Shopping is at a point of tremendous change as retail stores are vying with e-commerce for consumers’ attention. Despite the rapid growth of online shopping, only 9 percent of all sales takes place online according to research company, Statista. So malls and brick and mortar stores continue to be relevant but need to evolve with the times. NYC-based software company Oak Labs is one of the companies working to bridge the worlds of tech and retail, and transform the in-store experience for the modern-day shopper.
“We believe the future of retail will be software defined, which means as customers and associates walk into stores, the store will come alive around them,” said Healey Cypher, CEO and cofounder of Oak Labs.
To this end, the company created the Oak Mirror, an interactive touchscreen mirror that enables shoppers to control their fitting rooms’ ambiance, call for assistance from store associates, seek product recommendations and even purchase out-of-stock items.
Retailers, in turn, can capture valuable data about their consumers, their buying habits, personal preferences, etc. “This is meaningful data you can give to the merchandising and design teams now before you see the sales results and it’s too late,” Cypher said.
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Ultimately, he noted, the companies “that are really winning are the brands that are going toward the middle where physical and digital combine. And that is where the future is headed,” Cypher said.
Date: Jan 16, 2018