A record number of people shopped online and in stores during the Thanksgiving holiday weekend. However, consumers are shopping cautiously, thoughtfully and repetitively — spending on items from companies that align with their values and often from companies they’ve purchased from previously.
Price, product assortment and convenience have historically been a focus for retailers when thinking about how to capture loyal, repeat customers. While that’s not changing, factors like sustainability, ethics and personalization are increasingly influencing which retailers and brands consumers pick. The Innovation Lab at NRF 2023: Retail’s Big Show will showcase top innovative technologies helping retailers adapt to these consumer demands.
Personalized shopping experiences
Dresslife provides a fashion-specific personalization engine that improves revenue, returns and data insights for fashion retailers by helping their end customers find clothing faster that they like and that fits. Dresslife’s artificial intelligence sorts the category feed based on the probability that a customer will buy and not return a piece of clothing – providing upwards of 5% to 15% net-revenue uplift, compared with an industry-agnostic solution. Dresslife facilitates easy and quick integrations through ready-made plug-ins for ecommerce systems – and retailers can test the solution with no commercial risk since Dresslife offers to work primarily on a success fee model.
Crossing Minds is an ecommerce personalization platform built on first-party data that allows companies to quickly recommend relevant items, cross-sell and upsell intelligently, and personalize omnichannel across email and SMS. At its core is a highly customized approach, with AI custom-tailored to each customer’s specific needs. This results in better shopping experiences, higher conversion rates and a 96% average increase in online sales. Powered by advanced AI and behavioral data, behavior-based recommendations deliver highly relevant recommendations for each customer simply by synthesizing their on-site actions – without personal data or third-party cookies. It also enables full personalization for new and anonymized users, which often account for over 90% of ecommerce web traffic.
Fit:Match’s patented digital twin platform eliminates guesswork, allowing customers to shop only what fits. Based on its partnership with Savage X Fenty, Adweek recently awarded the platform with the 2022 Commerce Award for the “Best Virtual Fitting Room Technology” across the entire market. Fit:Match’s algorithms derive a shopper’s 3D body shape using augmented reality and remote sensing-powered devices to make personalized recommendations based on what products fit its digital twin. It is designed to eliminate brands’ and consumers’ questions about fit to drive conversion and loyalty while reducing returns. Its shape-based technology is the first-ever product recommendation engine that eliminates sizing charts or archaic measurements and uses real body shapes and digital twin matching to determine the appropriate size for a customer.
Resale and sustainability
Reflaunt is a white-label technology company that helps firsthand retailers participate in the secondhand trade. It utilizes a circular model where customers of retailers can resell, donate or recycle past purchases through various resell interfaces. Retailers can implement take-back programs, concierge consignment services and pre-loved luxury offerings on their website. Pieces sold using Reflaunt technology have reached more than 100 million shoppers to date.
Eon is a retail network that connects products to digital IDs. This helps brands bridge the gap between the digital and physical while also helping them deliver on sustainability, transparency and circularity goals. With the EON Cloud, brands have a product relationship management system and can uniquely identify and manage relationships with products — driving revenue, sales, data, applications, business models and more across each product’s entire lifecycle. Some of Eon’s current clients and partners include H&M, Chloé, Target, Coach, Net-a-Porter, Zalando, SAP and Microsoft.
Olive is a sustainable delivery packaging company powering the next generation of logistics and ecommerce. For brands, Olive provides a 50% reduction in returns shipping costs, delivers orders to customers in well-designed, reusable packaging, and eliminates waste on all fronts. Customer orders are delivered in premium reusable packaging that Olive retrieves (along with any returns or exchanges) at customers’ convenience.
Be sure to check out our recent post featuring another Innovation Lab company, Syrup Tech, an AI-powered predictive software for inventory decisions helping commerce move toward being a waste-free industry.