28 Apr Farfetch launches its “Store of the Future”
What Farfetch’s ‘Store of the Future’ means for the luxury industry?
Farfetch, the online luxury pure-player, has unveiled its ”Store of the Future” (SOF) during its FarfetchOS conference in London on April 12th.
This event, as well as this SOF, aim to drive changes in luxury retail and encourage innovations. The beta version of the ‘Store of the Future’ will include augmented reality shopping experience, emotion-scanning software, innovative payments solutions to bring together online and offline worlds. Farfetch will use data to improve the customer journey and offer a personalized experience. Its SOF aims to be used as an innovative platform where technology will be tailored for each brand to create the ultimate shopping experience. The first SOF launch will occur in Brown and Thom Browne flagship in New York.
According to a new study from Bain & Company, 70% of luxury purchases today are influenced by online interactions. The fusion of online and offline experiences is key as stores still play a major role in luxury retail (75% of luxury purchases will still occur in a physical store by 2025).
This is why Farfetch decided to blend physical and digital channels to reach sleek and unique customer’s experience. They will enhance the physical shopping experience, strengthen emotional connection (so important for luxury brands) but also collect key data on how customers behave in luxury stores.
As a result, Farfecth will implement a scanner for customers to “log in” with their smartphones when they enter the store, which will allow sales assistants to view customers’ profiles, including their purchase history or what they saved to an online wish list. The connected clothing rack will record items customers pick up, storing them in a smartphone app where they can later swipe left or swipe right to edit selections. Another technology will be smart mirrors allowing shoppers to request items in another size or color, browse for alternatives and even pay without leaving the dressing room. Finally, Farfetch also developed a holographic display that enables customers to create and order customized shoes, allowing them to try various colors or leathers.
In June 2016, Dior announced the shift to the tech luxury era with its virtual reality headsets enabling its customers to access Dior runway backstage.
As a result, well-established luxury brands and retailers will have to modernize the way they approach customers to surprise them, strengthen storytelling and emotional loyalty and deliver seamless shopping experience both online or in store. The way people shop luxury products will have to be a luxury and connected dream.
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