We live in a time when technology has never been more critical in consumer segments, and this year has taught many brands and retailers to adjust according to changing consumer behavior.
Previously at the Virtual WWD Beauty Inc Summit held during November 2020, Revieve hosted a workshop where its CEO, Sampo Parkkinen, shared the key learnings from our discussions with thought leaders of Coty, LVMH, and Walmart on the role of AI/AR technology in shaping the future of customer experience.
Why are digital brand experiences in beauty, health, and wellness important?
We live in a time when technology has never been more critical in consumer segments. This year has taught many brands and retailers to adjust according to changing consumer behavior. The Digital and Physical environments are converging in a novel way, meaning that brands and retailers will have to bring in-store and digital under one roof, along with customer service. Driven by technology and an on-demand culture, the modern consumer now expects a personalized brand experience at the touch of a button.
During the COVID-19 crisis, AI and AR product recommendation technology has emerged as a critical tool during these challenging times. The digitalization of commerce expected to happen in the next ten years happened almost overnight. AI/AR solutions can help brands and retailers bridge the gap between offline and online shopping and offer safe and authentic customer experiences across all touchpoints.
Top 3 Takeaways:
Opportunity during COVID: forced acceleration of all existing digital and omnichannel efforts
Engaging Consumer: more challenging than ever before but never more crucial for success
The Role of Digital: the shift from digital strategy to core of the corporate strategy
Driving the future of commerce
Technology is evolving at a faster pace than brands can adopt it. The world's largest beauty companies, including Estée Lauder, L'Oréal, and Procter & Gamble, embrace the latest emerging technologies, from artificial intelligence to augmented reality, to give customers a more personalized, tailor-made approach to beauty. However, in terms of deploying particular technologies, brands and retailers have to make sure that the technology partner they work with can keep with that pace of change and understands the purpose of deploying that technology.
AI sets to become the beauty industry’s ‘invisible enabler’
AI technology can transform beauty brands and retailers in many ways, and the possibilities seem endless. But technology still can't replace the human touch or the human heart, and for the businesses that lose sight of this, AI may be a threat rather than an opportunity. The key is using artificial intelligence to augment and enhance the human element rather than replace it. It is especially apparent in the beauty industry, which has successfully married technological advancements with the human ability to make people feel beautiful.
Technology provides superpowers to beauty advisors, empowering them to have a deeper, more engaging dialogue with consumers and offer more in-depth assistance and high-level expertise. AI technology can help elevate the experience and can be easily 'placed' in the beauty advisors' hands for daily use.
The path to customer-centricity
With the explosion of powerful (and affordable) digital platforms like Facebook and TikTok, many brands have launched highly successful digitally native consumer brands online. These businesses have gone where the consumer is - providing the most personalized experience.
It’s an exciting notion for the future of beauty business. The world's leading brands predict that the whole industry may shift from a channel-centric into customer-journey–based approach, says Sampo Parkkinen — CEO at Revieve.
Keeping customers happy and coming back is critical. Beauty brands do so by accurately forecasting demand, providing personalized products and services for the consumers online and off, and augmenting the in-store beauty experience. The challenge of converting the physical and digital worlds and creating more personalized interactions online will be a top priority for brick-and-mortar stores and retailers in the future. And AI & AR technologies will be the key to achieving this.
As the world of commerce is evolving, we support our partners in delivering a more in-depth, more engaging dialogue with their consumers, helping to accelerate business value both online and off.
Watch our workshop here:
Join us for the next edition of Reboot Chronicles by Revieve where we engage in discussions with industry-leaders and experts in health, beauty, AI and retail about how organizations are rebooting growth in unprecedented times: https://www.revieve.com/rebootchronicles