This Online Store Has Created An ‘Operating System’ For Physical Retail
Farfetch is tapping into the power of data to create a more convenient and personal shopping experience
Dubbed one of the fashion industry’s billion-dollar “unicorns,” Farfetch, an e-commerce platform for luxury brands, is set to improve traditional retail experience by tapping into user’s individual data. The company unveiled its Shop of the Future concept at the FarfetchOS conference at London’s new Design Museum.
The concept store runs on a modular, operating platform which analyzes users’ online and offline data and can be built upon based on the needs of particular retailers or brands. A shopper’s experience starts with creating a universal login which can be used while shopping online and by which the user can be recognized when they enter the brick-and-mortar location.
The company has also presented an RFID-enabled clothing rack that can detect which garments the shopper has taken off and could potentially suggest other, complementary items for the customer to look at. Placed in the changing room, a digital mirror with a touchscreen lets shoppers see all the items they have selected and summon different sizes and colors. The mirror also doubles up as a mobile payment platform.
Even though the Store of the Future is still in beta, the first concept will launch as early as this autumn in Farfetch’s London-based boutique Browns, with Thom Browne’s New York flagship joining later this year. The widespread unveiling of the platform is planned for 2018.
Farfetch’s innovation comes at the crucial point not only as the company is preparing for an IPO, but also, because luxury e-commerce, currently at seven percent of total market share, is expected to plateau at around 20 percent by 2025.