The key for retailers like Minkoff, Danziger says, will be to integrate the technology in a way that enhances the in-person shopping experience instead of just trying to wow with bells and whistles. According to her research, about two thirds of these women are shopping in brick-and-mortar stores, and they spend about 20% more time shopping in physical stores than they do online. She says affluent, female millennials – whom she calls HENRYs (high earners not rich yet) – may be receptive to the technology. Pam Danziger, founder of Unity Marketing who studies consumer spending in the luxury space, has a different take. Based on her years of analysis of multichannel retail and consumer behavior, Mulpuru says she believes customers aren’t asking for this sort of technology and very few of them will use it. “The digital store is interesting, but way ahead of its time,” she says. Mulpuru also questions the appeal of this technology to millennials. ) “And the last I heard I don’t think Tory Burch has magic mirrors in its dressing room, so magic mirrors aren’t essential for a successful retail business.” (The privately-held Burch is estimated to generate a $1 billion a year in sales. Yet Burch “is much bigger and more successful, it seems, than Rebecca Minkoff,” she notes. Sucharita Mulpuru, a Forrester analyst who specializes in e-commerce, for instance, notes that Rebecca Minkoff was launched about the same time as Tory Burch. Still, there is skepticism in the industry about how significant these tech innovations actually are. A Chicago store will open later this year. Data from those sessions indicates that year over year sales in the three cities with connected stores have risen 50%, says Uri Minkoff. Customers who’ve been reluctant to buy during their shopping trips are using their push notifications to make e-commerce purchases later. “The result is we are selling three times the amount of apparel,” he says. According to Uri, 30% of customers are asking for additional items from the dressing rooms with the mirrors. In addition to the smart wall and magic mirror technology that debuted in the New York City store last November and in San Francisco in January 2015, the Los Angeles store has a dedicated space within set to showcase “Minkoff Projects” that include art, music, and, of course, technology.Īnd already, Uri Minkoff says they’ve seen sales jump at these three connected stores.

During last month’s New York Fashion week, Minkoff partnered with Intel to use drones, not only to capture aerial footage of their show, but to let the audience see that Minkoff recognizes that fashion-forward young women will likely own a drone in the future.īut the new flagship store in Los Angeles – opened this August– is the Minkoffs’ most ambitious attempt yet to remake the retail experience. Last February, the company filmed their New York Fashion Week show in virtual reality so viewers at home could feel as though they were seated in front row, using Google Cardboard with their smartphone. She also was the first to live stream her runway shows. Minkoff was one of the first designers to set up social feeds on Twitter and Tumblr back when each channel was nascent. “We want to stay one step ahead of the consumer,” says Minkoff in an interview with Fortune, “what does she need now and tomorrow.” Ten years after launching the accessories label, designer Rebecca Minkoff, 34, and her brother, Uri, 40, run a $100 million lifestyle juggernaut that has made a name, in part, by embracing tech trends as fervently as they follow fashion. This is what it’s like to shop right now at Rebecca Minkoff’s new flagship store in Los Angeles, the latest and largest of her growing fleet of “connected” retail stores. Not sure if you want to purchase it yet? A list of all the items you’ve tried on in this “session” will be saved and sent to your phone so you can order later via e-commerce. Need a different color or size? Want to get a sense of how that dress will look in the evening? You tap the magic mirror in your dressing room to let it know.

Sdmm 024 magic mirror