The leading company IBM is currently working on a ‘smart mirror’ technology for several offline retailers. IBM declared its plans to a partnership with Vero Moda’s stores. The company is expected to tie up with a number of offline retailers in the future.
The new ‘smart mirror’ technology is actually a digital interface that enables consumers to try out a huge variety of options. It is just like virtual fitting rooms, which largely drive by AI (Artificial Intelligence). The smart mirror technology will deliver feedbacks to consumers in the form of fresh suggestions and commendations.
According to the statement said by Kamal Singhani, Managing Partner at IBM, India division is extremely optimistic regarding the technology. Singhani also said that the company aims to boost further footfalls towards sales by the technology. In order to do it, our team will analyze several sources and forecast future trends for consumers. He also believes the new technology will be the variance between new-age consumers and offline vendors.
According to Kamal Singhani, presently near around 50% of the stock is marked down. Henceforth, there is a huge scope for enormous progress for offline retailers. Smart mirrors and the new Artificial Intelligence technology, retailers can recognize the problems with unsold stock and catch up with innovative fashion trends.
The new smart mirror technology promises enthusiasm and is probably to create a buzz in retail. Nowadays, several leading e-commerce business giants are merging supply to surge margins. Where some top retailers have their personal subsidy industries which retail variety of products from phones to earrings.
In addition, there seem to be no options about where the new generation is shopping. Gradually people prefer the cost-effectiveness and convenience of online stores such as Amazon and Flipkart to shop. According to Predictor’s of Online Retail forecast, the global E-commerce companies will record more than 29% growth d the next five years.