Personalization in the retail and apparel sector is about more than just slapping an appliqué on a handbag or T-shirt wherever a consumer chooses to place it.According to the latest study from Accenture Strategy, companies need to be more proactive in meeting consumers’ wants and shopping experiences. It’s a process that Accenture dubs “hyper-relevance.”The study gave as an example a Tesla owner in an evacuation zone trying to outrun a hurricane in south Florida. The owner made a request to access the car’s full battery in order to get an additional 30 to 40 miles of driving range. Tesla gave temporary access, but also “proactively unlocked” the range for other Tesla owners in the area who might need the same extra boost to get out of harm’s way.According to Robert Wollan, senior managing director and advanced customer strategy global lead at Accenture Strategy, that’s the kind of anticipatory thinking that Accenture concluded gives consumers a tailored experience that can ensure customer loyalty. That means a personalization bar in a store that allows consumers to put initials or some graphic on an accessory is “just not enough” anymore, according to Wollan.In the retail and apparel sector, Wollan suggested that data collected from consumers could perhaps provide some anticipatory insight on styling trends sooner rather than later.However, the conundrum is in the collection of data. According to the study results of 25,000 consumers between ages 18 to 54-plus, Accenture concluded that poor personalization and lack of trust costs U.S. organizations $756 billion last year as 41 percent of consumers switched companies. Further, 31 percent said they’d find great value in services that intuitively learn about their needs over time to customize product, service or content recommendations.Yet consumers aren’t so quick to pass along information due to trust issues, such as how will the information be used. Wollan said subscription services such as Stitch Fix ask in their questionnaire not only color preferences, but also what does the subscriber do in their free time to better understand the consumer. That thinking is about how the “more you tell us about what you want, the better we can craft and delight you when we come to your home,” Wollan said. And if consumers are wary of providing that data, companies that seek it can be more transparent on how the data will be used so they can earn the trust required to capture the information, he concluded. Also helping the trust factor is allowing consumers to control how that data will be used.The study also found that through artificial intelligence, companies can better give consumers what they want provided there is also human input to make educated adjustments to craft a game plan to meet a particular individual’s needs.“Customers don’t want digital or humans. They want digital and humans…. There is room for error in just AI. This may be the age of digital, but it is not the age of digital only. Both digital and humans are needed to created this type of hyper relevance [that consumers want],” Wollan concluded.
Exclusive: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion