RETAIL TECH SUMMIT, hosted at General Assembly SF, allowed attendees to listen to a panel of leaders in the fashion & technology industry.
- Bert Peintner - Co-Founder, CTO, and Chief Scientist of Loop AI Labs
- Tamara Samoylova - Head of Research at Deloitte Center for the Edge
- Gagan Mehra - Big Data & E-Commerce Blogger & Technologist
- Li Gong - VP of Product in SAP Labs and a design thinker
- Robert Burns Nixon [Moderator] - Exec Board VP at Retail Design Institute - Northern CA and CFO and Executive Board at SF Fashion and Merchants Alliance, Inc.
I learned so much from this event, and it also allowed me to focus on the career path that I wanted to purse in this industry.There were key concepts and ideas that were shared from the panelists that really caught my interest.
- Retail has room to experiment due to it being easier to quantify while it's harder for products due to short life cycles
- Personalization in retail will become a pre-req in the future due to users wanting a experience that is special to them
- More companies are now venturing into virtual reality in order to develop an entertainment experience while shopping in stores
- A lot of innovation is happening in the retail world, such as face recognition technology to maintain recurring customers or a wireless network with smartphones that can track your location and time throughout the store to see if you need assistance
- Many retail companies such as Nordstrom are spending money to create innovation labs to enhance the customers' experience.
- Pre-personalization: Making it possible to know the customer before first sale by using data
- Post-personalization: once they see your patterns, they can choose products designed for you based on underlying attributes
- Knowing your customer is important when it comes to personalization because if you succeed it increases lifetime customer value
- Millennials want personalized experiences, this is a culture that wants something for them that represents who they are.
Would you prefer a customized shopping experience? An entertainment experience personalized for you? Where do you think the future of retail is heading in terms of technology? Let me know by commenting below!