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“Store of the Future aims at providing the in-store experience of the future by giving visibility to retailers on what is happening in the store. It’s the offline cookie that closes the loop between a great online presence and a complete omnichannel offering and, finally, in-store technology which augments the experience of customers in store and overall.” - José Neves, founder, co-chairman and CEO, FarFetch
Over the last year there has been a rise of start-up companies responsible for pushing the old-school luxury retailers into the new digital world with e-commerce and new business models. The online world has seen the rise of luxury e-tailers, like FarFetch, that sell luxury products online, anywhere in the world. Sensing the opportunity, historic brands like Burberry, Thom Browne and Harvey Nichols have already teamed up with them to increase their visibility to new generations of consumers. Renting and luxury may have seemed like an odd coupling just a few years ago – but not anymore. Luxury rental companies like Rent the Runway or Girl Meets Dress have become very successful by providing platforms on which users can rent high-end clothes and accessories for a period of time, giving even consumers on a budget the opportunity to wear luxury fashion. Tech startup Heuritech recently launched a service that uses AI to spot and predict fashion trends based on the analysis of millions of images shared on social media every day. Retail luxury brands have been criticized as being slow towards the implementation of digital innovations, but it’s clear that there is a bright future ahead. High-end retailers are rethinking their strategies, recognizing that digitization is the key to supply chain efficiency, lower procurement costs and sourcing new alternative materials. For more insights on this years’ retail technology trends, read our new report.