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Farfetch Unveils Beta Version of Store of The Future: An Augmented Retail Solution

Farfetch, the online platform to shop the world’s greatest selection of luxury unveils the BETA version of Store of The Future (SoF). Farfetch Store of the Future links the online and offline worlds, using data to enhance the retail experience, delivering personalisation for customers and allowing store staff to become in-store influencers.

José Neves, Farfetch Founder, Co-Chairman & CEO, said: “Physical retail accounts for 93% of sales today, and even with online growing at fast speed, it will account for 80% by 2025. Retailers need a way to collect information about their customers while they are browsing in-store, just as they collect data from online searches[1]Store of the Future aims at providing the in-store experience of the future by giving visibility to retailers on what is happening in the store. It’s the offline cookie that closes the loop, between a great online presence and a complete omni-channel offering and, finally in-store technology which augments the experience of customers in store and overall. The next stage in the evolution of the fashion industry is the connected store, which uses technology to enhance the luxury retail experience to become even more customer centric. Farfetch is at the crossroads of luxury and technology and is well placed to understand its needs and deliver a tailored solution"

SoF is the final piece in the Farfetch Augmented Retail vision, linking the online and offline worlds. It is a platform where Farfetch will tailor the solutions to each brand, each city and each store. SoF is about humanising the retail experience, delivering personalisation to customers and empowering the store staff.  Whatever in-store digital tools, technology or services each brand or store uses, the key value is in DATA that will drive personalised meaningful customer experiences, and on the business side a significant competitive advantage.

Later this year Store of The Future technologies will be launched in Browns and in the flagship Thom Browne store in New York.

Commenting on the upcoming launch, Rodrigo Bazan Thom Browne CEO said, “Thom Browne’s success is founded on outstanding customer service as much as on impeccable product quality. As we open stores in key capitals around the world and develop a strong direct-to-consumer, omni-channel business, we believe the connected store to be a great opportunity to enhance our in-store customer experience. We are very excited to have been chosen by Farfetch, and look forward to starting the global roll out of this new service from the New York store.”

 

 

[1] Fashion of the Future: The 3 C’s of Change; Customer, Content, Commerce. Research by Bain & Company, commissioned by Farfetch 

About Farfetch

Farfetch is the online platform to shop the world’s greatest selection of luxury. The e-commerce platform partners with the world’s best luxury boutiques and brands, located from Tokyo to Toronto and from Milan to Miami. This unique business model guarantees an unparalleled range of pieces to shop; from established luxury brands to the most interesting new designers and one-of-a-kind styles.

Founded in 2008 by the Portuguese entrepreneur José Neves, Farfetch is translated in 9 languages and services customers as a website and on-the-go app, making it easier than ever to shop luxury fashion. Offices are found in 11 cities globally and Farfetch express ships from partners to over 190 countries worldwide.

In 2015 Farfetch developed proprietary business units Farfetch Black & White and Store of the Future to provide key technology and business solutions for brands and retailers to facilitate growth and champion innovation. The Brand also added renowned London boutique Browns to its portfolio in 2015.

In May 2016 Farfetch secured a Series F round of investment of US $110 million, led by new investors Temasek, IDG Capital Partners and Eurazeo with existing investor Vitruvian Partners also participating in the round. The company is currently valued at over US $1 billion.