Korean cosmetics label Innisfree opens its first full New Retail store located in the Li Xing Shopping Plaza in Hangzhou, China. It is complete with a plethora of interactive digital experiences designed to make consumer shopping experiences much more appealing and seamless. New Retail is a type of business tactic created by Jack Ma by blending online and offline shopping experiences into a co-existing channel that makes matters easier for brands and consumers. This enables services such as buying through an app or through a physical location for consumers. Brands are able to gather data from the comprehensive actions taken by their customers.
These collective statistics will create data over time, which make business models easier to form and understand from a wider perspective. Some key features of New Retail include its Magic Mirror which uses AR technology to try makeup on digitally and the Smart Skin Analyzer that instantly analyzes the skin to recommend products accordingly. There are also vending machines accessed with QR codes, Smart shelves run on touchscreens, Cloud shelves to check availability across all locations, an interactive AR photo booth, and a Claw crane for customers to win samples.
Digital Retail Experiences
Innisfree Opens its First Full New Retail Store in Hangzhou, China
Trend Themes
1. Interactive Digital Experiences - Innisfree's use of interactive digital experiences in their retail store presents opportunities for brands to enhance consumer shopping experiences and gather valuable customer data.
2. New Retail - The concept of New Retail, blending online and offline shopping experiences, opens up opportunities for brands to provide seamless services and gather comprehensive customer data for better business models.
3. AR Technology in Retail - The integration of AR technology, such as the Magic Mirror in Innisfree's store, offers disruptive innovation opportunities for brands to enhance the try-on experience and improve product recommendations.
Industry Implications
1. Cosmetics - The cosmetics industry can leverage interactive digital experiences and New Retail concepts to create engaging retail environments and gather customer insights for personalized offerings.
2. Retail - The retail industry can adopt interactive digital experiences and New Retail strategies to blend online and offline channels, providing seamless shopping experiences and optimizing business models based on comprehensive customer data.
3. Technology - The technology industry can explore AR technology applications in retail, offering innovative solutions to enhance customer experiences, such as virtual try-on and personalized product recommendations.