CX FORUM, a curated show on tech-propelled fashion innovation, will offer an extraordinary environment dedicated to outstanding innovation in the business of fashion, from agile design tools to exceptional in-store tech influencers, from the dynamic science of fashion retail analytics to hyper-targetted Social Marketing. Carefully selected fashion tech innovators, partners, speakers and attendees will ensure that only the finest in the business collaborate for this remarkable, exclusive convention.
No matter their age or interests, customers now expect tailored shopping experiences. In 2023, the global retail industry made efforts to bridge this gap, using data, analytics, and technology to offer highly individualised shopping experiences. In 2024, this will only sharpen with product recommendations, promotions, and content that deeply resonate with each customer’s unique preferences and habits.
The transformative power of AI could bring in an annual value of $400 – $800 billion globally for the retail industry, according to McKinsey. From predicting customer preferences and demand to powering chatbots for instant customer support, it is no longer just a trend.
On the other side, Machine Learning is revolutionising how retailers make sense of immense amounts of data, uncovering hidden patterns that drive laser-focussed decision-making.
Retailers are increasingly turning to technology to perform repetitive tasks with minimal human intervention. In 2023, this went beyond cashierless checkout options. Automation is making a mark in areas like warehousing, inventory management, and order fulfillment. In the future, 52% of all retail tasks can be automated with existing technology, reducing human errors, enhancing service quality, boosting employee productivity, and saving costs.
AR allows consumers to enjoy interactive experiences by adding computer-generated digital content to real-world objects. Virtual try-on apps and virtual fitting software have been particularly successful, especially in the fashion and beauty sectors. It’s all about blending the virtual and physical shopping experience.
In 2023, social commerce is set to become an even more crucial component of the omnichannel retail experience. Given India’s large GenZ consumer base, brands need to think beyond social ads; social commerce is tied to in-app and livestream shopping.
Interactive videos are designed to engage the viewer and encourage them to take specific actions, like clicking on a link, filling out a form, or making a purchase. These videos can increase engagement rates by up to 300% and conversion rates by up to 70%. With the rise of interactive video technology, it’s clear that this type of content will become a vital component of shoppable media in the years to come.
To unlock the full potential of technology, retailers are embracing advanced analytics and insights platforms, which gather data from websites, mobile apps, social media, point-of-sale systems, and more. They provide retailers with a 360-degree view of customer shopping behaviour and inventory visibility. In an intensely competitive market, this data-driven approach will be vital for boosting revenue and ensuring long-term success.
An optimal omnichannel sales approach requires a modern, stable foundation, such as a cloud-based business management system. The benefits are cross-functional: comprehensive data management and accessibility, real-time inventory tracking, demand forecasting, enhanced CRM, higher business scalability and responsiveness to market changes.
Personalisation will be a key strategy for fashion brands for increasing customer engagement and sales via eCommerce. From tailored product recommendations to customising ‘purchase triggers’ by analysing browsing and purchase histories. Brands should pay close attention to the trend of Dynamic Content, which adapts website content to customer behaviour.
