by
Photo: Comexposium
The inaugural NRF 2024: Retail’s Big Show Asia Pacific, organised by the National Retail Federation (NRF) in the US and global event organiser Comexposium, successfully concluded with over 7,000 guests and participation from 238 exhibitors across the globe. Held at the Marina Bay Sands Expo and Convention Centre in mid-June, the three-day event featured more than 100 speakers across 60 sessions, addressing the latest trends, innovations, and strategies transforming the retail landscape in Asia Pacific.
One of the key speakers is Ken Feyder, a tech expert from Hermes Americas. In a fireside discussion moderated by Giri Agarwal, chief strategy officer at Incisiv, he shared a tale of how little moments in history could shape innovation in luxury. In particular, he referred to a serendipitous encounter between former Hermes chairman Jean-Louis Dumas and actress Jane Birkin on an Air France flight in the 80s, that led to the creation of the iconic Birkin bag.
And this is how, he emphasised, the very personal touch of luxury businesses will continue to define the consumer experience. Here are his insights.
English actress and singer Jane Birkin in 1985 (Photo: Roland Godefroy/Wikimedia Commons)
1. Use digital solutions to enhance client “friendship”
Technologies like digital catalogues can significantly enhance the in-store experience by providing high-definition, curated product presentations. “Not every store in the world could possibly have every product in terms of size or colour combination at every hour or every day,” said Feyder, who added that such catalogues, like Hermes’ My Folio, allow customers to engage in conversations with their sales associate to explore the world of the brand.
That said, Feyder noted, “The device never replaces the human factor. It’s not only about the transactions, and there are other solutions for things like post-sale services and appointment management. However, they all rely on the human, as we’re building a community around our brand. And the reaction that I’ve seen from our clients is absolutely phenomenal. The best way to describe the connection between our clients and our sales associates, I would say, is friendship.”
2. Leverage payment data for personalised experiences
Payment providers can offer invaluable insights into customer behaviour by analysing transaction data. This information helps luxury brands understand their clients’ purchasing patterns, allowing for tailored services and personalised shopping experiences that enhance customer loyalty and satisfaction.
Feyder said, “Those shopper insights are extremely important for us. They share that information with us, allowing us to become a lot more relevant to the client journey. If you think of your payment provider as just a credit card acquirer, I think you’re missing the point.”
3. Build a data-driven culture that aligns with the brand
Embracing a data-driven decision-making culture is crucial. By providing live, interactive, and mobile-friendly dashboards, luxury brands can ensure that actionable insights are available to inform business strategies. This approach enables informed decision-making and fosters a culture of continuous improvement. Feyder pointed out, “To be data-centric and maintain organisational comfort with the change, we need to ensure our business intelligence speaks the language of our brand and is ergonomically intuitive.”
Moderator Giri Agarwal, chief strategy officer at Incisiv, with Hermes Americas’ vice-president and head of IT, Ken Feyder (Photo: Comexposium)
4. Use predictive analytics to bolster “tribal knowledge”
“Speaking of data, I’m sure you’ve heard that expression ‘garbage in, garbage out’. Of course, business intelligence and analytics are only as good as the data that it’s sitting on. It’s foundational, it builds trust, but I’d like to argue that that is not the original definition,” he said.
Instead of using “completely outdated data dictionaries” for decision-making, Feyder said he supports the idea of making subjective decisions based on objective data. “I embrace shadow IT. Let the business consume the data, and if they feel they want to make a decision based on a subjective view of the data, great. Many years ago when I was working at Coach, the then-CEO Lewis Frankfort used to say that a business runs on the combination of magic and logic. And that stuck with me.”
He also referred to the perspective of another senior leader at Hermes, who said this: “Think about what we need to change, so that we don’t change.” This is the universe that his team is operating on, he added. “And when we deliver these smart tools, we want to do it in the context of enhancing the human intelligence or what I call ‘tribal knowledge’, instead of replacing it.”
5. Foster a versatile and diverse IT team
Encouraging a versatile skill set and cultural diversity within a high-performing team ensures that the IT function can adapt to various challenges and deliver solutions that align with the brand’s values and customer expectations. “I work with an incredibly talented group of people,” Feyder stated. “My team speaks 19 languages. That gives us the cultural and historical perspective that makes us more prepared for all kinds of changes.”
