A bite-size digital business magazine from DraytonPartners
FastTrack

THE INTERNET OF SENSES, 6G, AND OTHER FARFETCHED TALES – How Farfetch’s $200 million investment in Neiman Marcus is all about the future of omnichannel retailing

The real-world high street still has one big advantage over online retailing – the ability to instantly touch and feel a product.

Still getting your head around 5G and virtual reality? Bad news – 6G is on its way. With companies likes Ericsson working on the 6G-enabled ‘Internet of Senses.’

Which – the Swedish telecoms giant says – will digitally augment “our senses beyond the boundaries of our bodies, giving us augmented vision, hearing, touch, and smell.”

In the meantime, the real-world high street still has one big advantage over online retailing – the ability to instantly touch and feel a product.

And – as global lux platform Farfetch’s recent $200 million investment in Neiman Marcus, demonstrates – this added sensory appeal is particularly compelling in the luxury goods market.

As Retail Week points outs, the deal allows the digital platform to be “in physical Neiman Marcus locations,” and “can give their consumers a way to interact with products, boosting their confidence before making the purchase.” Mintel analyst Katie Hansen told the retail bible: “Being in a department store can make luxury brands feel more attainable for consumers.”

Neiman Marcus CEO Geoffroy van Raemdonck commented “Farfetch’s investment demonstrates its confidence in our omnichannel strategy, and we look forward to partnering with them to continue revolutionising the luxury customer experience.”

A 5G omnichannel revolution? Let’s go with that. Best not to think too much about 6G for now.

Extract from Human Capital - Drayton's business magazine

Previous Articles

1st March 2023

Private equity trillion dollar

1st March 2023

Tomorrow isn't soon enough

2nd February 2023

WELCOME TO THE EVERYWHERE MALL

31st January 2023

NEW YEAR, NEU LOOK