In New Delhi, on 8th January 2025, ICH NEXT, India’s first homegrown fashion forecaster, announced the upcoming launch of a pioneering tech-powered platform named ichnextlabs.ai. Designed to transform the landscape of fashion forecasting, this platform incorporates Generative AI and Machine Learning (ML) technologies and is built with an estimated initial investment of nearly USD 100,000. The initiative aims to support the 'Creators’ Journey' in Fashion and Lifestyle, from Research to Ideation.
ICH NEXT has previously collaborated with several prominent apparel and lifestyle brands, including Myntra, Reliance Trends, AJIO, Tata Cliq Luxury, Nykaa, and Amazon India. The company has claimed to have helped multiple brands scale their revenues by as much as six times through research-oriented fashion forecasting. The launch of ichnextlabs.ai is set to further enhance these business prospects, including exploration into new market segments.
The new platform will provide comprehensive tracking of content across India, covering a spectrum of information from the latest fashion news to trending posts. It is intended to assist in the analysis of fashion and lifestyle sentiments and trends. Its user-friendly interface is designed for seamless navigation between ICH NEXT trend forecast reports, a live research dashboard, and collaborative programming, ultimately making it a unified resource for insights and ideation in the fashion sector.
Anuradha Chandrashekar, Co-Founder and Chief Creator of ICH NEXT, conveyed the vision behind the advanced Generative AI platform. Speaking to Passionate In Marketing, she stated, “We truly wanted to solve for the creators in the process. While there are many available solutions focused on data analytics, logistics and product lifecycle management, there has been little focus on aiding the creators who are the first propagators of a new thought." She emphasized the platform's goal of embedding itself in the designer’s thought process, establishing a ‘design solutioning ecosystem’ that addresses the needs of creators. "Being a designer myself, I understand the value in having such tools available, to having access to a trend sensitive environment where new thought is encouraged while also keeping a keen eye on consumer affinities.”
In addition, Kanika Vohra, also a Co-Founder of ICH NEXT, highlighted the strategic importance of the platform in mitigating risks linked to future investments in inventory. She noted that understanding market dynamics in the fashion industry is crucial, given that product conversion times may vary between 90 to 270 days. Consequently, predicting trends necessitates timely consumer-driven insights. "Our platform analyzes both subtle and obvious influences shaping future consumer desires, enabling accurate trend forecasting," she explained. Vohra concluded by stating that "investing in thorough research and fashion forecasting is a prudent and strategic choice that business heads should opt for."
As ICH NEXT prepares for the launch of ichnextlabs.ai, the implications for businesses within the fashion industry may be significant, particularly with the integration of advanced artificial intelligence tools aimed at enhancing creativity and forecasting capabilities.
Source: Noah Wire Services