Wayfair, Lowe’s and Charlotte Tilbury are all poised for technological breakthroughs this year.
As 2023 begins, it pays to identify a few retailers whose tech-related activity in 2022 points to continued innovation in 2023. Here’s a brief explanation of why the industry should be watching Wayfair, Lowe’s and Charlotte Tilbury over the next 12 months.
Wayfair
Wayfair Inc., a direct-to-consumer online home furnishings retailer, is transitioning its enterprise technology strategy to a cloud and artificial intelligence (AI)-based model to drive agility and innovation. In October 2021, Wayfair completed a full migration of its data center applications and services to a Google Cloud Foundation.
The company is too Tackle supply chain issues such as demand spikes, warehousing, and on-time fulfillment with artificial intelligence (AI) solutions. Those efforts include introducing AI to its demand forecasting models.
Looking ahead to 2023, Wayfair plans to use its new Google Cloud infrastructure to handle peak capacity at large sales events like the annual Way Day online sales spectacle. The retailer also intends to scale new applications of AI and machine learning (ML) to applications outside the supply chain, e.g. B. Fraud detection to personalized customer contact.
Meanwhile, in the supply chain technology space, Wayfair is working on an AI-based overlay that sits on top of the statistical/operations research models, as well as new geographic sorting (geosort) functions that use machine learning to identify relevant information and to reinforce products that are closer to the customer. With Geosort technology, Wayfair believes it can reduce the average number of kilometers a product travels to a customer from 1,000 to less than 250 without sacrificing item relevance.
lowes
Lowe’s Cos. Inc. begins 2023 by centralizing its technology development activities into a new Center of Excellence. The home improvement giant recently opened a 357,000 square foot building. Tech hub in Charlotte, NC, close to light rail and other amenities. The company says the new facility is part of its commitment to become the most customer-centric omnichannel retailer.
Lowe’s says it will use the new tech hub to further explore how it applies new technologies to its business. One specific project that the company has publicly announced it will continue to manage at the facility is its interactive virtual mockup, or “digital twin,” which has created two of its stores.
The home improvement giant is using Nvidia technology to create photorealistic digital replicas of its stores, allowing store associates to visualize and interact with almost all of a store’s digital data.
[Read more: Lowe’s tests ‘digital twin’ of two physical stores]
The company is also developing its end-to-end tool for scanning, measuring and estimating spaces called “Measure your space‘ at the facility. Customers can use the feature in Lowe’s iOS app.
Charlotte Tilbury
Beauty vertical retailer Charlotte Tilbury is a pioneer in the still burgeoning niche of Metaverse retail. The enterprise initially started a digitized version of its brick-and-mortar store utilizing Obsess technology, in November 2020. The Obsess virtual and augmented reality The solution enables retailers to design branded 3D virtual retail experiences.
In the two years since, Charlotte Tilbury has added numerous features to its Metaverse Commerce offering, including a solution for a 3D virtual store with friends and branded customer avatars. Within the virtual store, customers can browse, shop, receive personalized advice and product recommendations, attend live events, and watch makeup and skincare tutorials.
Charlotte Tilbury sees its Metaverse retail efforts as a way to truly operate as an omnichannel business, offering its customers an immersive 360-degree experience whenever and wherever they come into contact with the brand. As the Metaverse trade continues to expand in 2023, it’s almost certain that Charlotte Tilbury will continue to play a leading role in this space.
