wearagAIn
An online marketplace for buying and selling pre-loved fashion powered by SAP Recommerce software and the integration of artificial intelligence.
Challenge
AI Transforms the Fashion Industry for Circular Commerce
How can AI-driven analysis and algorithms optimize pricing strategies for pre-owned fashion items and goods in the resale market, considering various factors such as market trends, consumer behavior, product condition, stocks, and demand fluctuations, to ensure competitive pricing and maximize profitability?
Team
Emma Briant, Meghana Kadiri, Hady Khalil, Rahul Verma
About the prototype
The circular fashion economy initiative, wearagAIn, collaborates with SAP Recommerce to revolutionize the secondhand clothing market. SAP Recommerce facilitates the seamless handling and resale of pre-owned inventory, promoting a shift from a linear to a circular business model. This transformation not only extends customer lifetime value but also aligns with sustainability goals by minimizing additional carbon footprints. wearagAIn leverages cutting-edge SAP Recommerce technology and AI algorithms to establish a peer-to-peer marketplace with a focus on optimal pricing. The platform employs AI-driven analysis for comprehensive pricing factors, stringent quality control for authenticity, and a sustainability dashboard to quantify environmental impact. By addressing key determinants in pricing through extensive research and user insights, wearagAIn aims to redefine secondhand fashion, emphasizing transparency, trust, and measurable contributions to a sustainable fashion ecosystem.
Outputs
Further information about the progress, milestones, and roadblocks.
The result of the survey on the importance of factors in the decision to buy a used item.