It’s plain to see that emerging technology has changed the retail experience beyond recognition.
We can shop on the internet anywhere, and at any time, without a physical cash transaction and have it delivered to us in what can feel like the blink of an eye. In times where retail fashion can be bought in seconds and free returns mean that your apartment can be an at-home changing room, I was interested to talk last week to Healey Cypher, co-founder and CEO of Oak and creator of a hardware enabled platform that uses mirrors as a conduit to transform the retail experience.
Oak has creating the Oak Mirror, a connected device that turns the bricks-and-mortar retail experience into one that is closer in reality to what we have come accustomed to online. Cypher reminded me that while it’s easy to do your shopping online, it still only accounts for a small amount of all retail sales: “In-store sales are still up to 95% of all retail experiences and e-commerce is less than 7% of all retail transactions. Retail is a $12 trillion industry that employs a quarter of the people in the US. and accounts for 50% of expenditure of disposable income.”