How To Expand Your Fashion Store With AI
Artificial Intelligence (AI) has become a fundamental component in the digitalisation of in-store retail by personalising the customer experience and creating a more hooked business-to-consumer interaction. AI has the potential to transform the everyday retail experience, and it’s already happening!
Since purchase behaviour differs per customer, personalisation in retail aims to serve each individual based on their needs and behaviours, retail brands everywhere are competing to offer the most relevant experiences to their clients. Farfetch transformed the marketplace by designing an online hub in which customers could discover and buy high-end luxury fashion items from a series of brands and designers.
On the surface, the value of data may not appear evident in the fashion industry. However, Farfetch quickly realised that data-empowered personalisation is key to customer discovery and retention. The deluge of information is especially bothersome for Farfetch because selling luxury is not just about selling a product but also factoring in the emotion; the exclusivity fed to a specific customer.
Thanks to the personalised improvements via AI, now, Farfetch can display information tailored to individual shoppers based on their unique characteristics and preferences.” Personalisation will play a more vital role in the future of fashion e-commerce, according to Stephanie Horton, Chief Marketing Officer of Farfetch,
In 2017, Farfetch partnered with Certona, AI-driven omnichannel personalisation solution for brands and retailers. With Certona capacities, Farfetch can provide excellent product recommendations to their customers in real-time and across all customer touchpoints.
When Farfetch used Certona on its platform, it saw a 10% improvement in click-through rates in personalised email marketing.
Conventional retail will be dead, but long live retail. Farfetch is actively selling the notion “Store of The Future”, or its vision for Augmented Retail. That level of granularity can take personalisation to a different level, and drive operational efficiencies to brands and boutiques on Farfetch’s platform.
Certona’s advanced AI solutions have been a vital technology differentiator for Farfetch, raising both engagement and revenue.
As an AI-focused retailer, Farfetch’s use of data is core to its dealings with customers. Trends play a principal role — “what have they bought in the past, how often do they buy etc
Online marketplace personalisation will also continue to affect Farfetch’s customer support, where customers are welcomed by their first name and given product recommendations based on their interests.
“I think we’ll see that expanding and becoming a lot more targeted so that you’re opening up your page instead of shopping amongst a crowd,” Horton says.
