NEW YORK–(BUSINESS WIRE)–Perfect Corp.’s annual franchise event, the Global Beauty and Fashion Tech Forum, returned to the in-person format on June 21st in New York, bringing together industry leaders from the most innovative brands in beauty, technology and media to explore the impactful ways in which artificial intelligence (AI) and augmented reality (AR) technologies are transforming the consumer experience. This year’s event focused on digital transformation and the Web 3.0 era, with presentations and panels highlighting the global rise of beauty and fashion technologies in retail.
The programming began with a keynote presentation from Perfect Corp. Founder and CEO, Alice Chang, addressing the rapid expansion of artificial intelligence and augmented reality technologies into new categories, as well as the importance of these technologies to creating personalized and immersive shopping experiences, and the role technology plays in supporting sustainable business practices. The event featured insightful panels with speakers from The Estée Lauder Companies, Snap Inc., Allure, NARS Cosmetics, Coty, Belcorp, Real Simple, elf Cosmetics, WWD, NuSkin, Beekman 1802, BeautyMatter, Glossy, AWE, Super Ventures , Bambumeta, and Wake Forest School of Medicine. Panels and insightful presentations explored the important role that AI + AR will play in the future of retail and gave attendees first-hand insight into the impactful results brands have achieved when implementing of AI + AR technology throughout their consumer journeys.
Ushering in the next era of digital transformation in retail with AI + AR technology
The conference showcased the many ways AI+AR technology is revolutionizing retail, powering the future of beauty and fashion, and enabling personalized shopping experiences while increasing sales, customer engagement and brand loyalty.
Live tech demos highlighted several of Perfect Corp.’s most innovative AI+AR solutions, including new AgileHand™ technology, which uses advanced PBR (Physical Based Rendering) to deliver hyper-realistic virtual try-ons for watches, rings, bracelets and studs. Color. Live demonstrations also highlighted Perfect Corp.’s full suite of beauty and fashion technology solutions, including the new YouCam Tutorial makeup learning platform, which provides consumers with step-by-step makeup tutorials with guided storytelling.
In-depth panel discussions explored the role of AI+AR technology in beauty and fashion retail, as well as the emerging Web 3.0 space. Here are the top five technology trends shared at the Forum:
The global adoption of AI + AR
There has been a remarkable growth in technological innovation and brands are leveraging these solutions faster than ever to boost their business. Brands investing in these technologies are seeing double-digit growth, and consumers expect personalized shopping experiences powered by AI and AR technology when shopping online, in-store and via social commerce. During the forum, brand managers highlighted the importance of AI-powered interactive solutions to create fun, immersive and entertaining shopping experiences for consumers. It was clear that AI + AR technology has become table stakes today for brands to succeed, and is an essential tool that brands can leverage to facilitate and deliver those ultra-engaged shopping experiences from a new era.
The growing importance of personalization throughout the consumer buying journey:
Today, beauty and fashion consumers are more likely to buy from brands that offer personalized recommendations. AI + AR technology has become a go-to tool for beauty and fashion brands when looking to deliver personalized shopping experiences to their customer base. A panel focused on the many ways AI is transforming the skincare retail journey, with speakers highlighting how AI technology is helping consumers identify the best product regimen for their individual skin concerns, as well as track skin results over time. This type of bespoke, personalized user experience is one that we will continue to see more and more brands offering to meet consumer demand.
The role of AI + AR Tech in sustainability:
The widespread adoption of AI+AR virtual try-on technology has helped brands move from physical sampling to an all-digital platform sampling initiative. For many brands, this technology has eliminated the need for physical product samples and helped reduce product waste. During the forum, brand speakers discussed the many ways AR technology helps increase shopper confidence and minimize product returns for a more sustainable and eco-friendly retail landscape. It was clear that sustainability and accountability remain key areas of focus for brand strategies and that AI and AR virtual try-on technologies continue to offer unique solutions that help businesses today achieve and prioritize their ESG objectives.
The rapid expansion of AI + AR technology into new categories:
Although the use of AI + AR in the beauty space is on the rise, the implementation of the technologies is rapidly expanding into new categories in the fashion and accessories industries. Advanced fashion technology solutions for jewelry (including earrings, bracelets, rings and luxury watches), eyewear and accessories have been introduced, with plans to expand into apparel and clothing in the near future.
A demand for cohesive omnichannel experiences of fashion beauty and technology
To maximize the impact of technology solutions, brands need to leverage AI and AR across all consumer touchpoints to meet consumers where they are. In the event’s keynote, Perfect Corp. Founder and CEO Alice Chang discussed the importance of using AI+AR technology to create personalized shopping experiences and noted that brands integrating AI and AR-powered solutions across omnichannel touchpoints have reported up to 3X engagement. and +200% buy rate increase. Staggering results from brand partners were echoed throughout the conference, further proving the application and effectiveness of these advanced technology solutions.
Leading the digital technology revolution in beauty and fashion
“As beauty and fashion consumers continue to focus more on digital, beauty and fashion brands are challenged to find new ways to enhance the retail experience. By harnessing the power of AI and AR technology, brands can introduce immersive, engaging and personalized shopping touchpoints that create an impactful customer journey,” said Perfect Corp. Founder and CEO Alice Chang. +AR will be at the heart of these experiences and will continue to be essential to captivate consumers online, in-store and in the emerging digital worlds of the metaverse and beyond.We are excited to serve a growing list of hundreds of brand partners organizations around the world that are looking at digital transformation and creating the next generation retail shopping experience for consumers through AI and AR.
To watch the replay of the Global Beauty and Fashion Tech Forum 2022, click here.
About Perfect Corp..
Perfect Corp. is the leading provider of SaaS AI and AR beauty and fashion technology solutions, dedicated to transforming shopping experiences by enabling brands to embrace the digital world.
By partnering with the biggest names in the industry, Perfect Corp. delivers synergistic technology-driven experiences that facilitate sustainable, ultra-personalized and engaging shopping journeys, while equipping brands with the next generation of consumer goods. . Perfect Corp. offers a complementary suite of mobile apps, including YouCam Makeup and YouCam Perfect, to provide a consumer platform to virtually try on new products, perform skin diagnostics, edit photos, and share experiences with the YouCam community. To learn more, please visit PerfectCorp.com.