We all know that humans are social beings. That’s why we seek interaction, not least when we go shopping. What has recently become very clear as a result of the coronavirus pandemic is that we need to find alternatives for times and situations when face-to-face contact isn’t possible.
The US American Neha Singh is working on just such an alternative with her start-up Obsess. In her 3D virtual stores, visitors can shop as if they were physically there. Singh calls this “experiential e-commerce”. Above all, product categories that first have to be discovered can be presented virtually in a way that appeals to those visiting the website. Singh’s company and the business model she sells have experienced a major boost during the pandemic: “Today, retailers see the online shop as their new flagship shop,” she says. This also means saying goodbye to the 25-year-old e-commerce design à la Amazon, she adds.
Using augmented and virtual reality, Singh has already built more than 60 virtual shops for global brands such as Tommy Hilfiger, Samsung and Christian Dior. Customers no longer need VR glasses or special apps to visit the virtual stores. During the pandemic, she raised USD 3.4 million in seed capital for her business venture. Singh shows what her shops look like here in the video and at the 71st International Retail Summit.
Javier Goyeneche: “The fashion business model is not working.”
Thirty minutes – that's how long we use a plastic bag for on average before we throw it away. It often ends up in the sea, together with 5 to 13 million tonnes of other plastic waste per year. Javier Goyeneche turns it into clothes. He explained his business model here and at the GDI Retail Summit.
Circular fashion economy: how Stéphanie Crespin is revolutionising the luxury industry with her start-up Reflaunt
With her start-up Reflaunt, Stéphanie Crespin connects luxury brands to the second-hand market using blockchain technology. She recently raised 2.7 million US dollars in funding for her venture. Crespin's ambitious goal is to solve the fashion industry's sustainability problem.
How a discounter holds its ground in the Swiss food market
Whether in the form of neighbourhood shopping or delivery to the doorstep, proximity to consumers is becoming increasingly important, as the pandemic has shown. Mario Irminger, CEO of the discounter Denner, outlined the conclusions he has drawn from this in a video interview and at the GDI Retail Summit.