Next year, Farfetch will reveal details of its new business unit called Store of the Future.
Farfetch’s, Store of the Future has been created to provide a suite of solutions to introduce new technology into the customer experience. The business is focused on everything from capturing physical interactions in store through to knowing the customer across all channels, using vast data insights.
“The future of luxury fashion – we believe – will involve to a large extent the physical store, where nine out of 10 transactions still take place,” said José Neves, founder and chief executive of Farfetch. “But the future of the physical store will be augmented by digital platforms … and at this intersection of physical and digital retail, many new customer-focused unique experiences are suddenly made possible.”
The vision will be unveiled at an invitation-only event, FarfetchOS, for 200 luxury retailers and brands held at the Design Museum in London on 12 April 2017.
Farfetch acquired London designer boutique Browns in May 2015 with the aim of developing and testing innovations in retail technology.
At the time, Neves told Drapers he was planning to use the store to show Farfetch’s community – and the rest of the industry – how its technology and data can boost profits.
The technology he planned to trial )included mobile payment, cross-channel promotions and loyalty programmes, and RFID (radio frequency identification) technology that updates inventories automatically. The team was also set to also measure how long customers spend in store and what they look at while there.