NEW YORK–(BUSINESS WIRE)–Perfect Corp.’s annual franchise event, the Global Beauty and Fashion Tech Forum, returned to an in-person format on June 21St in New York City, where industry leaders from the most innovative beauty, technology and media brands come together to explore the powerful ways 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 program began with a keynote presentation by Alice Chang, Founder and CEO of Perfect Corp., discussing the rapid proliferation of AI and AR technologies into new categories and the importance of these technologies in building personalized and immersive shopping experiences went. and the role that 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, elf Cosmetics, WWD, NuSkin, Beekman 1802, BeautyMatter, Glossy, AWE, Super Ventures, Bambumeta, and Wake Forest School of Medicine. The insightful panels and presentations explored the important role AI + AR will play in the future of retail and gave attendees a first-hand look at the impactful results brands are seeing in implementing AI + AR technology throughout their have achieved consumer journey.
Ushering in the next era of digital transformation in retail with AI and AR technology
The conference showcased the many ways AI and 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 technology demonstrations showcased several of Perfect Corp.’s most innovative AI and AR solutions, including new AgileHand™ technology, which leverages advanced PBR (Physical Based Rendering) to deliver hyper-realistic virtual try-on watches, rings, bracelets and nails Colour. Live demos also showcased Perfect Corp’s comprehensive suite of beauty and fashion tech solutions. into the spotlight, including the new makeup learning platform YouCam Tutorial, which offers consumers step-by-step makeup tutorials with guided explanations.
The in-depth panel discussions covered the role of AI and 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 using these solutions faster than ever to drive their businesses. Brands investing in these technologies are growing at double-digit rates, and consumers are now expecting tailored shopping experiences powered by AI and AR technology when shopping online, in-store, and through social commerce. During the forum, brand leaders emphasized the importance of interactive, AI-powered solutions in creating fun, immersive, and enjoyable shopping experiences for consumers. It was clear that AI and AR technology had become an essential ingredient for brands to succeed today and is an essential tool that brands can leverage to facilitate and deliver these highly engaging new age shopping experiences.
The growing importance of personalization throughout the consumer’s shopping journey:
Beauty and fashion consumers are now more likely to buy from brands that offer personalized recommendations. AI and AR technology has become an indispensable tool for beauty and fashion brands when it comes to delivering personalized shopping experiences to their customer base. A panel focused on the many ways AI is transforming skincare retail, with speakers highlighting how AI technology is helping consumers find the best product regimen for their unique skin concerns and track skin outcomes over time. We will continue to see more and more brands delivering this type of tailored, personalized user experience to meet consumer demand.
The role of AI + AR Tech in sustainability:
The widespread adoption of virtual AI and AR fitting room technology has helped brands move from physical fitting to a fully digital platform fitting initiative. For many brands, this technology has eliminated the need for physical product samples and has helped reduce product waste. During the forum, brand spokespersons discussed the many ways AR technology is helping to increase purchase confidence and minimize product returns for a more sustainable and green retail landscape. It was clear that sustainability and accountability remain key focus areas for branding strategies, and virtual AI and AR fitting technologies continue to provide unique solutions that help organizations today meet and prioritize their ESG goals.
The rapid expansion of AI + AR Tech into new categories:
Although the use of AI and AR in the beauty space is increasing, the implementation of technologies is rapidly expanding into new categories in the fashion and accessories industries. Advanced technical fashion solutions for jewelry (including earrings, bracelets, rings and luxury watches), eyewear and accessories have been introduced and are expected to be extended to clothing and apparel in the near future.
A demand for cohesive, omni-channel beauty and fashion tech experiences
To maximize the impact of technology solutions, brands need to use AI and AR at all consumer touchpoints to meet consumers where they are. In the event’s keynote speech, Alice Chang, Founder and CEO of Perfect Corp., discussed the importance of using AI and AR technology to create personalized shopping experiences, noting that brands that use AI and AR-powered solutions Integrate across omni-channel touchpoints, have reported up to 3x engagement and +200% increase in purchase rate. Stunning results from brand partners were repeated throughout the conference, further demonstrating the application and effectiveness of these advanced technology solutions.
Leading the digital technology revolution in beauty and fashion
“As beauty and fashion consumers become more digitally savvy, beauty and fashion brands are challenged to find new ways to enhance the shopping 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,” said Alice Chang, Founder and CEO of Perfect Corp. “AI + AR will be at the core of these experiences and will continue to be essential to engaging consumers online, in stores and in the emerging digital worlds of the Metaverse and beyond. We are excited to serve a growing roster of hundreds of global brand partners around the world, embracing digital transformation and creating the next-generation consumer shopping experience through AI and AR.”
Click here to watch the 2022 Global Beauty and Fashion Tech Forum replay.
About Perfect Corp.
Perfect Corp. is the leading provider of SaaS AI and AR beauty and fashion tech solutions, dedicated to transforming shopping experiences by empowering brands to embrace the digitized world.
Partnering with the biggest names in the industry, Perfect Corp.’s suite of enterprise solutions synergistic, technology-driven experiences that enable sustainable, ultra-personalized and engaging shopping experiences, empowering brands with next-generation consumer products. Perfect Corp. offers a complementary suite of mobile apps, including YouCam Makeup and YouCam Perfect, to provide a consumer platform to virtually try new products, perform skin diagnoses, edit photos, and share experiences with the YouCam community. To learn more, please visit PerfectCorp.com.