UPFRONT // EVOLUTION OF RETAIL
Digital futures powered by retailers with a focus on customer growth Leveraging strategic technologies and a clever use of data can help retailers continuously adapt to better understand evolving consumer needs // By George Minakakis, Founder and CEO of Inception Retail Group, and Author of The New Bricks & Mortar Future Proofing Retail
Jack stood confidently in front of his closet, with some concern and anticipation in the air. An invitation to an elite gala the following week sat in his email, part of many events he may attend with his new role, he was determined to make an impression and get out of his jeans and t-shirt combos he is so well known for at work. With his wardrobe limited he turned to his wife Sarah. She immediately launched her AR-powered fashion app and, with a few additional tweaks, they were looking at men’s fashion. Jack pointed to a few options that he thought matched his style. Sarah then flipped over to the AI-driven personalized assistant, attuned to her past choices, and unbeknownst to Jack she had fashion stores that she used to buy clothing for him. The personalized assistant found collections from different retailers that matched their choices. And with their commitment to sustainability, they verified Jack’s choices against a dedicated ethical fashion database. They picked the retailers, the personalized assistant connected with the retailers AI, quickly verifying that they could pick up the clothing within an hour. Behind the scenes, the retailers were equally as proactive and tech-savvy as Sarah. The moment Sarah interacted with the AR-powered fashion app, data analytics tools at a host of retailer’s sprang into action. These tools, collect10 | Retail Insider the magazine | Volume two Issue three
ing real-time data on user interactions, provided insights into popular trends, items frequently tried on, and even those that were often abandoned before purchase. Such insights allow retailers to fine-tune their offerings, ensuring that stock levels match demand and marketing strategies are aligned. When Sarah utilized the AI-driven personalized assistant, the machine learning algorithms didn’t just stop at providing her and Jack with recommendations. They also sent feedback to the retailer about user preferences, highlighting items that were frequently paired or recommended together. Such data empowered retailers to design future collections with pieces that seamlessly complemented each other, ensuring a cohesive and curated shopping experience for all customers. Lastly, Jack and Sarah’s sustainability check didn’t go unnoticed. The rise in consumers verifying the sustainability of their purchases urged retailers to integrate blockchain technology, offering transparency in supply chains. This not only instilled trust but also gave retailers an edge in the com-
