Oak Labs is a start-up that's addressing issues with brick-and-mortar shops with cutting-edge technology. According to research by Alert Tech, shoppers who frequent the fitting room are about seven times more likely to make a purchase than those who simply browse the sales floor.
Oak Labs makes smart retail mirrors that can be used to view items and suggest complementary product pairings. Currently, Ralph Lauren and Rebecca Minkoff are a few of the upscale fashion retailers that are using technology from Oak Labs.
In the coming weeks, the company has plans to unveil a new feature for its smart mirrors, which will allow customers to "wave their phones in front of the mirror and make a purchase using Apple Pay or Android Pay." If an item happens to be unavailable in-store, consumers will be directed to the retailer's website so that an online purchase can be made via the smart retail mirror's touchscreen.
Transactional Smart Mirrors
Oak Labs' Retail Mirrors Can Be Used to View and Pay for Products
Trend Themes
1. Smart Retail Mirrors - Disruptive innovation opportunity: Develop advanced mirror technology that incorporates personalized product recommendations and seamless mobile payment options.
2. Fitting Room Technology - Disruptive innovation opportunity: Create interactive fitting room experiences that enhance the shopping journey and increase conversion rates.
3. Mobile Payment Integration - Disruptive innovation opportunity: Explore ways to integrate mobile payment solutions like Apple Pay and Android Pay into physical retail spaces for a seamless checkout process.
Industry Implications
1. Fashion Retail - Disruptive innovation opportunity: Integrate smart mirror technology into upscale fashion retail stores to enhance the customer experience and drive sales.
2. Retail Technology - Disruptive innovation opportunity: Develop cutting-edge technologies and solutions for the retail industry, including interactive mirrors and personalized product recommendations.
3. Mobile Payments - Disruptive innovation opportunity: Create innovative mobile payment solutions for offline retail, enabling customers to make purchases directly from smart mirrors using their smartphones.