Download - 10 Top Takeaways from Magic 2017 August 17 2017 · 10 Top Takeaways from Magic 2017 The FGRT team attended the Magic conference in Las Vegas on August 14–16 this week. The event

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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.

10 Top Takeaways from Magic 2017

TheFGRTteamattendedtheMagicconferenceinLasVegasonAugust14–16thisweek.Theeventcoversthemen’s,women’sandchildren’sapparel,accessoriesandfootwearmarkets.Therewasalotofpositiveenergyaboutthetransformativechangestakingplaceinretail.Manyofthesessionsweregearedtowardsnewbrands,providingroadmapsandhow-toguidesonnavigatingthroughthefashionspace,andemphasizedprovidingauniqueanddifferentiatedproductoffering.Theresoundingthemeweheardthroughouttheconferenceisthatgettingproductstocustomersfasterisimperative,andthecurrentfashioncycleisoutofdate.Retailisnotdead;itisjustdifferent!Here,weshareour10toptakeawaysfromthethreedays.

1) Retailisn’tdead,it’sjustverydifferent!

2) Sourcingisstrategicandrequirescollaborationandinnovation,nowmorethanever.

3) Datafromsocialmediacanhelpretailersmakebetterandfasterdecisions,includingtrendandinventoryforecasting.

4) Fitiscriticalinapparelsales,evenmoreimportantthanfashionorstyle.

5) Robots,overtime,canbetaughttomanufactureapparel,anddomesticproductioncanbemadeeconomicalusingleanmanufacturingandmanagement.

6) Fashionisseasonlessandmorecasual,creatingopportunitiesforfashioninnovation.

7) Theproductdevelopmentcyclemustbeshortenedinordertoremaincompetitive.

8) Chinaisnolongeraone-stopshopforsourcing;thingsaremorecomplicatednow.

9) Thego-tosourcingdestination:VietnamcontinuestolureUSfirms.

10) ThefinaltakeawayconsistsofcommentstheFGRTteampickedupwhileattendingseminarsandmeetingsatMagic2017.

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1.RetailIsn’tDead,It’sJustVeryDifferent!ThissessionwaspartoftheNationalShoeRetailersAssociation’s(NSRA)educationconference,andthespeakerwasJamesDion,FounderandPresidentofChicago-basedDioncoInc.Dionisalsoaninternationally-knownspeaker,retailconsultantandauthor.DionbeganhisremarkswithaquotefromaWalmartCOOassayingtherehasneverbeenamoredisruptivetimeinthehistoryofretail,however,thereisnogoingback—wecanonlygoforward.Hethendeliveredapresentationtitled,“DoomandGloom,”inwhichhediscussedthenumerousdisruptivecontributingfactors,includingstoreclosings,desperateactionsbydepartmentstores,e-commerce,anover-malledUS,discountstores,ashrinkingmiddleclass,pressurebysuppliersandconsumers’changingpressures.DionthenintroducedRetail3.0,whichincludesofferingfoodandbeverageincombinationwithapparel,savingconsumers’attentionthroughintelligentadvertising,seizingattentionthroughauthenticstoresandthemindshiftrequiredtoleveragetechnologysuchasaugmentedreality(AR).Heforecaststhatfuturestoreswilloccupysmallerspacesandwillserveasshowrooms,fittingroomsordrop-offpoints.Finally,onapositivenote,DionnotedthatmillennialsandGenZersprefervisitingphysicalstoresandthatconsumerspendingremainshealthy.

2.SourcingIsStrategicandRequiresCollaborationandInnovation,NowMoreThanEverInthepanel,“SourcingShakeUp:HowtoSteerYouWayThrough2017&Beyond,”executivesfromleadingretailersdiscussedthecurrentretailenvironmentandthechallengesandcomplexitiesofsourcing.RajivMalik,SVPofProductsandSourcingatKohl’ssaidthatcost,qualityandon-timedeliveryweretraditionallythestandardsthatwereusedtomeasureperformance.Today’senvironmentismorecomplexanddynamic,addinginagility,speedtomarketandtechnology.EdGribbin,PresidentofAlvanon,saidthatalthoughfromamacroeconomicperspective,wearelivinginastableenvironment,theenvironmentismorecomplicatedfromaretailperspective.Forexample,millennialsare83millionstrongandthisgenerationpreferstorentclothesthanbuy;theywanttobuyahouse,butdonotwanttobuyacar.HealsopointedoutthatAmazonhas16primelabelsthatdidnotexistayearago.

Source:FGRT

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ThePanelistsdiscussedsourcingandhowittoucheseveryorganization,anditsneedtobestrategicallycollaborative,andinclusiveofeverypartoftheprocess.CharlesMcMurray,SeniorDirectorofBrandedProductDevelopmentandGlobalSourcingatCabela’s,said,“ThankyoutoAmazonforthedisruption.”Headded,thatAmazonisalogisticscompanywithadigitalplatformforselling,andthattheyhavetappedintobabyboomersandthedigitalgenerationwithdifferentneeds.Hesuggestedthatifyoucannotbeatthem,jointhem,andlooktowhoAmazonissourcingwithandcollaborate.Theotherwayisonproductdifferentiation,hesaid.

Sourcingtransformationstartswithasourcingstrategy,accordingtoMichelleMatthews,VP/DirectorofGlobalSourcingatMonarchGroup.Retailersneedstofigureoutwhattheprojectionsaretodeterminewhattheywillneed,andtakeaholisticviewoftheorganization.McMurrayaddedthatsourcingisaservicetothecustomerandasagroup,inordertotransform,sourcingneedstochallengecurrentbusinessmodelstogetcross-functionalalignmentandgetoutsidecounselforapanoramicview.Malikaddedthattechnologyinnovationisontheforefront,andleveragingPLMsoftwaredataisverypowerfulandthatautomatedsewingisrapidlyprogressing.Technologyforfitisevolvingandhepredictsthatwewillseeitbeforedriverlesscars.

3.DatafromSocialMediaCanHelpRetailersMakeBetterandFasterDecisions,IncludingTrendandInventoryForecastingThespeaker,WendyK.Bendoni,AssistantProfessorandChairoftheFashionMarketingDepartmentintheSchoolofBusinessatWoodburyUniversityandaninternationalretailtrendforecaster,discussedconsumerbehaviorinrelationtosocialmedia,andhowthedatacanbeusedfortrendforecastingformakingbusinessdecisions.Driversofconsumerbehaviorintheonlineworldincludesocialconfirmation,visualconsumption,instantgratification,thesharingeconomy,insta-fashionanduber-connectedconsumers.BendonicommentedthattheaverageAmericanspendsfivehoursadayontheirsmartphone(uponehourfrom2016).Onlinecontributorsstartedasbloggers,andnowconsumersofdigitalcontentcanbeanalyzedas“tribes.”Theyseeksocialconfirmationonline,aremoreaccustomedtosearchingforthingsvisuallyandbenefitfromthepowerofacollectivevoice.

Source:Affinio.com

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Therearenewtoolsonthemarket,suchasAffinioandEdited,thatempowerresearcherstosiftthroughtheenormousamountofsocialmediadata,forexampleanalyzingattendeesofmusicfestivalssuchasCoachella.Inparticular,thereareatotalof32millionfestivalattendees,ofwhich15millionaremillennials,and“thefestivallook”hashardlychangedin12years,whichoffersanopportunityfornewfashions.Bigdatacanbeusedtopredicttrends,determinewhichproductsaresellingoutanddeterminetheoptimaltimetointroducenewproducts.

Fashwireisanotherdigitalplatformthatprovidesaninteractivelinkbetweenfashiondesignersandconsumers,anddrivesuserparticipationwithacurateduserexperienceandrobustrewardsprogram.Usersgivetheirpreferencesviaa“swiperight,swipeleft”model,andarerewardedwithdiscountsfrome-tailers,independentspecialtystoresandlargerretailers.Designersgetreal-timefeedbackonuserpreferences.

Source:Fashwire.com

TheFashwireplatformalsoservesasacommunitywhereusersarefreetoexploreanddiscoverstylesfromthedesigners’collectionsaswellasinspireotherswiththeirownpersonalstyles.SimilartoInstagram,usersofFashwirecanfollowotherFashwireusersanddesigners,likeandcommentontheiroutfits,linkingeveryonetogetherthroughoneapp.

4.FitIsCriticalinApparelSales,EvenMoreImportantthanFashionorStyleThisseminartookplaceasapaneldiscussiontitled,“FoundationsofFitforFashion.”Fitiscriticalinapparelsales,evenmoreimportantthanfashionorstyle.EdGribbin,Presidentofretail,apparelandfashionconsultingfirmAlvanon,discussedaestheticversustechnicalfit.Helearnedaboutfitfromhisstintintheuniformindustry,whichmustfiteveryone,versusinretail,whichcanonlyoffersixtoeightsizes.Eventoday,retailersareconstantlystrugglingwithfit.

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Source:FGRT

Inappareldesign,thereisaconstantconflictbetweenthecreativeandtechnicalteamsduetoaninherentlackoftrust,andthereisnoclearownershipoffit.Moreover,therearedifferentdefinitionsoffit:aesthetic,commercial,technicalandpersonal.Productdevelopershavetoknowwhotheyaresellingtoandwhotheywanttosellto.Developersneedafocused,targetdemographic,asinglecorebodyandimplementtherighttools.Yet,designersandmerchantsdifferontheideaof“fitintent.”Itiscriticalthattherolesandresponsibilitiesbeassignedandacceptedwithintheorganization.

CrystalButtonisSVPGlobalSourcingandTechDesignofFullbeautyBrands,acatalog-drivenwebbusinessdedicatedtotheplus-sizecustomer—bothmenandwomen—inabroadrangeofcategories.Thecompanyproduces5,000private-labelitemsperyear.Herremarkscenteredonthecommunicationoffitand3Dfitting.Thecompanycreatedaninternaltooltoworkwithitsproductlifecyclemanagement(PLM)systemtomanagetheintentofagarmentandfit,ultimatelyleadingtocatalogandwebpages.Forexample,thecompanyhassixsilhouettesfortops,suchasshaped,straight,relaxed,A-line,trapezeandfit&flare.Therearealsooptionsforsleevelengthsandsleeveshapes.Thistoolhasreducedreturnratesandconversionrates,asthecustomerhasamoreconsistentandreliablefit.Buttonthenturnedto3Dfitting.Virtualfittingspeedsuptheoverallprocess,reducesthenumberofsamples,providestheopportunitytoviewthegarmentonanavatarandstrengthenspartnershipswiththefactories.

MarkCharlton,VPofTechnicalServicesatCalvinKlein,offeredapresentationtitled,“UnpackingFit.”Hisremarksbeganwithfitbeingafunctionofbodytype,comfortboundaries,easepreferencesandpersonaltaste.Successiswhenaconsumertriesonagarmentandcomments,“yes,itfits.”Theindustrymanagesexpectationsbyhavingtheconsumertryonthegarmentsanddecidewhethertheyfit.Oneportionoffitisscience—bodytypesvary.Oneportionisart—isagarmentbespokeormeanttofitarangeofpeople?Otherfactorsaffectingfitincludeglobalization,homogenization,obesityande-commerce.Thereisaninterestingcomparisonbetweenreturningfoodinarestaurantandreturningapparel—somehowtherestaurantdoesabetterjobof

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managingexpectations.Insummary,fitisartxsciencexcommunication(thisisthemostimportantpart.)

5.Robots,OverTime,CanBeTaughttoManufactureApparel,andDomesticProductionCanBeMadeEconomicalUsingLeanManufacturingandManagementThissessionconsistedoftwopresentationstitled,“Robots,Automation:MadeinUSASourcing.”ThefirstpresentationwasgivenbyDr.MikeFralix,PresidentandCEOofClothingTechnologyCorporation[TC]2andTechnologyEvangelistforSoftWearAutomation,whichmakesautomatedsewingrobots.Dr.FralixdiscussedIndustry4.0,whichfollowedIndustry1.0(mechanizationandsteampower),Industry2.0(massproductionandtheuseofelectricity)andIndustry3.0(theuseofcomputersandautomation.)Industry4.0employstheInternetofThings(IoT),thesmartfactoryandmachinesthatcantalktoothermachines(andalsotohumans.)Hediscusseddisruptivetechnologiessuchas3Dprintinganddriverlesscars.Heclosedwithapredictionthatin18months,machineswillbeabletoassembleanentireT-shirt(whichisoneofthemostdifficultgarmentstomanage).

Source:SOURCINGatMAGIC

Thesecondspeaker,WillDuncan,CEOofapparelprocessimprovementconsultancyWillDuncan&AssociatesandExecutiveDirectorofSEAMSAssociation,discussedthegoalofthe“lights-out”factory,whichwillrequirenohumanworkers.Hecontinued,comparingatraditionalgarmentfactorywithoneusingleanmanufacturing,whichusesflexibleworkstationsandworkers,lessinventoryandlessfloorspace,resultinginhigherquality,betteremployeeinvolvementand,ofcourse,lowercosts.Leanmanufacturingtechniquescanbeappliedtomanagementandaswellasadministration.

HeintroducedtheReshoringFashionInitiative,whichaimstoreintroduceleanmanufacturingandbringmanufacturingandassociatedjobsbacktotheUSfrom

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overseas.HecitedanarticleestimatingChina’scostadvantageatjust4%,duetohigherproductivityintheUS,whichisasmalladvantage.Duncanconcludedhisremarkswith“Ifallowedtodevelopandsucceed,theReshoringFashionInitiativewillcontributetobrands’andretailers’bottomline,whilebringinghigh-qualitymanufacturingtoareashardhitbythelossofjobsinrecentdecades.”

6.FashionIsSeasonlessandMoreCasual,CreatingOpportunitiesforFashionInnovationWeheardfromseveraldifferentretailersandcompaniesinvolvedintheretailspacethattheseasonsarebecomingblurredandthatconsumersarenolongerfollowingfashionrules.Someexamplesincludeseasonlessclothingwheretherearenolimitationsintermsofstyle,colorandmaterials.EdGribbin,PresidentofAlvanon,aretail,apparelandfashionconsultingfirm,suggestedthatwithfastfashion,therearenoseasons,withproductflowingintostoreseverytwoweeks,ratherthanthetypical,fall,winter,springandsummer.Forexample,bootsareworninthesummerwithdresses,traditionalwintermaterialssuchasvelvetandbrocadearenowfeaturedinsummerstyles,andpastelcolorsarewornallyearround.

AccordingtomarketresearchfirmtheNPDGroup,themostsuccessfulshoebrandshaveseasonlesssilhouettes,includingsneakers,mules,strappysandalsandankleboots.Forexample,thetopgrowthsilhouettesyear-to-dateJune2017includesneakers,comprising63%ofgrowth,fashionsportslides(18%),strappysandals(11%),ankleboots(9%)andmules/clogs(4%).

Seasonlessdressingisalsocreatinginnovationinthefashionspace.AccordingtotheNPDGroup,thereisinnovationinfootwearwithhybridsincluding“EspadrilleSneakers,”NikeAirHuaracheGladiators,”andpeep-toeboots,tonameafew.

Consumersarealsoincreasinglymorecasualandareseekingeaseandcomfortintheirwardrobe.Thistrendisevidencedeverywhere—withMen’sFashionfeaturinganarticleon“10waystowearsneakerswithsuits”andthesneaker-with-everythingtrend.PanelistSteveHawkins,SVPofSalesforAmericanTextile&ApparelofGrupoKarim’s,alsohighlightedthatthetrendintheUSismorecasualthanever.Hesaid“Billionairesaregoingtoworkwithhoodiesandflip-flopson.Itisn’twhatitusedtobe.”

7.TheProductDevelopmentCycleMustBeShortenedinOrdertoRemainCompetitiveInapanelpresentationtitled,“YouWantFasterFashion?You’reCloserThanYouThink:SourcingfromTheAmericas,”EdGribbin,PresidentofAlvanon,suggestedthatthereasonthatretailersarestrugglingandthattherehavebeenmorebankruptciesin2017thansincetheglobalfinancialcrisis,isthattheproductdevelopmentcycleisbroken.Today’sprocurementprocesshaschangedbasedonconsumershifts;consumersaretechnology-drivenandunpredictable,andassoonasatrendhits,theywanttobeabletopurchaseitimmediately.Today,retailersareoperatingonacycletryingtopredictwhataconsumerwantstobuy18monthsfromtoday,whereasaresponsivesupplychaincanrespondwithin2–3weekstocapturethatdesire.

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Source:FGRT

Gribbindescribedfast-fashionretailerZara’svalueproposition,whichisnewnessandscarcity;onceitsproductisgonefromthestores,itisgone.GribbinhighlightedasurveyperformedbytheNPDGroupthatfoundthattheaverageshopperthatisbrandloyalvisitsthestore4.1timesperyear,whereastheaverageZarashoppervisitsaZarastore17timesperyearbecausetheyareafraidtheyaregoingtomisssomething.AccordingtoGribbin,65%ofZara’sproductionisbasedonproximity—allofitsproductscanbedeliveredfromthefactorybyairwithinonedaytoanyofits4,400stores.Zarahasthehighestinventoryturninthebusiness,andGribbinemphasizedthattakingalessonandshorteningthefront-endtimeacompanytakes“fromdesigntoontheback”willsavemoneyonmarkdownsinthelongrun.

Retailerswillhavetotransformthemselvesinordertobecompetitive.SteveHawkins,SVPofAmericanTextile&ApparelofGrupoKarim’ssaidthatreducingturnaroundtimestakesalotofcollaborationandcommunicationbetweentheretailersandfactoriesbecausethefactorieshavetoplanforequipment,staffingandoverallinfrastructureneeds.

8.ChinaIsNoLongeraOne-StopShopforSourcing;ThingsareMoreComplicatedNowApparelretailershavedecreasedtheirrelianceonChinaandincreasedtheirrelianceonotherpartsofAsiaformanufacturing.TherearefourchallengesintheChinabusinessenvironmentthataremakingsourcingmoreexpensive,accordingtoaPwCstudy:

1) Wageincreases:WageratesinChinaare2x–8xhigherthaninSoutheastAsia.Therehavebeenincreasesofapproximately8%inrecentyears,andgovernmentpoliciesconcerningminimumwageandsocialwelfarearebecomingstronger.

2) Realestateappreciation:Realestatevaluationshaveincreasedinthepastdecade,withrentalratesrisingasmuchas11%yearoveryear.

3) Renminbiappreciation:TheChinesecurrencyhasappreciatedbyapproximately25%relativetotheUSdollarinthepast10years.

4) Stricterenvironmentalregulations:Weareseeingincreasedgovernmentalregulationsbeingimposedonhigh-pollutionindustries.

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TheresultofthesefourchallengesisthatthecostofsourcingfromChinaisgoingup.WeareseeingfashionmanufacturingmovingoutofChinatoSoutheastAsiancountries,includingThailand,VietnamandIndonesia.AccordingtoKlein,manufacturersarefollowinglowerwagesandloweroperatingcosts.ThechallengesthatneedtobeovercomebymovingoutofChinaincludelowerworkerproductivity,underdevelopedinfrastructureandculturaldifferences.Thefigurebelowwasbasedona2015benchmarkingsurveybytheUnitedStatesFashionIndustryAssociation(USFIS),whichshowsthetrendofretailersdecreasedrelianceonChinaandincreasedsourcingfromotherpartsofAsia.

9.TheGo-ToSourcingDestination:VietnamContinuestoLureUSFirmsThepanelistsincludedDr.ShengLu,AssistantProfessorfromtheDepartmentofFashionandApparelStudiesattheUniversityofDelaware;AvedisSeferian,PresidentandCEOofWorldwideResponsibleAccreditedProduction(WRAP);StevenDiBlasi,VPofGlobalSourcingforLanierClothes;andChrisWalker,ApparelProductionAdvisor/AuthorandVietnamGarmentInsider.

Source:FGRT

1. Vietnamisthesecond-most-usedsourcingbase,behindChina.However,Vietnamhasbecomeincreasinglyimportantoverthepast10years.Retailerscontinuetofocusonadiversifiedsourcingbasemodelinordertodiversifyrisk.

2. The“new”sourcingmodelisonewhereretailersuseChinaforthemajorityoftheirsourcingportfolio,typically30%–50%,Vietnamfor10%–20%,and“manycountries”fortherest,witheachcountryatunder10%each.

3. VietnamisverybalancedandoneofthemostcompetitiveAsiancountriesintermsof:i)speedtomarket;ii)sourcingcosts;andiii)compliance.

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4. Vietnamremainsarisingstar,butUSfashioncompaniesaremorecautiousaboutthecountry’sgrowthpotential.Thisisduetotwoprimaryfactors:growinglaborcostsandthedefeatoftheTrans-PacificPartnershipagreement(TPP).

FactoriesinChinawillcontinuetoholdtheNo.1spot,dueto:i)speedtomarket;ii)capacity;andiii)theirverticalnature.

ReasonstobeinVietnam1. Compliance

2. Machineryinvestment

3. English-speakingmanagement

4. Pro-businessculture

5. Experienceingloballogistics

6. Vietnamhasmadeacommitmenttothetextileindustry;itiseasytogetinandout

7. Environmentalcontrols

8. Factoriesaremovingfromcitiestoruralareastoreducewagesandturnover

9. Increasinglyverticallyintegrated

ReasonsNottoBeinVietnam1. CompetitionforworkersfromSamsung,LG,Panasonic

2. Minimumwageincreasesofapproximately8%–10%(6.5%in2018);thepotentialtoincreasesocialwelfarepayments(thisisat24%)

3. RawmaterialsstillimportedfromChina,althoughmoreavailableinthecountry

4. Lackofmillsanddyeinghouses

5. Nofree-tradeagreementwiththeUS

6. Thefree-tradeagreementwiththeEUreducestheneedtosupplytheUS

10.CommentstheFGRTTeamPickedUpWhileAttendingSeminarsandMeetingsatMagic2017(SortedAlphabeticallybyCategory)

Apparel• “Thereisahugeopportunityindressyathleisurewear.”

• “HowdowethinkaboutthemoveofNiketoAmazon?”

• “WewanttoworkwiththesupplierthatsuppliesAmazon(privatelabel).”

Consumers• “Weareusingabarbellstrategywithourcustomers.TheyareeitheraVVIP

(i.e.,veryVIP)orweletthemservethemselves.Itisdrivingthetoplineandmargins.”

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• “Consumershavemoneytospend—wejusthavetomakeiteasyforthem.”

• “HowaboutChineseconsumersshoppingintheUS(fromChina)?Howdoweservethembetter?”

• “Wheredowegetthebestbangforourmarketingbuck?”

• “ThinkabouttheBonobosin-storeexperience—howcanretailadoptmoreofthat?”

E-Commerce• “Anonlineexperienceinthestoreiswhatconsumersdesire.”

• “Howdowedecreasereturns?”

• “Itisabigchangeintrendtopresentbyclassificationversusbrand.Presentingbyclassificationandbybrandisgettingdoubleexposure.”

• “Howdoweknowwhichinfluencerstopartnerwith?”

• “Incertaincategories,wearenowat30%–40%e-commerce.Ithasfarexceededourexpectations.”

Innovation• “Manyoftheseteststoresarestillretoolingatagreatexpense.”

Magic• “Ijustgotanewbuyer,”wasthemostfrustratingsentenceheardatMagic.

• “Iamtheanti-MarthaStewart.Weallhaveourimperfections,”saidonecelebrity!

RealEstate• “Shoppingcenterrealestateinvestmenttrusts(REIT)arejustgettingstartedin

turningthingsaround.”

Retail/PhysicalStores• “Whentheseretailersarecompingnegative5%eachyear,theirstoresare

actuallygetting5%biggereachyear.”

• “Whycan’tsomethingbedonewithalloftheemptyshopwindows?”

• “Weneedmoresee-now,buy-nowtodrivethetopline.”

• “Wethinkthereisstillalotofopportunityforpop-upstores.”

• “Whatpercentageofshoeswerenotondisplayandavailableforsale—Iaskedseverallargebrandswhentheyvisitedretailerstheyworkedwith.Theanswer:Atleast33%.”

• “Thereismoreopportunitytosupportretailersinthestockroomtodriveavailabilityofproduct.”

• “Thereisamovetoself-service,eveninhigh-enddepartmentstores.Theconsumerdoesnotseemtomind.”

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• “Experientialretailisthefuture.”

Source:FGRT

Technology• “Mirrorsthatarepoweredbyartificialintelligence(AI)thatcanhelpyou

chooseyourwardrobeanddetermineyoursizearewhateveryretailer,brandandconsumerisstilldreamingofonalargescale.”

• “Weneedstandardsforshoppablevideobecausewhathappenswhenalloftheseappscomeoutatthesametimethatarenotcompatible?”

• “Thereisahugeopportunityforradio-frequencyidentification(RFID)infootwear.”

• “Beaconsarelessofafocus.”

• “Howcanwereallyuseaugmentedreality(AR)?”

• “Thefutureistrulyomnichannel.”

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DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:[email protected],CFASeniorAnalyst

ErinSchmidtResearchAssociate

HongKong:2ndFloor,HongKongSpinnersIndustrialBuildingPhase1&2800CheungShaWanRoad,KowloonHongKongTel:85223004406London:242-246MaryleboneRoadLondon,NW16JQUnitedKingdomTel:44(0)2076168988NewYork:1359Broadway,18thFloorNewYork,NY10018Tel:6468397017FungGlobalRetailTech.com