What are real examples of applying emerging tech to create business value?

I think the retail industry has done a phenomenal job applying emerging tech to enhance customer experience and add significant value to their bottom line.

One way to think about this is to use Rebecca Minkoff (NY Fashion Label) as an example. They identified “customer engagement in store” as fundamental to value creation and went to the market to look for emerging tech that would help.

They were quick to point out that while they had done a good job with customer engagement and trial online, their stores were falling short. They wanted their customers to feel that they had their own personal stylist while visiting the store but given staff constraints were just not able to do so.

Their solution – install connected mirrors in fitting rooms that would give you advice on other designs to try, along with ordering you a drink and checking you out. While this tech is much more common now, they were early adopters in 2014 and partnered with eBay to bring it in store.

Retail as an industry has thinner margins and Rebecca Minkoff’s example of using emerging tech to increase value for business is just one example of how this industry has been a trailblazer. 

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#startups,#emerging tech,#innovation,#business
Anil Earla

Anil Earla, Head of Information and Data Analytics

I think the retail industry has done a phenomenal job applying emerging tech to enhance customer experience and add significant value to their bottom line.

One way to think about this is to use Rebecca Minkoff (NY Fashion Label) as an example. They identified “customer engagement in store” as fundamental to value creation and went to the market to look for emerging tech that would help.

They were quick to point out that while they had done a good job with customer engagement and trial online, their stores were falling short. They wanted their customers to feel that they had their own personal stylist while visiting the store but given staff constraints were just not able to do so.

Their solution – install connected mirrors in fitting rooms that would give you advice on other designs to try, along with ordering you a drink and checking you out. While this tech is much more common now, they were early adopters in 2014 and partnered with eBay to bring it in store.

Retail as an industry has thinner margins and Rebecca Minkoff’s example of using emerging tech to increase value for business is just one example of how this industry has been a trailblazer.