Retail

IBM Partners With YOOX NET-A-PORTER

Having previously declined a (reported) attempted buyout from Amazon in favor of merging with Italian retail firm YOOX, the resultant YOOX NET-A-PORTER GROUP (YNAP) has now teamed up with a big technology player.

It was announced yesterday (March 7) that the online luxury fashion retailer is entering into a long-term strategic partnership with IBM that will focus on customer-centric innovation and expanding omnichannel capabilities for both YNAP's customers and its luxury brand partners.

A press release cites three key potential benefits of the partnership between YNAP and IBM: building the foundation for the development of one shared technology platform across all of YNAP's online stores, expediting and facilitating the post-merger system integration process and channeling in-house technology efforts toward a number of customer-centric innovations, including mobile and native apps, consumer insights and analytics and social media marketing.

"This game-changing alliance will benefit our customers and brand partners, allowing us to push our ambitions even further as we continue to create the future of fashion," commented Alex Alexander, chief information officer of YNAP, in the release. "The partnership with IBM will enable our exceptionally talented technology team to focus on what it is renowned for: industry-leading innovation, cutting-edge technology and customer-centric solutions."

Also commenting in the press release was John Mesberg, general manager of offering management and strategy for IBM Commerce, who stated: "The fashion industry is constantly reinventing itself and creating innovative ways to engage with digital-savvy shoppers. By embracing IBM Commerce capabilities, YOOX NET-A-PORTER GROUP is perfectly positioned to engage with shoppers through personalized experiences that are based on their unique style and shopping preferences and delivered across any device or channel."

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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