Emerging technology in fashion retail business

Emerging technology in fashion retail business

Pankaj Bansal

Mentor - Andrea Tosi

Tutor – Alessandro Squeri

Master in Business Design Academic Year 2008-2009

Milan, Date 25.11.09

Definition Introduction Research Proposal

Fashion and retail business

Correlated

Space related to the services generated by any firm in order to satisfy consumer needs

Platform for consumers to buy desired product

Value generation hub for brands

Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal


Access to Information

Networking

Transformation

Personal needs

Word of mouth

Brand communication

Enduring services

- Factors affecting consumer

- Consumer adequate services

- Consumer actions

- Consumer desired services

Socio-culture factors

Globalization

Flow of information

Convergence

Situation factors

Past experience

Predicted services

Decision makingprocess “New business thinking is required to

satisfy changing consumer expectation “

New consumer, satisfaction

Complexity


To demonstrate brand performance and their impact

To focus on consumer engagement and experience

To deliver values to the consumers

To promote innovative marketing

To develop innovative and sustainable offerings

To understand and react before the others “ facing characteristics of the new ecosystem“


Marketing strategies towards new consumer


Liner way of functioning

Aim to match “demand & supply”

Exchange of value takes place only at the end of the process

Showed Gap between supplier and consumer

Flow of activities in traditional value chain




Changes in the society, channels and products with the evolution of technology

Channels Products Society 18

71

Telephone Microprocessor

196

8Mobile phone

198

3Radio

1874

Remote

1956

PC

1976

WEB

199

1Stock market crisis

Detergents

Supermarket concept

Currency crisis

Intel Pentium

Discounts Store

Google

Amazon

Dot.com crisis

Iphone

Economic crisis

M-commerce

Online shopping

198

4

Cash & carry

1950

Modernization

80

’s

Napster

199

9

Viral marketing

199

9

E- commerce

199

8

Auto indulgence

90

’s

Ipod

20

01

Innovation center

20

06

Experience Store

20

01

3D cinema

20

09

Traditions

20

00

-03

Wellness

20

03-

07

Domesticity

20

07-

09

Facebook

20

04

1929-31 1991-94 2000-01 2007-09


Consumer involvement in traditional value chain


Logistic Marketing Production Distribution Services

Supplier Consumer

Access to information

Transparency

Dialogue

Experience

Prada EpicenterUser experience

Wills LifestyleShopping experience

AdidasPersonalization

ZazzleShopping experience


Balance between company, retailer and consumer “Model of communication”

“Integration between manufacturers and retail for better contact with the consumer”

Company

Retailer Communication

Consumer

Consumer

Retailer

Communication

Company

- Single organization - Approach: Mass- Focus: "1 too many"- Communication: 1 way

- Integration and convergence between actors- Approach: analytical and surgical- Focus “1 to 1”- Communication “ interactive and flow of

information

- Old Paradigm - New Paradigm



All digital

M-commerce Always on

Interaction

Sustainability

Brand invasion

Transparent

Snack culture

Radical thinking

Emotions

Multi choice

Aesthetics

wellness

Smart

Consumer , fashion and retail trends

Consumer and retail trend

Retail trend

Consumer trends


Status show

Generation Y

Space convergence

Personalization

Trends


Case study Prada epicenter NY-2001 _consumer experience


Enhanced shopping experience

Touch screen access to detailed information about merchandise

Changing room- liquid crystal glass becomes opaque with a touch of a switch

Plasma screen embedded in mirror for multi angle viewing

History of purchases added to clients record on network

Staff develops better understanding of future client’s needs


Case study Adidas “mi innovation center” _personalization

Most technically advanced Adidas store

New retail concept – the way consumer shop & their experience

Offer product customization with technology, style, design using exceptional innovation

New dimension of interaction with product and services offered by any brand

Balance between futuristic look with functionality in a retail environment


Case study Zazzle online shopping _consumer and brand experience

User interaction with the help of WEB 2.0

New marketing strategies to enhance consumers’ and brand experience

New approach towards consumer needs -“design and sell”

Community building helps to share ideas and views

Logistic service offers, to track the orders

Wide range of product options to choose




India as a potential market for further usage of technology in distribution

Retail sector growth at over 40% p.a. in the last 2 years

Ideal destination for international brands

Migration from traditional to “Organised” retail formats

Diverse need and largest consumer base

Changing consumer attitude towards shopping

Technology as a part of daily life


Total estimated investment opportunity of US$ 5-6 billion in 5 years Expected to be among top 5 retail markets in the world in 10 years


Fashion retail brands in India


Pantaloon Westside

Wills Lifestyle Globus

Madura garments

Reliance trend

Provogue

Lifestyle

Established since 1910, approach – customer satisfaction

Stand alone store formats matching international shopping experience

Unique experience of luxury retailing with in Indian brands

Partner with India’s premier fashion event “Wills lifestyle India fashion week”

Focuses on youth offering different labels and categories

Ideal for the use of technology to enhance shopping experience and brand visibility

Case study Wills Lifestyle _shopping experience




Type of technology suitable for Wills Lifestyle


- Helps in advertising insidethe store

- Differentiated informationfor customers

- Helps in internalcommunication

- Displays product Information- Helps in cross selling - Suitable for any kind of product that

customer can take in hand- Can be placed every where in the

store where the product can be tried or picked up

- Dressing room area, where customer approach to the mirror with the product to try on

- Along with reflection customer can see the history of last purchase and their shopping pattern along with product information

Wills lifestyle

Digital signage

Screen on shelves

Innovativedressing room

Digital signage

Screens on the shelves

Interactive Dressing room


Possible scenario


- Improves customer experience, gives them a more involving environment and useful information

- Offers one to one communication- Enhances the customer interest

towards the brand, more dynamic perspective towards the store

- Improves customer experience - Showcases the product catalogue

along with the catwalk of the chosen product with the help of RFID

- Invitation through email and mobile messages by the brand

- Consumer reactions towards the usage and buying behavior recorded for further developments

- Customer visits the Wills outlet


Benefits to the brand _Wills Lifestyle


Involvement of the consumer through the creation of distinctive experience

Support

- Attraction within the store - Support for finding

Information and for the valuation of alternatives

Attraction

Valuation of consumer behavior their reactions

Monitoring by Wills lifestyle

Customer support in their lifestyle to Enhancethe relationship with company and consumer

Experience

Access to information

Flow of information

Transformation


Thankyou ..

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