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True Impact London: High Tech for High Street

July 6, 2017

Last week the True Fit, DynamicAction and Intel got together with representatives from some of London’s top retailers to discuss how tech is impacting the future of retail. The event in Knightsbridge generated a lot of discussion around leveraging data to meet the new level of customer demands – specifically using data to rethink return rates.

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The event included a panel of retail experts who weighed in on the impact data should have on decisions from retailers. For instance, return rates can tell a story – and as we’ve learned, not all returns are created equal. Analyzing the consumer behavior associated with returns can help retailers make strategic adjustments that improve the customer experience and ultimately contribute to lower return rates.
 
Personalization, or catering each digital shopping experience based on specific customer preferences, was a recurring discussion theme. In order to deliver the best customer experience, personalization is important to identify key attributes that delight the individual consumer. Let's consider shopping for the on-trend denim jacket - there could be over 100 different attributes stored about a consumer from one specific purchase. What wash is the denim? Is there embroidery or embellishment? Is it fitted and cropped, or longer and loose? Does it zip, snap or button? What is the collar and pocket style? These are all important and unique data points retailers must be capable of collecting from shoppers to identify trends on the individual level.

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Another hot topic during the panel included AI; the importance of using data to drive AI is the retail wave of the future. Thinking about the denim jacket, we have all of these data points mentioned above about a consumer preferences. That data and data from other purchases fuels AI to make smart suggestions for consumers in the future. Gartner even predicts that by 2020, 85 percent of customer interactions will be managed without a human; making the case that AI will be more than just a “robot.”
 
We'd like to thank everyone for joining us at True Impact: High Tech for High Street, for joining the panel, and for the great questions from the audience. To learn more about how data and AI can fuel consumer personalization and ultimately help lower return rates, visit here.