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Imagining the Retail Store of the Future
APRIL 12, 2017 | The New York Times | By ELIZABETH PATON.

What will the store of the future look like? Gleaming robots using facial recognition technology to personalize sales pitches to mood or past spending preferences? Voice-activated personal assistants, downloading the availability, color and fit of any and every garment to your smartphone? 3-D printing stations? No checkout counters when you leave? Holographic product displays on the shop floor that change when a customer walks by? Virtual fitting rooms via virtual reality headsets? Drones dropping deliveries in the backyard or on the front steps?.......is this the sort of shopping experience that customers really want?
Scores of leading retailers and fashion brands increasingly say no.........Farfetch — the global online marketplace for independent luxury boutiques — held a daylong event at the Design Museum in London. There, in front of 200 fashion industry insiders and partners, José Neves, the founder of Farfetch, unveiled “The Store of the Future,” a suite of new technologies developed by his company to help brands and boutiques bridge the worlds of online and offline.......A report by Bain suggests that although 70 % of high-end purchases are influenced by online interactions, stores will continue to play a critical role, with 75 % of sales still occurring in a physical location by 2025.

What may change, however, is a store’s primary purpose. Forget e-commerce, or bricks and mortar, or even omnichannel sales; according to Mr. Neves, the new retail era is one anchored in “augmented retail,” a blend of the digital and physical allowing a shopper to shift seamlessly between the two realms.....Holition is an augmented-reality consultancy and software provider based in London that has worked with some well-known retail brands.......“The holy grail for retailers is creating digital empathy....No one knows what the future will look like....those using technology and data to create bespoke personalized shopping experiences...are more likely to come out on top.”.....boutiques and physical events remained vital “marketing opportunities,” with a more specialized inventory selection and the opportunity for customers to do more than buy merchandise......talks, film screenings and designer meet-and-greets, along with social media lessons, exercise classes and floristry sessions.......“Stores cannot just be row after row of product rail anymore,” he added. . “To survive, they have to tell stories — rooted in a sense of community and entertainment — and have points of view that makes the owner stand out.”.......“Ultimately the use of data to transform stores will separate those who make it to the next step and those who won’t.
reimagining  retailers  physical_place  shopping_malls  cashierless  e-commerce  reconceptualization  future  shopping_experience  brands  fashion  omnichannel  bricks-and-mortar  MatchesFashion  Holition  Yoox  facial-recognition 
february 2018 by jerryking
The next Coco Chanel will be a coder
Aug. 26, 2017 | The Financial Times. p4. | by Federico Marchetti.

Eager to know what the next big thing in luxury will be? I am utterly convinced that digital talent will be as important to fashio...
brands  CEOs  coding  digital_influencers  digital_savvy  fashion  Instagram  luxury  Yoox 
november 2017 by jerryking
China gifts luxury a reprieve
29 April/30 April 2017 | FT Weekend | by Harriet Agnew and Tom Hancock

Chinese consumers, the drivers of global luxury for more than a decade, once travelled overseas to the European fashion capitals of Paris, London and Milan to take advantage of lower prices. Now they are increasingly inclined to spend at home. Last year Chinese consumers made two-thirds of their personal luxury goods purchases domestically, compared with roughly a third in 2013, according to the Boston Consulting Group.
.............In an era of lower growth, brands are trying to adapt to changing consumer demands and the disruption of digital while keeping the creative process at the heart of it. “Creativity and audacity is what allows you to elicit desire [and therefore sales] over the long run, telling a story that people want to discover, chapter after chapter,” says François-Henri Pinault, chairman and chief executive of Kering.
......Yet brands can no longer rely on opening lots of new stores to fuel growth. Instead they have to keep costs down, revamp their existing stores to make them more profitable, and seek new customers through avenues like digital.

“The business model of luxury has completely changed,” says Erwan Rambourg, global co-head of consumer and retail at HSBC in New York. “Either brands understand that and make the changes themselves, or they don’t and they leave themselves open to activism or M&A.”
.......Compared with other consumer brands, luxury has been late to the digital party. Phoebe Philo, the then creative director at fashion house Céline, told Vogue in 2013 that “the chicest thing is when you don’t exist on Google”. But that view now looks unsustainable.

Six out of 10 sales are digitally influenced, says BCG, which estimates that online commerce will grow from 7 per cent of the global personal luxury market today to 12 per cent by 2020.

Within digital, the holy grail is so-called omnichannel — the ability to offer a seamless experience to customers that blends digital and bricks-and-mortar stores, and includes initiatives like click-and-collect. “Blending the physical and the digital is the future of the online flagship stores,” says Federico Marchetti, chief executive of the YOOX Net-a-Porter Group.

The emphasis is on the customer experience. Net-a-Porter is launching a same-day delivery service in September for its top clients in London called, “You try, we wait.” Customers will be able to try on their online order at home or in the office while the delivery van waits outside.
......As e-commerce gathers steam and groups collect more and more data on their clients, the next stage is machine learning and artificial intelligence, believes Mr Marchetti. In this vision of the future algorithms will act as virtual shopping assistants, suggesting items that the customer might like, “enabling us to speak to each customer on an individual basis rather than to the whole customer base”, he says.

Luxury brands are also increasingly using blogs, online “influencers” and social media platforms such as Instagram to generate visibility and lure potential buyers.

All of this is happening at a time when the definition of what constitutes luxury is expanding beyond physical possessions to include experiences both as a competitor to, and opportunity for, the traditional houses.

“Luxury brands are now competing with the plastic surgeon and the luxury travel agent,” says Mr Rambourg. “For a similar price you can have a Louis Vuitton handbag, a facelift or a trip to the Maldives.”
....“Our pulse is the Chinese customer,” says LVMH’s Mr Guiony: “It made the sector worse a couple of years ago and it has made it better now. We have to be aware of that. Trees don’t grow to the sky.”
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luxury  brands  China  Chinese  China_rising  consumers  digital_disruption  e-commerce  travel_agents  BCG  growth  LVMH  watches  noughties  Yoox  customer_experience  WeChat  Burberry  digital_influencers  creativity  audacity  storytelling  omnichannel  artificial_intelligence  machine_learning  virtual_assistants  same-day 
may 2017 by jerryking
FT.com / Business Life - Fashion retailer cuts a dash online
June 3 2008 19:34 | Last updated: June 3 2008 19:34| Financial Times| By Adrian Michaels in Milan
distribution
online_marketing  fashion  distribution_channels  entrepreneur  Yoox  distribution  e-commerce 
march 2009 by jerryking

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