Emerging technology in fashion retail business
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Transcript of Emerging technology in fashion retail business
Emerging technology in fashion retail business
Pankaj Bansal
Mentor - Andrea Tosi
Tutor – Alessandro Squeri
Master in Business Design Academic Year 2008-2009
Milan, Date 25.11.09
Definition Introduction Research Proposal
Fashion and retail business
Correlated
Space related to the services generated by any firm in order to satisfy consumer needs
Platform for consumers to buy desired product
Value generation hub for brands
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Access to Information
Networking
Transformation
Personal needs
Word of mouth
Brand communication
Enduring services
- Factors affecting consumer
- Consumer adequate services
- Consumer actions
- Consumer desired services
Socio-culture factors
Globalization
Flow of information
Convergence
Situation factors
Past experience
Predicted services
Decision makingprocess “New business thinking is required to
satisfy changing consumer expectation “
New consumer, satisfaction
Complexity
Definition Introduction Research Proposal
To demonstrate brand performance and their impact
To focus on consumer engagement and experience
To deliver values to the consumers
To promote innovative marketing
To develop innovative and sustainable offerings
To understand and react before the others “ facing characteristics of the new ecosystem“
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Marketing strategies towards new consumer
Definition Introduction Research Proposal
Liner way of functioning
Aim to match “demand & supply”
Exchange of value takes place only at the end of the process
Showed Gap between supplier and consumer
Flow of activities in traditional value chain
Definition Introduction Research Proposal
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Definition Introduction Research Proposal
Changes in the society, channels and products with the evolution of technology
Channels Products Society 18
71
Telephone Microprocessor
196
8Mobile phone
198
3Radio
1874
Remote
1956
PC
1976
WEB
199
1Stock market crisis
Detergents
Supermarket concept
Currency crisis
Intel Pentium
Discounts Store
Amazon
Dot.com crisis
Iphone
Economic crisis
M-commerce
Online shopping
198
4
Cash & carry
1950
Modernization
80
’s
Napster
199
9
Viral marketing
199
9
E- commerce
199
8
Auto indulgence
90
’s
Ipod
20
01
Innovation center
20
06
Experience Store
20
01
3D cinema
20
09
Traditions
20
00
-03
Wellness
20
03-
07
Domesticity
20
07-
09
20
04
1929-31 1991-94 2000-01 2007-09
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Consumer involvement in traditional value chain
Definition Introduction Research Proposal
Logistic Marketing Production Distribution Services
Supplier Consumer
Access to information
Transparency
Dialogue
Experience
Prada EpicenterUser experience
Wills LifestyleShopping experience
AdidasPersonalization
ZazzleShopping experience
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Balance between company, retailer and consumer “Model of communication”
“Integration between manufacturers and retail for better contact with the consumer”
Company
Retailer Communication
Consumer
Consumer
Retailer
Communication
Company
- Single organization - Approach: Mass- Focus: "1 too many"- Communication: 1 way
- Integration and convergence between actors- Approach: analytical and surgical- Focus “1 to 1”- Communication “ interactive and flow of
information
- Old Paradigm - New Paradigm
Definition Introduction Research Proposal
Definition Introduction Research Proposal
All digital
M-commerce Always on
Interaction
Sustainability
Brand invasion
Transparent
Snack culture
Radical thinking
Emotions
Multi choice
Aesthetics
wellness
Smart
Consumer , fashion and retail trends
Consumer and retail trend
Retail trend
Consumer trends
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Status show
Generation Y
Space convergence
Personalization
Trends
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Case study Prada epicenter NY-2001 _consumer experience
Definition Introduction Research Proposal
Enhanced shopping experience
Touch screen access to detailed information about merchandise
Changing room- liquid crystal glass becomes opaque with a touch of a switch
Plasma screen embedded in mirror for multi angle viewing
History of purchases added to clients record on network
Staff develops better understanding of future client’s needs
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Case study Adidas “mi innovation center” _personalization
Most technically advanced Adidas store
New retail concept – the way consumer shop & their experience
Offer product customization with technology, style, design using exceptional innovation
New dimension of interaction with product and services offered by any brand
Balance between futuristic look with functionality in a retail environment
Definition Introduction Research Proposal
Case study Zazzle online shopping _consumer and brand experience
User interaction with the help of WEB 2.0
New marketing strategies to enhance consumers’ and brand experience
New approach towards consumer needs -“design and sell”
Community building helps to share ideas and views
Logistic service offers, to track the orders
Wide range of product options to choose
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Definition Introduction Research Proposal
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
India as a potential market for further usage of technology in distribution
Retail sector growth at over 40% p.a. in the last 2 years
Ideal destination for international brands
Migration from traditional to “Organised” retail formats
Diverse need and largest consumer base
Changing consumer attitude towards shopping
Technology as a part of daily life
Definition Introduction Research Proposal
Total estimated investment opportunity of US$ 5-6 billion in 5 years Expected to be among top 5 retail markets in the world in 10 years
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Fashion retail brands in India
Definition Introduction Research Proposal
Pantaloon Westside
Wills Lifestyle Globus
Madura garments
Reliance trend
Provogue
Lifestyle
Established since 1910, approach – customer satisfaction
Stand alone store formats matching international shopping experience
Unique experience of luxury retailing with in Indian brands
Partner with India’s premier fashion event “Wills lifestyle India fashion week”
Focuses on youth offering different labels and categories
Ideal for the use of technology to enhance shopping experience and brand visibility
Case study Wills Lifestyle _shopping experience
Definition Introduction Research Proposal
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Type of technology suitable for Wills Lifestyle
Definition Introduction Research Proposal
- Helps in advertising insidethe store
- Differentiated informationfor customers
- Helps in internalcommunication
- Displays product Information- Helps in cross selling - Suitable for any kind of product that
customer can take in hand- Can be placed every where in the
store where the product can be tried or picked up
- Dressing room area, where customer approach to the mirror with the product to try on
- Along with reflection customer can see the history of last purchase and their shopping pattern along with product information
Wills lifestyle
Digital signage
Screen on shelves
Innovativedressing room
Digital signage
Screens on the shelves
Interactive Dressing room
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Possible scenario
Definition Introduction Research Proposal
- Improves customer experience, gives them a more involving environment and useful information
- Offers one to one communication- Enhances the customer interest
towards the brand, more dynamic perspective towards the store
- Improves customer experience - Showcases the product catalogue
along with the catwalk of the chosen product with the help of RFID
- Invitation through email and mobile messages by the brand
- Consumer reactions towards the usage and buying behavior recorded for further developments
- Customer visits the Wills outlet
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Benefits to the brand _Wills Lifestyle
Definition Introduction Research Proposal
Involvement of the consumer through the creation of distinctive experience
Support
- Attraction within the store - Support for finding
Information and for the valuation of alternatives
Attraction
Valuation of consumer behavior their reactions
Monitoring by Wills lifestyle
Customer support in their lifestyle to Enhancethe relationship with company and consumer
Experience
Access to information
Flow of information
Transformation
Master in Business Design | Milan, Date 25.11.09 | Pankaj Bansal
Thankyou ..