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Overview
I am a tech enthusiast with keen interest in retail and e-commerce. Last week, I got a wonderful opportunity to participate in TechCrunch Disrupt 2020, the first-ever virtual Disrupt, to understand how brands are pivoting to a more customer-centric and technology focused approach in the light of COVID-19.
The pandemic has been a roller coaster for a lot of retailers, some of them witnessing a boost in online orders while others having to close or reinvent their business models.
The event featured established businesses, start-ups and scale-ups specifically sharing their challenges during these tough times and how technologies like Artificial Intelligence, Machine Learning, Big Data, Apps, Chat, Voice commerce & more have helped retailers meet the needs of their customers.
Key Insights from the Event
With more than 15 retail champions sharing their stories from around the globe, it was apparent that retailers are now prioritizing customer experience focused on convenience and personalization. It is about finding the platforms and touchpoints and marrying it with technology to engage with them innovatively.
Sophie Hill, Founder & CEO of Threads brought this aspect of customer centricity to the fore when she said they’ve found a unique way to sell luxury through an editorial content which is shoppable and integrated directly to the chat applications that their customers use. Have you thought about pivoting your business to offer ‘digital-first’ experiences? Many of our luxury retail clients have started to invest in digital solutions not just as a response to changing needs but as a viable long-term strategy to fuel growth.
Adam Goldenberg, Co-CEO of Fabletics touched upon the importance of ‘delighting’ customers by adopting a tech-first approach to D2C activewear. Their proprietary platform handles everything from customers, memberships, merchandising to supply chain and fulfillment and thereby providing unique, unmatched experiences that delight their customers. They also use heatmaps and in-store tablets to better understand footfalls and user interests.
This pandemic is altering consumer behaviors drastically and for good. Retailers are now open to exploring innovative experiences through technology that will allow customers to shop from the comfort of their homes. I foresee a significant uptick in usage of mobile apps, contact-less ordering and payments, virtual try-ons, AR/VR applications, digital kiosks, voice and text based chatbots, live streaming commerce implementations. It was a great learning curve for me as well as a great validation exercise to see so many businesses finally opening to emerging technologies to solve complex problems.
As an extension to some of the discussion in this forum, I would love to hear your thoughts and exchange ideas around tech transformations in retail. At TheAppLabb, our SaaS based white label solutions across industries ensure we keep you on top of ever-changing trends, market shifts and work with you to incorporate these initiatives to make sure you’re at the cutting edge of technology breakthroughs.[/vc_column_text][/vc_column][/vc_row]