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LUXURYTECH WORKGROUP KICK-OFF ZURICH - NOV 12 2019 IN PARTNERSHIP WITH:
LUXURYTECH WORKGROUP KICK-OFF ZURICH - NOV 12 2019
IN PARTNERSHIP WITH:
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Under the leadership of NetComm Suisse, partners
are gathering around forming a LifestyleTech
competence center, covering innovation in
Fashion, Luxury, Smart Working & Living, Food and
Travel sectors.
• access to: start-ups, industry partners, innovation services, academic excellence, infrastructure
• having a say in the definition of scouting areas - briefing the scouters about their areas of interest
• first-person involvement in the
choice of start-ups & being a jury member
• direct connection to an
innovation network of start-ups, universities, big tech companies and industry peers
Benefits for the participants
The workgroup was launched in November 2019, with
an objective to collaboratively lead the agenda of the
LifestyleTech competence centre, with a specific
focus on innovation in the Luxury sector.
This document summarizes key takeaways and next steps.
Luxury Tech workgroup
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THE NOW - In what innovation initiatives are
you currently investing in? What are the
immediate challenges that you are facing?
THE NEXT - What parts of your value chain
do you see most affected by new
technologies in the coming 3-5 years? In
what areas would you like to learn more
about cutting-edge innovative
solutions/new business models?
THE DEEP - In which areas do you see your
industry benefiting from R&D with
universities?
Identifying key areas of innovation scouting was the main focus of the workshop session. After intense small-group discussions, each team presented their key points
Workshop focus
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1. The age of systems. The world is facing increasing complexity on political, social and economic levels. Design and system thinking could offer potential solutions and safeguard consumers. Companies, therefore, are forced to design new systems instead of products and face the challenge of monetizing on these systems.
2. The end of more. 2019 was the year of sustainability leading to increasing awareness for environmental implications of consumption. Consumers are more open for sharing economy models and are moving away from a purely ownership-based economy towards an economy that is driven by experiences, knowledge and emotions. Companies are in the need to fuel the appeal towards sustainability-aware consumers.
3. The home hub. Millennials are spending more time at home than any other generation before. People are looking for bringing their professional and leisure activities into their closest proximity. ‘Home’ is becoming a place of self-care and self-improvement and is therefore not only about retreating but, more importantly, optimizing it as a system that enables taking time for meaningful experiences outside of it. Feeling home with a brand on several touchpoints is bringing a large market opportunity.
4. The age gap. Developed countries are facing an increasing challenge of an ageing population due to rising life expectancy and falling birth rates. At the same time, older parts of the population are holding major shares of wealth. Public institutions will seek to keep older generations healthy as their care will be implying rising tax burdens on younger groups of the population. Offering care solutions and supporting a healthy lifestyle offers a great market opportunity for brands.
5. Inclusive networks. In an increasingly globalized world, the awareness for inclusive designs is on the rise as societies are opening up for people with various cultural backgrounds and living models. Companies are becoming aware of the benefits of diversified teams for accessing new and innovative ways of thinking. Inclusiveness also means respectful design that is taking care of other organisms such as plants and animals.
6. Digital craftmanship. Consumers are interacting both on digital and
physical touchpoints with brands. Further, brands are leveraging new
XR technology capabilities to create new user experiences. These
new experiences have the potential to feed consumers curiosity for
discovering new products and services and therefore can support a
sustainable lifestyle. However, brands face the challenge of
optimizing these digital experiences.
Source: Altagamma 2019
Setting the Scene
Six macro trends for the lifestyle industries
Consumers are becoming
increasingly looking for
meaningful experiences.
They are aware of the
impacts of their
consumption and want to
make an impact
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Workshop facilitator:
Jelena Tasic Pizzolato, Head of Startegic Marketing, Loomish SA
Heinz Krienbühl Head of e-Commerce, Bucherer
Maria Aguado Cabrera Heritage & Innovation Director, Bally
Igor Pezzilli Partner, MIP
Nora Kato Head of e-Commerce, Modissa Group Leonardo Pecchioli, CEO, Keros Digital Adriano Cammarino Digital Marketing Manager, Accenture
Antonio Carriero CDO & CTO, Breitling
Bernard Poncet CDO, Baume & Mercier
Giorgio Carlini e-Commerce Manager, Brunello Cucinelli
Simon Amstutz Board Member, Netcomm Suisse Rebecca Schmitt Digital Business Consultant Accenture
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Participants
Thomas Bajoni President, Thom Browne Trading
Richard Weedn Co-Founder, Archivea & Co.
Rosario Toscano CEO, Akoni
Martina Ballerio BU Manager, Elmec 3D Claudia Pattochi, Head of e-commerce solutions, Swiss Post Asendia
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In what innovation initiatives are you currently investing in? What are the immediate challenges that you are facing?
❖ The innovation is probably more on new way to engage with customer
rather than product
❖ How to connect and engage with the customer – omnichannel –
clienteling apps – covering all touchpoints
❖ Personalization and customer-centricity
❖ Infrastructure to collect more granular customer data
❖ Application of machine learning
❖ Data security e.g. based on blockchain technology
❖ Change of customer expectations e.g. website as first source of
information, customer at the POS has a clear understanding of her/ his
needs
❖ Keeping control over the distribution & price monitoring as there are
a lot of sales via multiband stores
❖ On demand manufacturing e.g. via 3D printing – to be considered that
it`s more for niche-products, beta-series, spare parts and specific
innovation industries
❖ Faster Time to Market for fashion
❖ How to recognize and change the sales commission to a salesman as
most of the knowledge increase and brand awareness is done via
website, and their activity in the shop is definitely less important than the
past. Moreover how to manage their commission for cross-channel
sales and pushing at the same time online purchase.
❖ Other hypothesis is that potentially customers want to configure their
choice like they configure a car?
THE NOW Immediate challenges & investments identified by the workshop participants
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Enhanced omnichannel,
customization & personalization,
as well as the use of data
emerged as key topics
❖ CRM data and appropriate data processing to get
valid insights
❖ Sustainability in product design: repair, recycle,
renew; raw materials
❖ Sharing economy in hard luxury (ownership vs.
sharing), not a game changer in this sector e.g.
product category shoes has clear barriers
❖ Objectives in hard luxury: reduction of the global
inventory; warranty activation and product history
tracking via blockchain technology
❖ Try to produce lower quantities but more
customized products to avoid overproduction:
change the approach from push the market to pull
from the market.
❖ Customized manufacturing as local as possible
e.g. via 3D printing, on-demand production
❖ Change of the supply chain mindset tends to be
slower than the change of customer expectation
❖ Enhanced omnichannel experience via
digitalization of the shops e.g. digital mirror
❖ Especially in case of sales done via multi-brand
store, you may just engage with the customer in
case of warranty claim (issue). We may try to
improve this engagement contact or for example to
increase the after sales service to meet the
customer. Another possible solution is to buy the
product back in case of a new purchase.
❖ Blockchain & RFID
❖ Digital labels
❖ POS piloting via pop-up stores
What parts of your value chain do you see
most affected by new technologies in the
upcoming 3-5 years?
In what areas would you like to learn more
about cutting-edge innovative solutions/new
business models?
Seamless omnichannel still a holy grail of luxury
THE NEXT Mid-term objectives & disruptions highlighted by the workshop participants
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THE DEEP R&D opportunities
In which areas do you see your industry benefiting from R&D with universities?
❖ New 3D printing technology
❖ Replacement of materials e.g.
leather
❖ Information and big data systems
❖ Automatic supply chain and
collaborative robots
❖ “What makes a best-seller?”
❖ New consumption models
❖ GDPR & facial recognition
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Save the dates!
Loomish and the NetComm Suisse Observatory have analyzed the workshop outputs, identifying the core areas for scouting that emerged from the discussion. Below is the roadmap and focus scouting topics for 2020.
Next steps
DEEP-DIVE INTO THE SCOUTING ROUND (SHORT-LIST):
- 2 speeches focused on the key scouting topic - assessing together a long list of start-ups and deciding on 10 finalists
CHOOSING THE WINNERS
- pitches of the finalists - the jury decides on the winner - briefing for the next round of
scouting
CONFERENCE DAY
- presenting the Award to the winners - (where applicable) possibility to speak at the conference
APR 22, 2020 location tbd
SEPT 14, 2020 Geneva
SEPT 15, 2020 Geneva
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The call for start-ups will be launched in February 2020.
Scouting focus for 2020
Based on the workshop findings,
innovation scouting will focus on
these topics
Start-up scouting: Enhanced omnichannel Loomish will look internationally for mature B2B start-up
solutions that address the creation of a more seamless
omnichannel management and customer experience,
including (but not exclusive to) the following:
❖ personalization and customization of customer
experience, control of distribution channels,
❖ digital-physical store optimization of touch points,
❖ advanced capturing and application of customer data
(capturing at more granular level and using in new
ways),
❖ machine learning for luxury,
❖ salesforce management
Start-up scouting: Optimization of production
and inventory management The scouting areas include:
❖ predictive analytics,
❖ reducing time to market,
❖ on-demand production and supply chain challenges,
❖ inventory optimization.
Deep-dives with Universities and Big Tech NetComm Ovservatory will search for insights and experts
around:
❖ automatic supply chain and robots,
❖ replacement of materials,
❖ 3D printing,
❖ GDPR & Facial Analytics.
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Jelena Tasic Pizzolato,
Head of Strategic Marketing [email protected]
+41 77 956 16 89
Let’s connect on LinkedIn
Benedikt Zingg,
Research Associate [email protected] +41 79 915 83 56 Let's connect on LinkedIn
IN PARTNERSHIP WITH:
In Lugano, Switzerland, November 2019
Pictures used in this document are from: unsplash.com
Copyright: NetComm Suisse and Loomish SA
