You’ve heard it a lot. Retail is dying. But yet, you were out and about this past month, experiencing it in person.
Is it really? Not for many brands, those who adapt, experiment, innovate and use technology to create delightful experiences.Take L'Oreal. Started by French chemist Eugene Paul Louis Schueller in 1909, he began by selling his products to Parisian hairdressers. In 1920, the company employed three chemists, today 20,000!The key to that growth? Their guiding principle is “research and innovation in the field of beauty.” To compete, the company, long only a supplier, opened its own branded retail locations all over the world. But more than that, they embraced, in fact excelled at using digital technology.Their Genius apps today use augmented reality and AI to let customers use their phone cameras to apply virtual lipsticks and nail polishes onto selfies. When online and in-store customers use the technology, L’Oréal sees three times the rate of customers purchasing a product. And just last week they rolled out a service that let shoppers simulate various hair-color shades using augmented reality.It's compete, innovate, or fade away!