Innovative eCommerce is a series of online webinars that connect people from the business and technology world to talk about innovation. It is all about the trends, modern technologies, and their influence on business in each industry.
The webinar from Divante was intended to learn about trends, predictions, and future technologies for the concerned industry. It was also based on ways to implement them, growth initiatives from the top leaders, and finally, about the new generation and their needs.
The topic is about one of the most active and hottest industries in the eCommerce world, “fashion”.
“Luxury fashion is increasingly geared to sustainable fashion. Resale is an area that is becoming more and more interesting to our customers. Like the online luxury market, the used luxury market is growing rapidly and is expected to double and reach over 45 billion euros over the next five years.”
– Giorgio Belloli, CCO at Farfetch.
This is the type of business whose middle name is ‘change’, and it’s an integral part of its identity. As in the case of most brands in the fashion industry, the collections change every season. In the case of eCommerce, it may not be seasonal but very frequent changes are inevitable.
The webinar started by highlighting the problem of fractured data – data with missing components and incomplete stories.
The internet was the wild west in its beginning with companies having most of the leverage in business-client interactions. This is changing as we’re slowly going to Web3.0 which will ensure more and more privacy with each upcoming year. Web 3.0 represents the next iteration or phase of the evolution of the web/Internet and potentially could be as disruptive and represent as big a paradigm shift as Web 2.0 did. Web 3.0 is built upon the core concepts of decentralization, openness, and greater user utility.
Decentralization: No permission is needed from a central authority to post anything on the web, there is no central controlling node, and so no single point of failure…and no ‘kill switch! This also implies freedom from indiscriminate censorship and surveillance.
Impact of Marketing Mix Model (MMM):
Back in the 1970s, the marketing model was ineffective. There were no interactive dashboards to tell any attribution and they had to rely on business increment. There was no means to measure the impact of a business’ marketing campaigns.
Now, the smart way of measuring the impact of a business’ marketing model includes collecting all relevant factors that drive a company’s performance, using advanced statistics to connect data to performance, and then quantifying the effectiveness and impact of all activities. This helps in getting the long-term influence of each marketing channel, measuring the impact of brand recognition and by what means and by how much are the marketing channels interdependent. Based on the information obtained, businesses would know what channel is effective and how much budget should be allocated to it. This whole smart work of eCommerce.
Shopping via Social Media Platforms:
One of the most attractive social media shopping in this duration is Instagram Checkout, which is still growing, and more and more stores are choosing to have a presence there. This shopping model will stay with us for longer. The Instagram community is increasing, and in the era of influencers, this is a practice that will benefit eCommerce by showcasing the product/service, adding value to it, showing customer reviews, and most importantly – live commerce. Live commerce is the act of selling products online through live video while shoppers interact with the brand in real-time. To make live commerce successful, in most cases you would need certain tools like a live video shopping tool, live chat, and shopping cart integration for the ultimate user experience. Consumers can watch, talk, and shop all from the comfort of their own homes.
Meta trends from media platforms have an impact on the fashion industry to consider:
Environmental Cost of Delivery & Returns
Most fashion brands are using models to showcase their clothing of different types of fits on media. Also, they are using Artificial Intelligence (AI) and Augmented Reality to display a model of the required body type and clothing fit to show how the cloth would look on the user – this increases the user’s interactivity with the brand.
About the speakers:
Agnieszka Małek – Event Moderator
Stanley Świątkiewicz – Product Manager at Predicty
Agata Semenowicz – Creative Coordinator & Researcher at Innovation Lab
Guillermo Segalerba – Creative Coordinator and Researcher at Innovation Lab