Future of Luxury Retail Challenge gives opportunity for innovators to develop customized luxury experiences

Dubai Future Foundation has announced LiveCrew, a French startup, as the winner of the Future of Luxury Retail challenge which attracted more than 250 startups from 30 countries.

The first-of-its-kind initiative seeks to bring the brightest minds together to contribute to the advancement of the retail sector’s customer experience.

Launched in April, the Future of Luxury Retail programme is a collaboration between Dubai Future Accelerators (DFA), a Dubai Future Foundation initiative, and luxury brand Richemont. The challenge provided an opportunity for entrepreneurs and innovators to develop customized experiences in the luxury retail sector that meet the needs of customers and enhance brand engagement.

The startups’ solutions also aim to prompt brands to deploy the most advanced technologies to analyze data, study customer behavior and interaction, and enhance communication with customers through various digital and traditional channels in innovative ways.

The final phase of the Future of Luxury Retail challenge shortlisted five startups from the UK, France, and the USA, including LiveCrew, Wanna Fashion, Spaycial, Emperia, and Q’emotion. The companies were invited to Dubai to participate in a comprehensive eight-week program to develop their projects, in cooperation with the Richemont team, before the final evaluation process.

The winning startup, LiveCrew, helps retailers understand the profiles of their boutique visitors and their reasons for visiting the store, along with it analyzing their purchases. It leverages salespeople’s knowledge and uses offline data to boost online conversion and study the customer omnichannel journey.

Abdulaziz Al Jaziri, Deputy CEO of Dubai Future Foundation, said,

“As a global laboratory, Dubai has transformed into a platform for industry experts, startups, and entrepreneurs to develop novel solutions to future challenges. DFA aims to strengthen Dubai’s position as a leading city of the future by providing an environment for innovations and entrepreneurs to thrive. It is an environment that facilitates collaboration and enables technologies and new ideas to flourish.”

He added,

“The Future of Luxury Retail initiative has attracted a wide, global participation of startups. The solutions will create customized experiences that satisfy the customers’ needs and expectations while providing a smoother, more enjoyable experience. By utilizing Dubai Future Accelerators’ capabilities to co-create solutions to future challenges, the startups presented innovations, talent, and skills necessary to enhance the customer experience by leveraging areas such as data analysis, customer behavior analytics, and innovative communication channels.”

Pierre Fayard, CEO MEIA, Richemont, said,

“We're very grateful for the partnership between Richemont and the Dubai Future Foundation. Inviting our employees across the Group, Maisons, and retail to come together and work with the various startups has added significant value, and the feedback has been highly positive.”

He added,

“Innovation and technology is the future. It fosters growth and is needed to adapt and overcome challenges, particularly in the field of luxury retail. Our objective with this program was to think outside the box and ensure a bright, innovative future. Having the opportunity to implement this through a creative and collaborative program, such as the Dubai Future Accelerators, brings us yet another step closer to our goal of progressing in the luxury retail field and connecting with our consumers.

"We sincerely thank all involved in this program and look forward to collaborating with the Dubai Future Foundation again to re-imagine and co-create a better tomorrow.”

Dubai Future Accelerators

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation launched Dubai Future Accelerators programme in 2016. It is considered a global platform that provides an opportunity for startups and entrepreneurs worldwide to collaborate with strategic government entities and work closely with decision-makers in Dubai. The DFA programme contributes to Dubai’s position as a hub for innovation, a testbed for emerging technologies, and an attractive destination for startups and entrepreneurs with bold solutions to future challenges.

Dubai Future Accelerators organises a series of specialised workshops, meetings, and various knowledge exchange events within AREA 2071, and provides an ideal opportunity for collaborations to find solutions to various challenges by exploring, developing, and optimally utilizing future technologies.

News Source: Emirates News Agency