Retail Innovation Week | Ping Sun
In today's fast-paced and constantly evolving retail industry, it's important to keep up with the latest trends and developments. I was lucky enough to attend PSFK's annual Retail innovation week 2021 and listen to experts talk about it. Especially the fastest growing e-commerce trend.
One of the most critical factors that businesses have to consider when it comes to online shopping is the ease of doing business.
For retailers struggling with technology issues, Coulter Lewis, who owns the gardening company Sunday, for example, advises investing in new equipment.
Benjamin Kaufman, believes that every child should have an experience that is fun and interactive. That is why he founded Camp, a store that aims to provide a variety of fun and interactive activities for the whole family.
E-commerce is becoming more social, with companies like Amazon integrating it into events and birthday parties. "We integrated e-commerce with birthday parties, interactive videos for all ages, and gift exchanges," said Kaufman, "This transformation from ordinary transactions to memorable social moments is a formula we are going to continue to build on."
Ram Iyer, Digital Strategist from Microsoft, also noted that e-commerce is becoming more interesting through various means, such as live streaming.
One of the biggest obstacles that a retailer faces is building a loyal customer base. This is especially true in an industry like lingerie. Adore Me, a women's lingerie brand. They started with loyalty programs and a subscription system. The next step was the Elite Box, which lets customers buy what they like and return the unwanted items. Ranjan Roy , VP of strategy, thinks that this will become an integral part of his business.
Ever since e-commerce has become a necessity for retailers, personalization has become a crucial factor for them to consider. For example, fashion platform The Yes uses AI to identify the best products for each individual customer. Its goal is to provide a personalized shopping experience that is fully customized to each individual. Philip Raub's design shop goes one step further. "I notice that consumers are increasingly craving something unique and personal. So, in our digital design studio, buyers can experiment with shapes, sizes and colours. What's more, they will receive the item within five weeks thanks to CNC fabrication and 3D printing."
Collaboration is key. All throughout the pandemic we realized how much we need each other. It's the same for retailers. Therefore we see them partner up with each other. eBay's Head of Brand Advertising & Partnerships, Scott Kelliher. "The mutual transparency between eBay and its partners gives the latter a unique opportunity to understand their customers better, cultivate efficient sales tactics, and learn from mistakes." "Be curious, inquisitive and open to partnerships."
Ranjan Roy, VP of Strategy at women's lingerie brand Adore Me, applies the collaboration philosophy to the relationship with the customer. Ambassadors are the key influencers that help build a brand' reputation ever since the rise of Instagram. But Adore Me was not built on celebrities. It was not a celebrity brand. So they started the Creators platform to allow novice influencers to participate in campaigns and receive discounts on future purchases. "It's a win-win scenario," says Roy, "customers are collaborating with a company they love, and our products are being shared with the world diversely and creatively."
