Technology Trends Transforming Luxury
This article is a part of an online luxury retail future series. Discover how high-end retail transforms digital and shape fresh shopping experiences for consumers.
Online luxury retailer Farfetch announced a collaboration with Gucci in April last year to launch “The Future Store”. Combining retail technology in-store with internet fashion technology, Farfetch helped Gucci obtain online and offline information about its clients.
Farfetch presented an in-store technology with “The store of the Future”, which allows luxury shoppers to use their smartphone to log in when they enter a shop to obtain personalized suggestions from retail employees. The employees themselves could access the profile of their affluent clients, including the history of purchases and the lists of product wishes.
Since millennials and generation Z customers drive 85% of worldwide luxury sales development, younger affluent shopaholics have distinct expectations. They want an online and offline experience that is personalized and seamlessly incorporated. In conjunction with their physical retail shops, luxury brands use augmented reality to enhance the shopping experience.
New AR technology, such as smart mirrors, allows affluent customers to communicate naturally with luxury products and collect data such as cost, components or even origin.
Half of all online searches will be using voice or image search instead of text by 2020.
By 2025, 5% of all US eCommerce transactions are anticipated to consist of some type of auto-replenish or subscription model. As technology progresses in predictive replenishment, we can expect a decrease in the purchase of non-experienced products over self-replacing products.
Looks like we all are headed for a tech-savvy lifestyle in terms of clothing too!