[ad_1]
Informa Markets Fashion and Snopes Fashion in their Fashion Tech series explore innovative tools and predictions in a session covering the evolution of retail in 2023.
Dorothy Crook, Contributing Writer | Thursday, February 9, 2023
Information markets fashion And Fashion Snoops Hosted “Evolution of Retail,” the first session in the Fashion Tech series – educational online events to showcase innovations that are building a more efficient, agile and lean fashion industry. The series runs through May.
Nico Gavino, culture and consumer insights strategist at Fashion Snopes, introduced the five new innovations: AR and VR-powered phytial store, social commerce, to-scale, virtual testing and smart recommendations.
Each of these developments has led retailers over the past three years through e-commerce growth, 3D, AI, personalization and now, a return to brick-and-mortar models that rely on omni-channel strategies to reach customers everywhere. . To expand on these five areas that drive retail technology, Nivara Xaykao, director of culture at Fashion Snopes, joined us. TUNL Founder and CEO LJ Northington and A perfect corporation On January 11, marketing officer Adam Gam
Omni-channel evolution in 2023
Retailers have been building their omni-channel offerings for years, but since 2020, the use of digital advances and the implementation of innovative tools has increased—but the physical store pendulum is swinging back. To cater to consumers, retailers must embrace the technology lessons learned and apply them to their strategy not only online, but also in-store.
“In the last couple of years, you’ve seen the growth of digital and online in terms of websites and social, but people still want to be in stores. When you think about shopping in stores before Covid, you’ve seen a lot of movement towards these kinds of showrooms or to create those. Instagram– Possible moments and trying to get those technologies out there. All these digital technologies that you use at home or on your computer or smartphone are displayed in the store.
To build an experiential commerce journey that resonates with consumers, retailers now need to understand where the opportunity is and where it’s headed. Northington says experiential commerce combines three elements: social media, gaming—eg Roblox And Fortnite– and blockchain. As dynamic experiences become more important to consumers, retailers must prepare for a new retail landscape by learning the capabilities, barriers, and how to improve upon these technologies.
“Education comes first,” Northington said. “The best way to understand it is to spend an hour, sit down, take it down. MetaMask Or try to buy a crypto wallet and NFT for $5 OpenSea. It will cost you an hour and maybe $15 of your time, but you’ll leave with a whole new understanding of how the process works and how we can make it better.
Retail has struggled to align sustainable initiatives with shifting consumer needs in fast fashion. Adopting NFT offerings can ensure retailers and brands benefit from initial customer investments into their products in addition to subsequent resale transactions. This strategy also supports a sustainable mission as retailers engage in the resale market.
“People can sell and trade NFTs back and forth. Let’s say a retailer sells a product at retail for $150 and suddenly it continues. StockX For 2,000 dollars. [Currently, retailers don’t] Look at that secondary market,” Northington explained, further expanding on the potential of NFTs to bolster a brand’s bottom line. “Every time an NFT is sold, you—as a brand—earn a royalty. Because people are trading claims of that product back and forth, they are reducing the amount of each sale, and this is where the second income scenario comes into play.
Communicate with the connected consumer
While customers enjoy visiting brick-and-mortar for trial benefits, they want the convenience of e-commerce while lounging on the couch at home or killing time at the airport. Implementing tools that allow retailers to reach customers anywhere is key. Gamm and Northington suggest that interacting with consumers through AI should result in a “far from hyper-realistic” experience.
“If it’s accurate and looks like the real product in real life and the real color that someone would get when they get that product at home, it gives them confidence in what it’s going to be,” Gamm said. “If they have that confidence, they will rely on that brand or that retail site to buy more things over time.”
These customers not only search for the products they plan to buy when they return, but also trust the brand or retailer’s recommendations. The benefits of building trust with consumers by accurately replicating the experience of trying on in-store anywhere will support retailers as they compete with other businesses building their omni-channel offerings.
“If you can mirror a true-to-life experience, what you can do is help the consumer journey and help brands and retailers connect in a more personal way,” explains Gam. “As long as we’re getting things that have the highest ROI, we’ve increased sales, increased time on site, added to carts, decreased return rates, and overall greater satisfaction.”
[ad_2]
Source link
