NEW YORK–(BUSINESS WIRE)–Perfect Corp.’s annual franchise event, the Global Beauty and Fashion Tech Forum, returned to in-person format on June 21stNew York City: Industry leaders from top brands in beauty, tech, and media gathered to discuss the impact of artificial intelligence (AI), and augmented reality(AR) technologies on 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.
The programming began with a keynote presentation from Perfect Corp.’s Founder and CEO, Alice Chang, touching 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. 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 and NuSkin, Beekman 1802 BeautyMatter, Glossy and AWE, Super Ventures, Bambumeta and Wake Forest School of Medicine. The presentations and panels discussed the importance of AI + AR in the future retail. They also gave attendees a first-hand view at the positive results brands have seen when using AI + AR tech throughout consumer journeys.
The Next Era of Digital Transformation in Retail: AI + AR Technology
The conference highlighted the many ways AI + AR technology is changing retail. It powers the future of beauty, fashion, and enables personalized shopping experiences that drive increased sales, customer engagement, brand loyalty, and increased sales.
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.
In-depth panel discussions covered the role of AI + AR technology for beauty and fashion retail as well as the emerging Web3.0 space. Here are the top technology trends that were shared at the Forum.
- Global Adoption of AI + AR
Technology innovation is on the rise and brands are leveraging it faster than ever to help drive their businesses. These brands are investing in these technologies in double digits. Consumers have come to expect personalized shopping experiences powered by AI/AR technology when they shop online, in-store, or through social commerce. Brand leaders highlighted the importance interactive, AI-powered solutions that create immersive, fun, and entertaining shopping experiences. It was clear that AI + AR technology is now a major factor in brands’ success. This is because it is an essential tool for brands that can leverage it to deliver these engaging, new-age shopping experiences.
- Personalization is becoming more important in the consumer shopping journey
Fashion and beauty consumers are more likely today to buy from brands that offer personalized recommendations. AI + AR technology is a must-have for beauty and fashion brands when they want to offer personalized shopping experiences to customers. One panel discussed the many ways AI is changing the retail experience for skincare. Speakers highlighted how AI technology helps consumers find the right product regimen for them, and track their skin’s progress over time. We will continue to see this type of personalized, tailored user experience from more brands to meet consumer demand.
- The Role Of AI + AR Tech In Sustainability
Brands can now move from physical sampling to digital platform sampling thanks to the widespread adoption AI + AR virtual test-on technology. This technology has reduced the need for product samples and helped to reduce product waste. Brand speakers spoke out about how AR technology can increase buying confidence and reduce product returns, thereby creating a more sustainable and environmentally-friendly retail environment. It was clear that brand strategies continue to focus on sustainability and accountability. AI and AR virtual test-on technologies offer unique solutions that allow businesses to meet and prioritize ESG goals.
- Rapid Expansion Of AI + AR Tech Into New Categories
The use of AI + AR in beauty is on the rise. However, technology is rapidly expanding to new markets in fashion and accessories. The introduction of advanced fashion tech solutions for jewelry (including bracelets and rings, luxury timepieces, earrings, and luxury rings), eyewear, accessories, and clothing has been a success.
- Demand for Omni-Channel Beauty and Fashion Tech Experiences that are Cohesive and Omni-Channel Beauty
Brands must leverage AI and AR across all touchpoints to maximize the impact technology solutions have on consumers. Perfect Corp. gave the keynote address at the event. Perfect Corp.’s CEO and founder Alice Chang spoke out about the importance of AI + AR technology for creating personalized shopping experiences. She noted that brands that integrate AI and AR-powered solutions across multiple channels have reported up to 3X engagement, +200% increases in purchase rates, and a total of 3X engagement. Brand partners shared amazing results throughout the conference, further proving that these advanced technology solutions are effective.
Leading the Digital Tech Revolution in Beauty and Fashion
“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”Perfect Corp. Alice Chang, CEO and founder of Perfect Corp. “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.”
Watch the replay of 2022 Global Beauty and Fashion Tech Forum. click here.
About Perfect Corp.
Perfect Corp.SaaS AI and AR beauty, fashion and tech solutions provider. Our goal is to transform shopping experiences by encouraging brands to embrace the digital-first way of doing business.
By partnering with the largest names in the industry, Perfect Corp.’s suite of enterprise solutions deliver synergistic, technology-driven experiences that facilitate sustainable, ultra-personalized, and engaging shopping journeys, as well as equipping brands with next generation of consumer goods. Perfect Corp. offers a complementary suite mobile apps, including YouCam Makeup, YouCam Perfect, that allow consumers to virtual try-on new products and perform skin diagnostics. They also offer the ability to edit photos and share experiences with their YouCam Community. Visit www.perfectcorp.com to learn more. PerfectCorp.com.