Beyond The Limits 11.03.2024

?? Welcome to our newsletter for the week. We have gathered some of the most interesting news and updates from the world of circularity, technology, fashion, and luxury.

? The ID Factory’s Traceability Masterclass Program?

The ID Factory introduces its TRACEABILITY MASTERCLASS PROGRAM to address the growing complexity of staying informed about regulatory news and industry challenges in the rapidly evolving market. The program offers engaging live demos with industry experts discussing services and platform modules aligned with the latest innovation trends in fashion traceability. Each session, lasting less than 1 hour, focuses on key topics such as EU Green Deal legislation and Digital Product Passport innovation. The inaugural Masterclass, featuring Marta Inchausti Moya , Public Affairs Manager of Global Fashion Agenda, will take place on March 19th at 4:30 PM via Zoom. Attendees will explore the GFA EU Policy Matrix and learn how the mapping tool can facilitate a gradual traceability process. Participation provides insights into the transformative impact of mapping on supply chain traceability processes. Interested parties can register for the demo through the following link: https://us06web.zoom.us/webinar/register/WN_Js9fvmc-ShuoxRnIx5HTuA#/registration?

?? Luxury Fashion

Luxury fashion brands and retailers are embracing new technologies to tackle the challenge of virtual try-on, particularly for luxury items. Traditional augmented reality try-on experiences often fall short in accurately portraying luxury fashion items. However, a novel approach involving digital twins is gaining traction. This method allows customers to create avatars that match their measurements precisely, enabling them to visualize how garments will fit and select the right size more effectively. Notable brands like YOOX NET-A-PORTER and Balmain are among those experimenting with this technology, aiming to reduce returns and enhance the customer experience. The shift towards virtual try-on reflects a broader trend in the industry, with an estimated 85% of US apparel brands planning to implement such tools. These innovations leverage recent advancements in computing power, artificial intelligence, and 3D software, resulting in more realistic and immersive experiences. Reducing returns is a significant focus for retailers, as incorrect sizing or fit accounts for a majority of returns, costing the industry billions annually. Technologies like digital twins offer promising solutions, with early adopters reporting decreased return rates and increased customer confidence. However, challenges remain, including privacy concerns and the need for further refinement in garment fidelity. Despite these hurdles, the growing adoption of virtual try-on technology signals a shift towards more personalized and efficient online shopping experiences.

?? Technology

StockX , an online marketplace, has introduced an innovative shopping experience on Apple's latest spatial computer, Apple Vision Pro, through a custom-designed app. This immersive experience features a 3D sneaker showcase, product browsing, live market data, and a 'Shop the Look' feature for exploring user-generated content. Greg Schwartz , StockX's president and COO, expressed the significance of innovation in the company's ethos, highlighting their pioneering introduction of stock market mechanics to the resale industry. He emphasized the unique aspect of the new spatial app, offering a near-realistic experience akin to physically holding a sneaker. StockX plans to enhance the app further by incorporating selling capabilities and personalization options, such as the ability for customers to shop the same products as their friends. This initiative underscores StockX's commitment to pushing boundaries and leveraging cutting-edge technology to enhance the online shopping experience for consumers.

? Luxury Shopping?

Two innovative luxury shopping apps, THE FLOORR and [re]vêtir , debuted during Paris Fashion Week amid challenges facing department stores and fashion e-commerce giants. The Floorr, co-founded by Net-a-porter veterans Lupe Puerta and investor Carmen Busquets, serves as a global platform for personal shopping entrepreneurs, integrating inventory from retailers like Bergdorf Goodman and NET-A-PORTER . It empowers personal shoppers with tools to streamline their process, communicate with customers, and earn commissions, aiming to capitalize on the growing demand for personalized service in the luxury sector. Meanwhile, Vêtir, developed by Kate Davidson Hudson , introduces an AI-driven smart shopping app and digital closet. Users can upload their wardrobe, receive personalized shopping recommendations from stylists, and shop directly from the app. Vêtir's interface combines human touch and AI technology, offering curated product suggestions and real-time analytics for personal shoppers. The app operates on a marketplace model, partnering with retailers like Net-a-porter and luxury brands to enhance the shopping experience for high-net-worth clients, ultimately aiming to revolutionize the luxury styling landscape without handling inventory directly.

?? Sustainability

BLACK PEARL , a cultural sustainability organization, has released a comprehensive "Sustainable Style Guide For Everyone," catering to diverse demographics across age, race, gender, and socioeconomics. The guide offers sustainable fashion solutions for various occasions, emphasizing that sustainability enhances style without compromising it. It addresses crucial questions about clothing production, materials, and disposal, aiming to empower consumers with knowledge for informed decisions. Highlighting uncomfortable truths about the fashion industry's environmental and social impacts, the guide advocates for conscious consumption and ethical choices. Incorporating insights from industry experts and research findings, the guide underscores the need for inclusivity, diversity, and fair labor standards in fashion. It also evaluates different materials and certifications, guiding readers towards sustainable brands and practices. Divided into practical chapters, the guide covers topics such as buying thoughtfully, embracing vintage and second-hand fashion, and engaging with culture through clothing. With an emphasis on education and reflection, the guide encourages individuals to rethink their wardrobe choices and adopt sustainable practices. By providing resources, tips, and recommendations, it serves as a valuable tool for both beginners and seasoned sustainability enthusiasts.

?? AI Shopping Experience Research

Intellias , a software engineering and digital consultancy firm, conducted a survey of over 1,000 U.S. consumers to assess their attitudes towards various uses of AI in shopping experiences. The research revealed that AI chatbots are the most disruptive aspect of AI in consumers' shopping journeys, with nearly 20 percent agreeing that chatbots significantly impact their experiences. While 44 percent believe AI has enhanced personalization in shopping, 20 percent identified interactions with AI chatbots as the point in online buying journeys where they are most likely to abandon a purchase. The study also highlighted concerns about the quality of AI recommendations, with almost 70 percent of shoppers indicating they would lose trust in a brand if AI chatbots provided poor recommendations. Alexander Goncharuk , VP of Global Retail at Intellias, emphasized the importance of integrating AI seamlessly into shopping experiences to avoid disrupting consumer trust. According to the survey, 46 percent of respondents accept AI usage by retailers as long as it enhances rather than detracts from the experience. Additionally, over 70 percent believe that while AI will improve, a blend of AI automation and human interaction will always be necessary in retail settings.

??Congrats to The ID Factory , YOOX NET-A-PORTER , Balmain , StockX , THE FLOORR , [re]vêtir , BLACK PEARL , Intellias !

?? Stay tuned for more updates and, as always, feel free to share your thoughts with us!

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