MIDDLETOWN, Del., Nov. 16, 2021 /PRNewswire/ — OMNIOUS.AI — an award-winning, Samsung-Accelerated, hyper-personalized-visual AI solutions developer for fashion retailers — officially announced their US launch today by initiating the National Fashion Technology Mentorship Series. The program is focused on educating entrepreneurs and retail communities on how to navigate the technologically evolving fashion industry. Entrepreneurs of all ages and retailers of all sizes will be invited to participate in early 2022. Leading universities and organizations have already been selected as the first to participate. All details will be announced soon. Click here to apply for the series.
"COVID has accelerated what has been coined the retail apocalypse," said CEO of OMNIOUS.AI, Jaeyoung Jun. "Fashion professionals need to adopt emerging technology now to both: solve their most pressing business challenges and ensure that they are equipped for the future. Just as brick and mortar retailers that refused to adapt to the e-commerce wave are facing bankruptcy now, modern retailers that fail to integrate AI will soon find themselves at a major disadvantage." AI’s role in the fashion industry is projected to increase by 36.9% over the next 6 years, from $270M in 2018 to $4.4B in 2021.
"AI is forming the next wave of improvements in the online shopper experience," Jun continued. "This technology can track individual shoppers’ preferences to provide hyper-personalized product recommendations within seconds of visiting a website. In theory, each shopper could see a completely different catalog of clothing items based on their own taste. For example, the largest luxury department store brand in Seoul, The Hyundai, is already reaping the benefits of our visual AI solutions. Last year amidst COVID, the retailer increased their CTR by 75% after adopting AI. We are excited to launch our solutions for US-based retailers to create similar results." With 15 branches across South Korea, The Hyundai is a conglomerate currently ranking 22nd in terms of assets and 20th in terms of net profits globally.
For the past six years, Samsung-Accelerated OMNIOUS.AI has also produced outcomes for fashion e-commerce leaders worldwide, including GS Shop, Lotte, Kakaostyle, LG Fashion, and more. These initial successes enabled OMNIOUS.AI to secure an additional ~$10M in funding last week from leading financial companies: Mirae Asset Venture Investments, NH Investment Securities, and Quantum Netchers Korea. OMNIOUS.AI currently has 700+ customers. In 2020, the number of product recommendations by the OMNIOUS LENS increased threefold, exceeding 100M within one year of its launch, while the OMNIOUS TAGGER reached 1.2B+ tagged attributes.
Last year, Samsung Electronics C-Lab Outside recognized OMNIOUS.AI’s technologies within the "Innovation for New Experience" category. As part of the series, lessons learned directly from Samsung Electronics’ team of C-Lab mentors will be leveraged. Samsung Electronics recently led the Samsung AI Forum online focussed on discussing scalable AI solutions. The event brought world-renowned experts to showcase how common problems can be more rapidly solved utilizing AI. The Mentorship Series is seeking to bring together panels of fashion-technology experts on a similar note to specifically explore applications in the fashion industry. More details on guest speakers will be announced in the upcoming weeks.
Attending fashion professionals will explore the intersection of fashion and technology through workshops. During sessions, experts in artificial intelligence, sustainability, ethics, and entrepreneurship will analyze emerging trends and business practices for the next six years.
OMNIOUS.AI’s event series will kick off at business communities and participating schools via webinars starting in January. Guest speakers will be invited to participate in discussions based on their own successful experiences working within the evolving industry.
Fashion professionals interested in participating can submit inquiries by visiting the event page.
OMNIOUS.AI is a leading visual AI solutions developer for established enterprises and growing e-commerce businesses alike. Founded in Korea in 2015, OMNIOUS.AI is on a mission to bring the best visual AI services to help e-commerce, fashion businesses, and people.
Recently, OMNIOUS.AI was selected as a Best Use Case in Retail AI by NVIDIA, a global hot startup by Amazon Web Services, and the grand prize winner of the 30th Korea Textile and Fashion Awards
About Samsung Electronics C-Lab Outside
Samsung C-Lab (Creative Lab), Samsung Electronics’ in-house incubation program, nurtures the innovative ideas of Samsung employees and helps bring them to fruition. Led by Samsung Research Head, Sebastian Seung, C-Lab has been expanding Samsung’s support for new ventures outside of the Samsung network since 2018.
Samsung Electronics Co. Ltd is a South Korean multinational electronics corporation that generated 200.6 billion USD in 2020. The company strives to develop and connect AI services to benefit all of humanity. Visit research.samsung.com for more information.