The in-person event in New York City brought together industry leaders from beauty, tech and the media to explore the impactful ways artificial intelligence (AI) and augmented reality (AR) technologies are transforming the consumer experience.
This year’s event focused on the digital transformation and the era of Web 3.0, with presentations and panels shedding light on the global rise of beauty and fashion technologies in retail.
Keynote by Alice Chang, Founder & CEO, Perfect Corp.
The programming began with a keynote presentation from Perfect Corp.’s Founder and CEO, Alice Chang.
Chang touched upon the rapid expansion of AI and AR technologies into new categories, as well as the importance of these technologies for building personalized and immersive shopping experiences, and the role technology plays in supporting sustainable business practices.
Speakers from ELC, Coty, e.l.f. & More Present Insights
The event included insightful panels with speakers from The Estée Lauder Companies, Snap Inc., Allure, NARS Cosmetics, Coty, Belcorp, Real Simple, e.l.f. Cosmetics, WWD, NuSkin, Beekman 1802, BeautyMatter, Glossy, AWE, Super Ventures, Bambumeta, and Wake Forest School of Medicine.
The insightful panels and presentations explored the important role that AI + AR will play in the future of retail and gave attendees a first-hand look at the impactful results that brands have experienced when implementing AI + AR tech throughout their consumer journeys.
Ushering in the Next Era of Digital Transformation
Is AI + AR technology in retail ushering in a new era of transformation? The conference showcased the many ways AI + AR technology is revolutionizing retail. Perfect Corp. says it is powering the future of beauty and fashion—and enabling personalized shopping experiences while driving increased sales, customer engagement, and brand loyalty.
Live technology demonstrations highlighted several of Perfect Corp.’s most innovative AI + AR solutions including the new AgileHand Technology, which utilizes advanced PBR (Physical Based Rendering) to deliver hyper-realistic virtual try-ons for watches, rings, bracelets and nail color.
Live demos also spotlighted Perfect Corp.’s comprehensive suite of beauty and fashion tech solutions, including the new YouCam Tutorial makeup learning platform, which provides consumers with step-by-step makeup tutorials complete with guided narration.
Top 5 Beauty Tech Trends
The top five technology trends—influencing beauty, fashion, and retail—were shared at the Forum—you can watch all of the presentation replays, since videos are posted at Perfect Corp.
Here’s a cheat sheet of what you missed—the top five trends in tech are—
1. The Global Adoption of AI + AR
More beauty brands are leveraging AI & AR solutions—and the brands investing in these technologies are growing in the double digits.
Consumers have come to expect customized shopping experiences powered by AI and AR technology when shopping online, in-store, and through social commerce.
During the forum, brand leaders emphasized the importance of interactive, AI-powered solutions for creating fun, immersive and entertaining shopping experiences for consumers.
2. The Growing Importance of Personalization
Personalization throughout the consumer shopping journey is increasingly important. Beauty and fashion consumers today are more likely to purchase from brands that provide personalized recommendations.
AI + AR technology is a must-have tool for creating personalized shopping experiences.
One panel focused on the many ways AI is transforming the skincare retail journey, with speakers highlighting how AI technology is helping consumers identify the best product regimen for their individual skin concerns, as well as track skin results over time.
This type of tailored, personalized user experience is one we will continue to see more and more brands deliver to meet consumer demand.
3. The Role of AI + AR Tech in Sustainability
For many brands, adopting AI + AR virtual try-on technology has helped eliminate the need for physical product samples.
During the forum, brand speakers discussed the many ways AR technology is helping to increase purchasing confidence and helping to minimize product returns for a more sustainable and eco-friendly retail landscape.
4. The Rapid Expansion of AI + AR Tech into New Categories
Although the use of AI + AR across in the beauty space is on the rise, the implementation of technologies are quickly expanding to new categories across the fashion and accessories industries.
Advanced fashion tech solutions for jewelry (including earrings, bracelets, rings, and luxury timepieces), eyewear, and accessories have been introduced, with plans to expand into clothing and apparel in the near future.
5. A Demand for Cohesive Omni-Channel Beauty and Fashion Tech Experiences
In order to maximize the impact of technology solutions, brands need to leverage AI and AR across all consumer touchpoints in order to meet consumers where they are.
In the event keynote address, Chang discussed the importance of using AI + AR technology to create personalized shopping experiences.
Chang noted that brands integrating AI and AR-powered solutions across omni-channel touchpoints have reported up to 3X engagement and +200 % increases in purchase rate.
Leading the Digital Tech Revolution in Beauty and Fashion
Chang says, “As beauty and fashion consumers continue to become more digitally-focused, beauty and fashion brands are challenged to come up with new ways to enhance the retail experience. By harnessing the power of AI and AR technology, brands can introduce immersive, engaging, and personalized consumer shopping touchpoints that create an impactful consumer journey.”
She continues, “AI + AR will be at the heart of these experiences, and will continue to be essential in captivating consumers online, in-stores, and in the emerging digital worlds of the Metaverse and beyond. We are ecstatic to service a growing list of hundreds of global brand partners around the world who are leaning into the digital transformation and creating the next generation retail shopping experience for consumers through AI and AR.”
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