Luxury Daily – Chinese ecommerce giant Alibaba has opened a concept store that offers shoppers and luxury retailers a look at a new frontier for fashion retail digitization.
Dubbed “FashionAI,” the pilot boutique harnesses artificial intelligence capabilities for a stress-free shopping experience. While it is only open for a few days, the store will act as a temporary testing ground for innovative retail formats.
“AI-assisted shopping brings the compelling elements of online purchasing to the physical store, creating a truly unique, personalized customer experience,” Laura Sossong, consulting manager at Boston Retail Partners, Boston. “Consumers who desire a meaningful in-store experience but want the added benefits of styling tips, convenience and individualized customer service are sure to embrace this hybrid offering.”
Ms. Sossong is not affiliated with Alibaba but agreed to comment as an industry expert.
“Predicting fashion trends is imperative for the success of luxury retailers, and in-store AI technology will allow retailers to glean invaluable insight into marketplace preferences and trends,” Ms. Sossong said. “By gathering rich reportable data on customer shopping choices, retailers can then predict trends, demand and inventory needs and shape assortment direction and strategy based on findings.”
“The plethora of insights created by AI will enable luxury retailers to make smarter merchandise planning and assortment decisions,” BRP’s Ms. Sossong said. “We are bound to see elements of AI technology being incorporated into the luxury space, particularly in high end markets where implementing AI will bring ROI by inducing further purchases.”
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