Today, technology has perpetually changed the face of retailing! Whilst, the online retail has progressively evolved into Mobile retail or M-commerce, an array of mobile based apps and omnichannel retail has made our shopping experience all the more exciting and easier.

In a recent development, Mumbai-based Shopsense Retail Technology, the startup that founded fashion shopping app Fynd, has launched Fify-a fashion shopping bot, which the company expects will generate 25 per cent of revenue in the coming three months.

Fify, in its beta phase, will act as a personal virtual shopping assistant; providing insights on trends, guidance on celebrity styles and inform the users about the new product arrivals. The fashion shopping bot claims to have already seen over 50,000 conversations since its launch last week on the Facebook Messenger.

At present, phase one of the fashion shopping bot is operational and will help the consumers to discover the products. In subsequent phases, the bot will grow to understand the style of the consumer on the basis of their online behaviour and predict what they are likely to buy.

According to the company, the ideal phase of engagement with Fify would involve product discovery, transaction, fulfilment and then post-transaction interaction.

Technology

6:01 AM

Luxury shopping is no longer confined to high-end bags and shoes! Today, the luxury patrons are all the more experimental and are using travel as a tool for gaining authentic experience. In 2015, China had 120 million outbound tourists, who spent an estimate of US$229 billion on shopping overseas, leaving the rest of the world way behind. The top purchase of the Chinese tourists featured fashion and accessories and indisputably, the effect of such wave was indeed lucrative for the fashion brands.

Acknowledging the impact of globetrotters on their brand sale, luxury fashion brands are obligated to come up with a strategy that will not only help them to take the advantage of traveller’s deep pockets but also reap the benefit of being a global brand. Besides, the luxury brands also need to evolve in order to keep consumers’ interest intact.

Since wealthy consumers move their dollars from product to experience, luxury brands need to focus on creating one-of-a-kind; an immersive experience that will eventually turn into a purchase.

Moreover, offering an exclusive experience is a must. For instance, if Burberry, a brand that is quintessentially British in its inspiration and craftsmanship, evolves further by incorporating British customs and rituals in a meaningful way, it could deliver a truly unique brand experience.

 This shift from product to experience is happening faster for the millennials who give value to ownership, connection, and authenticity, as the studies suggest Luxury travel and high-fashion brand should realise this opportunity of partnership.

Fashion Industry

1:12 AM