Dept held an event in Mumbai on 3 December to launch a trends report- ‘The Future Belongs to the Impatient.’

Dimi Albers, CEO, Dept, opened the event with a keynote on how AI is a critical brand tool.

He noted, “The impact AI will bring is that it can fundamentally change the way we interact with the consumers and how we can build our products, our customer lifetime cycle and how we basically can rebuild our business. I am hopeful and positive that next year will be much more about that.”  

Albers added, “With the acceleration of technology, transformation has to move faster. And if one doesn't do it now, others will be ahead of you. If one wants to go through AI transformation, the only way to do that is to get data in place. AI will also increase the convergence of technologies, especially the metaverse. We have been talking about it for the past five or six years. This is the moment that it’s starting to become much and much more interesting."

Albers highlighted how Gen Z’s behavioural patterns are a little unconventional from the other generations. 

He mentioned, “The next generation is interacting with the internet in a way different manner that we have all been doing. Over 40% of Gen Z does not use Google but they go to Instagram or TikTok to search for something. And I am pretty sure most of us are not aware of how to show up in the Instagram search at the moment as a company. And that is super relevant because 40% of our future most paying customers are going to be present there.”

Albers explained how brands are jumping on the algorithm across social media to 'kill really cool things'. He said, “Something in pop-culture happens and within two hours, Gen Z jumps on it and you can see it everywhere. After a day, celebrities and the mainstream media try to jump on it. And after two days, brands join the party. Three and half days later, the trend is dead by the time the boomers start discovering it on Facebook.”

Albers also pointed out that today the majority of the executives are championing the adoption of AI. He said, “They are putting money in AI and are trying things. However, I do think that it’s largely safe bets. Brands are very focused on efficiency and productivity instead of thinking about the growth and value that they can create. And that, I think, is also because they think a lot about the technology instead of the brand and the consumer.”

On a concluding note, Albers said, “Efficiency alone doesn’t get you to the next level. Don’t start your AI adoption transformation with ‘we have to use AI.’ Start it by taking technology out of the picture, and thinking about the problems that you have as a business. And I am pretty sure nine out of the 10 times, once you have formulated the problem, you can insert AI in it and solve it.”