Coming into 2019, Luxe fashion retailers are aligning themselves with technological advancements in abundance. The realisation that it’s no longer enough to have high-end product with exemplary customer service, consumers want and expect more. The complete 360-shopping experience, designed with the ease of the customer in mind.
When someone mentions tech in retail, thoughts of artificial intelligence, voice activation and augmented reality spring to mind. The truth is not far from that in all honesty and those with the budgets to delve into the futuristic developments, are doing just that with huge success.
Retail giant, Farfetch and its collaboration with Gucci, is a prime example of where luxe fashion businesses are focused on maintaining their technological edge. Farfetch helped Gucci to combining traditional in store retail shopping with online tech experience. Being hailed by some as the ‘store of the future’. Shoppers are able to walk into a store and ‘log in’ using their smartphones, giving them personalised recommendations. However, this tech works both ways, the retail staff are able to access data on their affluent customers, including wish lists and purchase history. With access to that data, you can image the upselling in Gucci is immense…
Luxe digital reports show that 30% of affluent spenders are now generation Z and millennials. Social media influencing means the rise in the younger consumer in luxury has been accelerated and retailers are doing their best to keep up, but not lose their more traditional consumers.
With 30% of luxury shoppers now being from the generation Z/ millennial pool and the rise of social media influencers, it’s become increasingly important to utilise these tech developments in every luxe shopping experience in store and online.
Bringing tech in store has been a key move for luxury retailers to add value to traditional shopping experience. Swiss watch retailer, Tissot, has begun using technology to give its shoppers to try on their luxury watches virtually at Selfridges and Harrods’ windows. Dior has developed virtual reality glasses known as ‘Dior Eyes’ that allow visitors an exclusive look behind the scenes at their ready-to-wear fashion shows.
Just proving that these developments are working is the flagship Rebecca Minkoff store in New York. It features a smart video wall that gives suggestions of new styles when people come in to the store. Consumers are able to use the ‘wall’ to order champagne whilst they browse the collection. Then once in the fitting room, champagne in tow, the interactive mirrors allow shoppers to set the light mode, to see their outfit in different scenarios like a sunny day or in a club. A few clicks and the customer can order a different size, colour or the perfect accessory to complements their purchase, all without leaving the fitting room. The result? Sales have increased more than 200 percent each year since installation.
These developments are just scratching the surface on what retailers can offer and will be offering in the years to come. The want for more is ever increasing and in order to keep up, luxury retailers will indeed need to invest. An exciting look for the future, we can’t wait to see what the rest of 2019 has in store for technology in fashion.
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