The fashion industry changes quickly – not just with styles but with technology. For example, generative AI is a fairly new concept, but McKinsey estimates that by 2028, generative AI could account for as much as a $275 billion increase in apparel and fashion profits. With this level of innovation and willingness to invest in the latest and greatest technology, solution providers that support the fashion industry must be agile and committed to growth.
That's why we're proud to announce that GK recently earned the title of "Leader" in the March 2023 IDC MarketScape for Worldwide Point-of-Sale (POS) Software for Large Apparel and Softlines Retail 2023 Vendor Assessment. The "Leader" distinction is given to solution providers that scored highly in IDC's rigorous review process, which includes customer interviews and expert analysis of the provider's solutions.
This report verifies GK's investment in artificial intelligence and data analytics, differentiating itself from competitors with dynamic pricing solutions and real-time prediction capabilities. GK also collaborates with solution providers like My Size, Inc. (NASDAQ: MYSZ) to offer unique experiences via smart mirror as an additional integrated store touchpoint. Let's take a look at how GK has reimagined fashion retailing.
Innovative Solutions for Retail
IDC's report specifically highlights GK's CLOUD4RETAIL platform. This solution is equipped with tools designed to transform and optimize the omnichannel shopping experience. These tools include MobilePOS, Store Inventory Management and GK e-receipt, just to name a few. CLOUD4RETAIL also enables outside innovation because the solution is open and configurable with other third-party applications. This is especially important as tools like generative AI grow in popularity.
Another key offering from GK's product suite is the combination of GK Spot and GK AIR. When used in tandem, these solutions track customer behavior in real time across any sales channel to create truly personalized recommendations.
Finally, GK offers GK AIR Dynamic Pricing, a tool that is important for profitability in the ever-changing fashion industry. As styles go in and out of fashion or peak seasons end for apparel like swimsuits and winter coats, dynamic pricing can be implemented to ensure every item is priced at the optimal level to drive conversions without risking margins.
Exciting Fashion and Apparel Partnerships
Another way that GK supports fashion retailers is through its dedicated partner network. For example, GK works with MySize, a recognized provider of AI-driven measurement solutions. MySize's innovative in-store touchpoints are available via CLOUD4RETAIL and enable sellers to help customers find the right fit every time. Shoppers who interact with a MySize touchpoint, like the MySizeID Mirror, reduce trips to the fitting room which results in a more efficient and effective shopping experience.
GK also partners with ReAct Now, a major player in in-store communication. With this integration, joint customers benefit from stronger employee connectivity and quicker response times for shopper needs. For instance, if checkout lines are too long, ReAct Now's technology ensures that store employees are notified immediately to address the problem before shoppers are negatively impacted. This solution is also available via GK's CLOUD4RETAIL platform.
GK Is Here To Help Your Fashion and Apparel Business Shine
It's thanks to these unique innovations, engaging partnerships and our fantastic customers that GK was ranked as a "Leader" in IDC's Marketscape report. To read the full IDC MarketScape for Worldwide Point-of-Sale (POS) Software for Large Apparel and Softlines Retail 2023 Vendor Assessment, visit our industry recognition page.
If you're ready to take your fashion or apparel business to the next level, visit us at https://www.gk-software.com/us/ and contact us today.
