A Look At The Latest Digital And Wearable Technologies, And How They Will Affect The Future Of Retail
By Debbie Hauss, Editor-in-Chief
During the Decoded Fashion event in New York today, fashion, technology and retail executives gathered to share ideas and learn more about the future of retail.
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At the beginning of the day, Rebecca Minkoff and Uri Mnkoff talked about their new “connected” store format (officially opening on Friday, Nov. 21) and shared their outlook on the future of retail. Uri described one of the questions they asked when designing the new store: “What if the store could remember your visit?”
Later in the event, a panel of retail executives discussed the best ways to meet the needs of today’s shoppers, whether they’re called “Millenials” or simply the “modern shopper,” according to session moderator Lauren Sherman, Editor-at-Large for Fashionista. Here are a few insights from the panelsts:
Amy Tran, an e-Commerce executive at 3.1 Phillip Lim noted that millenials are looking for “a lifestyle to aspire to; and they are coming directly to the brand to learn more. They are interested in the art on your walls, the music you’re playing…” They want to participate in the brand journey along with the brand.
Alan Tisch, CEO and Co-Founder at Spring, said that “content” is the most important factor when targeting Millenials. “They have much higher engagement with lifestyle imagery” and social content versus product shots, he noted.
Ryan Craver, former SVP for Lord & Taylor, described the next phase of retail as the “Uber of personal styling.” He said it will be “a whole wave of self sufficiency driven by the Ubers of the world.” Retailers like Lord & Taylor will be challenged to create that experience inside a brick-and-mortar environment.
Elaine Change, CMO at Tibi, focused her comments on social media. “We think a lot about the story,” she explained. “The thing about social media that is so amazing is the broad reach. But brands must be thoughtful about how to leverage that reach. The story must make sense for the specific channel. We also must make sure we understand that the channels are different – that consumers expect different things on different channels. We need to think through all the touch points so we’re telling the story in the way it should be told.”
Keenly focused on the future of wearables, Fashion Decoded also featured a competition for wearables start-ups that included high-fashion jewelry that tracks your activity, outerwear that creates mustic based on your movements, and a handbag that charges all your mobile devices. Would you buy any of those items?
