The value propositions of Rent the Runway, The RealReal and Stitch Fix are indisputable. As these concepts grew quickly through the 2010s, the digitally-driven rental, resale and subscription business models induced dopamine rushes in the fashionista set and strategic anxiety among fashion industry execs. Profit Proposition Yet RENT and REAL gush red ink – arterially. Even pre-pandemic. SFIX was nominally profitable until the pandemic and is now back to profitability in its most recent quarter, but the company’s multiple growth …
Technology
Retailers Future-Proof the In-Store Experience with Digital Precision
Lately, though, this “dot the i's and cross the t's” mindset has gone by the wayside more frequently than is ideal. We know that the most enjoyable and exciting shopping experiences happen when it's clear that associates care not just about the retail and product brand but also their interactions with their customers. However, we often question whether such an experience is enough to entice people to buy from the same brand at any other store location The Rising Complexity of "Getting It Right" Retail has always been a detail industry. …
Retailers Future-Proof the In-Store Experience with Digital PrecisionRead More
The Metaverse Reimagines Retail
The metaverse is ascendant. The term, generated in science fiction and frequently applied to gaming platforms is trending in the commercial marketplace. Google searches for the buzzword have increased 100 percent since March 2021. The CEOs of Microsoft and Facebook in recent months have spoken in detail about their companies' commitment to its development. If the future metaverse were a straight-line iteration of the game-based worlds we currently observe in Fortnite, Roblox, or Animal Crossing, there would be no need for this article. But the …
Why Legacy Retailers Are Moving to TikTok and Other Video Tools
Email marketing is dead. A full inbox causes stress and anxiety, and it doesn’t facilitate purchasing. This is especially true among next-gens, who prefer almost any other communication tool to inbox-centric dialogue. A 2020 study from consulting firm Creative Strategies found that there’s a generational gap in the platforms that respondents use for work. Those 30 and older use email among their top collaboration tools, while the under 30 crowd uses Google Docs most often for collaboration, closely followed by Zoom and iMessage. Legacy …
Why Legacy Retailers Are Moving to TikTok and Other Video ToolsRead More
Shoppable Livestreams Break Through
The success of Chinese livestream shopping has been well documented since it exploded early in the pandemic, and what looked like a stop-gap solution has developed into an established retail channel. Livestreaming was a straightforward evolution in the well-developed Chinese social-retail ecosystem dominated by well-compensated KOLs (key opinion leaders) who transitioned from posting on WeChat or Weibo to livestreaming on Douyin, broadcast from the empty stores and malls during the pandemic shutdowns. By contrast, the pandemic spurred a …
Luxury Brands Try On Blockchain
Blockchain has taken the financial world by storm over the past decade. The growing popularity of bitcoin and the proliferation of other cryptocurrencies has been the most visible piece of this transformation. Blockchain technology has many potential uses beyond cryptocurrency, though. Earlier this year, three of the most prominent names in luxury goods (LVMH, Prada Group, and Richemont's Cartier brand) announced a partnership to use blockchain to give customers a secure way to learn more about the items they are buying. Most …
Advertisers Bid Farewell to Cookies
The free flow of consumer data that has fed the digital advertising ecosystem has slowed, and will soon be a trickle. As the iOS 14.5 update began downloading into iPhones in late April, Apple, by switching its tracking default from opt-out to opt-in made advertisers dreaded worst-case scenario a reality. Now iPhone users, who are generally considered to be the more affluent consumer cohort, must actively grant permission for any app to track their activity across other companies' apps and websites. Absent this authorization, the operating …
High Tech Elevates Activewear
After a year that saw more than a few people sapped of their motivation, the warm weather of spring is inspiring many of us to get up and get active again. Inevitably, consumers will mark the occasion with some new workout wear. Of course, many school and work-from-home outfits featured activewear pieces, making it safe to say the athleticwear trend will remain strong for some time. Activewear Trending That's why those in the activewear market should take note of the latest trends and performance technologies that are offered in consumers' …