By Eric Frisch, 10x Management Contributor
We’ve all seen Back to the Future II, and while we may be disappointed that self-lacing running shoes, flying cars, and hoverboards are not currently on the market, one thing that’s changing in front of our eyes in 2017 is the retail store. Technology and fashion are merging in all sorts of creative ways. Upscale retailers like Neiman Marcus have boosted sales by installing “smart mirrors” that recommend jeans to go with the shirt you’re buying or the shirt you’re wearing. Farfetch recently introduced mobile technology that lets people “sign in” to a store with their smartphone, allowing an app to track your preferences and show you what you want.
Revolutionary augmented reality companies like WaveOptics are designing store displays that change as customers walk by. Voice-activated assistants in dressing rooms, robots that can adapt to the mood of the customer, and connected clothing racks that keep track of what you might want for later are just a few innovations that could be coming our way soon. One thing is certain: the fusion of technology and fashion is already here and having a big impact on consumers. According to Bain, 70% of luxury purchases are influenced by online interactions.
This explains why retailers are rushing to enhance your shopping experience with technology. As more people become comfortable purchasing clothes online, know their sizes so they don’t have to go in and try things on, and tire of the brick and mortar experience, traditional retailers have to find inventive solutions to lure customers to the store.
What else is in store? Could we see the removal of checkout counters? Could we see 3D printing technology that allows you to have the size, style and color of any product you want on demand? Paying attention to the dressing room experience is critical to the retail experience, yet most stores don’t have inviting dressing rooms. Research suggests that retailers should pay a lot more attention to the dressing room: 71 percent of shoppers who try on clothes become buyers!
At 10x Management, we’re thrilled to represent technologists who are at the forefront of these technological changes. It brings us great pride to say that the retail stores of the future will be designed and enhanced by like-minded individuals like our 10xers.
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