The 8 Biggest Takeaways From Business of Fashion’s Annual Tech Summit
March 29, 2023
Last week, the Business of Fashion Tech Summit returned to New York City. Dozens of heavy hitters from the tech and retail sectors spoke about how the industry is going to change in the coming years and what that means for brands and shoppers alike.
FEVO Chief Brand Office Brendan Coolidge Monaghan and VP of Product Annie Soderstrom were in attendance to soak up as much knowledge as possible; below, they share some of the most powerful insights they took away from the summit — yours to peruse, use or disabuse as you see fit.
- Super users are even more super than you think. While super users — those who spend on average twice as much time online — represent only 22% of the population, they account for over 60% of total online sales. These savvy customers are also more than 3x more likely to adopt new technologies such as social shopping.
- Brands are increasingly investing in bringing digital solutions to the in-store experience. Some retailers are now adding QR codes to tags so you can send them directly to your online account. Others are equipping fitting rooms with scanners that create an avatar of your body and then recommend items that will be a good match. This marriage of physical and digital experiences provides the best of both worlds to consumers, leading to higher in-store conversions.
- 77% of gamers are participating in non-game actions within games. Think social chatting, buying items, creating avatars, gambling, etc. Giving users the agency to create and explore — rather than just completing objectives and buying upgrades — brings higher levels of engagement.
- Users are spending an inordinate amount of time (2.2 hours/day!) on TikTok ... even with all the potential regulatory issues threatening the platform. It is also fast becoming a place where people search for retail goods, cutting into the margins of more traditional marketplaces like Amazon.
- Social video is essential to retail discovery and selling. User-generated content, especially on TikTok, is cheap, efficient and far-reaching, driving viral adoption and sales.
- Consumer empathy > traditional engagement metrics. Having “consumer empathy” — i.e., understanding the underlying needs and desires of the individual, rather than simply reducing them to cohort data — is helping brands engage with their audience on a more human level. When you create products and experiences that address specific customer pain points, a stronger sense of brand allegiance will follow.
- AI will change how consumers shop for clothing. With AI, brands will be able to create infinite avatars, meaning shoppers can see what items look like on someone who looks exactly like them. The entire digital experience may soon be shaped by an individual’s shopper profile, with every consumer getting an experience tailored to their body.
- AI will change how brands sell products. Merchandising, planning and distribution will be guided by AI predictions, making sure the right styles are sold in the right place at the right time. Brands will have the ability to target and predict behaviors all the way down to the level of the individual, offering hyper-specific shopping experiences to each customer, increasing conversion rates and loyalty.
If our recap piqued your interest and you want to watch the entire BOF Summit stream you can do so right here.