Digital meets physical in the retail experience of the future

Healey Cypher (center) chatting with co-hosts Kris Stewart (right) and Bill Thorne (left).
Healey Cypher (center) chatting with co-hosts Kris Stewart (right) and Bill Thorne (left).

 

The future of retail isn’t robots, lasers and holograms — it’s experiences, service and speed, all powered by subtle technologies that the customer barely sees. With a background that includes innovations like the interactive mirrors found at Rebecca Minkoff and Ralph Lauren, ZIVELO CEO Healey Cypher is helping create the behind-the-scenes tech that brings the best of the online world into physical retail.

When a customer walks into a store, they’re either searching for a product or browsing for inspiration. “Search versus browse,” Cypher says. “What does that sound like? That’s a landing page.”

Cypher compares the entire retail experience to an ecommerce conversion funnel. Consider the questions a retailer might ask: How many people go to a home page or the landing page? From there, how many people then go to the product page, then to the cart and then check out?

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Looking at these moments of drop-off through a conversion funnel shows some interesting insights, Cypher says. If customers see a product they like on the shelf but the specific size or color they want isn’t physically in front of them, 48 percent of people won’t ask for help. If they see a line they even perceive to be over seven minutes long, 79 percent of customers will abandon their purchase with products in their hands.

Conversely, once customers are in a fitting room, there’s a 66 percent chance they will purchase something. “What are these moments to reduce friction in some places to enhance other experiences?” Cypher says. “The reality is there’s nothing better than human experience, but technology can really help.”

Listen to the full episode to learn more about what retail in the future will look like and how ZIVELO is working with retailers today.

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