Farfetch Turns Browns into a "Store of the Future" with Retail Tech
Katherine Pendrill — May 14, 2015 — Business
E-commerce site Farfetch has acquired the popular London shop Browns, with plans of outfitting the store with the latest experimental retail technology. Under its "Store of the Future" innovation division, the company plans to to turn Browns into a kind of retail laboratory for pioneering new shopping innovations.
Farfetch founder Jose Neves explains that he "doesn't want to change the DNA of Browns," but simply wants to bring the retail experience into the twenty-first-century. Some of the new technology that may be integrated into the store includes radio frequency identification (RFID) and near field communication (NFC) chips into clothing, mobile payment options and even programs that use artificial intelligence to predict what customers may purchase.
Farfetch is already famous for revolutionizing the online shopping experience, and its latest foray into contemporary retail technology may now help to transform brick-and-mortar fashion boutiques as well.
Farfetch founder Jose Neves explains that he "doesn't want to change the DNA of Browns," but simply wants to bring the retail experience into the twenty-first-century. Some of the new technology that may be integrated into the store includes radio frequency identification (RFID) and near field communication (NFC) chips into clothing, mobile payment options and even programs that use artificial intelligence to predict what customers may purchase.
Farfetch is already famous for revolutionizing the online shopping experience, and its latest foray into contemporary retail technology may now help to transform brick-and-mortar fashion boutiques as well.
Trend Themes
1. Experimental Retail Technology - The integration of RFID, NFC chips, and AI prediction technology into physical stores presents opportunities for innovative shopping experiences.
2. Mobile Payment Options - The adoption of mobile payment solutions in brick-and-mortar stores offers disruptive innovation in the retail industry.
3. Revolutionizing Brick-and-mortar - The transformation of physical fashion boutiques with cutting-edge technology provides new possibilities for enhancing the customer experience.
Industry Implications
1. Retail - The retail industry can benefit from the integration of experimental technology to attract customers and improve sales.
2. Fashion - Fashion boutiques can leverage the use of RFID, NFC chips, and AI prediction technology to revolutionize the way customers interact with their products.
3. E-commerce - E-commerce platforms like Farfetch can disrupt the traditional retail landscape by bridging the gap between online and offline shopping experiences.
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