store, which is an interactive concept that will roll out in Hong Kong, featuring “smart racks, smart mirrors and next-generation fitting rooms.”

Guess said that the idea is to give customers a better shopping experience that combines and online features. The smart store is happening thanks to Alibaba’s Fashion AI project, which can also help retailers improve their use of data analytics in the ordering and inventory management of their stores.

“As technology changes how we interact, it also affects how we shop. As our customers evolve, it is critical that we evolve with them,” Guess CEO Victor Herrero said in a statement.

“Our strong and long-lasting partnership with global technology leader Alibaba puts us ahead of the market in our industry,” he added. “Together, we are able to innovate in real time. This is the future of retail and we plan to continuously invest and adapt to our customers’ needs in this changing retail landscape.”

GES stock fell about 0.5% Monday, while BABA stock surged 0.3% by day’s end.

Article printed from InvestorPlace Media,

©2022 InvestorPlace Media, LLC