also enables retailers to monitor inventory levels in real time and connect their e-commerce, inventory management and order management systems while generating insights into customer behaviour.
Germany’s Schwartz Group, for example, is working with Vixen Labs to develop advanced AI-based voice technology that can deal with a variety of accents and languages. Virtual reality and augmented reality applications are also being tested by retailers to conduct shopper research, improve store layouts and ranging, and make shopping easier for customers.
L’Oreal has dipped its toe into non-fungible tokens, launching a branded digital wallet where customers can claim free NFTs and use them to unlock digital experiences, real-world events and new product drops. “The promise is immense,” Brough says. “In the context of retail, it enables much more deeply blended physical and virtual experiences.”
“Not everyone I speak to is saying let’s dive right in,” she says. “In retail right now, it’s more about testing or experimentation and starting to understand … what might resonate with consumers.”