Fast Five Shorts | Google Shopping Now Turns Your Fashion Idea Into Reality
In the latest edition of Omni Talk’s Retail Fast Five sponsored by the A&M Consumer and Retail Group, Alvarez & Marsal, Mirakl, Simbe, Infios, and Ocampo Capital Chris Walton, Anne Mezzenga, along with guest hosts from the Alvarez & Marsal Consumer and Retail Group Chris Creyts and David Schneidman break down the week’s retail news. In this short, they cover: Google Shopping Turning Your Fashion Idea Into Reality
For the full episode head here: https://youtu.be/zoe5hsCC9jU
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Google's new Shopping tab has a new AI tool that makes your fashion idea and suggests.
Speaker ASorry, that takes your fashion idea and suggests similar clothing Options.
Speaker AAccording to TechCrunch, this new feature, dubbed Vision Match, is now available in the search experience on mobile for US users.
Speaker AIt lets shoppers describe a garment they're imagining, and then the AI suggests ideas based on the description, along with the best available matches that users can purchase.
Speaker ATo try this feature, users simply type an idea into the search bar and scroll to to the can't find it?
Speaker ACreate it prompt or go to the left panel in the Shopping tab and select Create and Shop.
Speaker AChris Creets On a scale of 1 to 10, how would you say that retailers and brands with whom you work are prioritizing investments in Gen Search?
Speaker BYeah, I think.
Speaker BI think it's pretty high.
Speaker BYou know, maybe call it like a seven.
Speaker BIt's definitely a topic that's getting a lot of talk.
Speaker BI think.
Speaker CReally it is.
Speaker BYeah.
Speaker BAnd I think it's not.
Speaker BIt's not that people are dumping investment into it yet, but I think everyone's really curious.
Speaker BLike from a merchandising perspective, you have this fear that you carry the product a customer is looking for and they can't find it.
Speaker BAnd somewhere in that discovery journey, it breaks.
Speaker BAnd I think that is a very real fear that people have.
Speaker BNow.
Speaker BDoes these AI tools actually solve that?
Speaker BEg, you can upload a picture of a, you know, a garment into someone's search on like a victoria secret.com and it'll suggest all the other ones that we have that are like that.
Speaker BDoes it really drive value?
Speaker BI'm not sure, but I think there is a deep desire to make sure that you're serving intuitive search results.
Speaker BYou.
Speaker BI think no one wants to be the last one that or the last one to build a more intuitive discovery process.
Speaker BI think there's some other cool elements that are coming out of these, like personalized searching.
Speaker BIf they already can use.
Speaker BIf you can use Gen AI to better understand someone's purchasing and browsing history, then you know what to present to them.
Speaker BSo it's not only returning more intuitive search results based on what everyone's looking for, but I can present you with the things that I think you're most likely to buy based on what you've bought from me in the past.
Speaker BI think there's definitely some upside there.
Speaker BSo I'd say there's a lot of interest.
Speaker BI know people who are actively doing, you know, part.
Speaker BThere's a lot of partnerships with Google Cloud in this space.
Speaker BSo I think there's a lot of traction here and a lot of interest in the area.
Speaker BNow.
Speaker BIs it translating to immense value yet?
Speaker BI'm not sure.
Speaker BI haven't heard anyone really toting massive EBITDA gains from AI search yet, but I think there's a lot of interest.
Speaker ASo Chris, would you say that you're like your recommendation for retailers is what then is it to start to look at investing in this on their own brands, to start to look at this from how they show up in these searches or like how are you navigating this, your recommendations for them?
Speaker BYeah, I would think back to what your consumer data is telling you and what your shopping data from your website is telling you as to whether these are investments that make sense for you.
Speaker BIf you're seeing low click through rates, if you're seeing as you walk that funnel from your website in terms of how people interact with your site, if you're seeing searches that don't result in the right click throughs that you want, then maybe this is something that is a true gap for your business where you prioritize those investments.
Speaker AAnd Dave, is this consistent with what you're seeing with clients that you've worked with as well?
Speaker DYeah, especially within fashion and apparel, it's super important as it relates to personalization and customization.
Speaker DNow with the amount of data that's out there and the amount of options that consumers have, they want something that's tailored specifically to him and her.
Speaker DAnd this is a more potentially more seamless way to drive customization on things that are unknown.
Speaker DAnd I think right now we live in a world where more is more.
Speaker DAnd so having this AI tool, if done correctly, to Chris's point, could have huge impact.
Speaker DMaybe not as much to conversion, but at least to loyalty and traffic.
Speaker DAnd I think that's where they should start first.
Speaker DIs this a traffic driving piece and then how does that relate to actual conversion of sale?
Speaker ARight.
Speaker AEspecially as search behaviors are shifting, you know, and well, there's a whole track that's going to be dedicated to that at Shop Talk next week.
Speaker AChris Walton, that, that you and I are both going to be having, I'm sure, a lot of conversations with retailers about.
Speaker AChris, what do you think?
Speaker AEverybody knows how I feel about Google search right now, so I don't need to spend too much time on this.
Speaker ABut, but I love to get your your insights because I've made you include yet another Google headline in our Fast five.
Speaker CYeah, I made the joke that this is like your Google orgasm of the week.
Speaker CRight.
Speaker ALike this is like every, every month.
Speaker AEvery month.
Speaker CGotta hit, gotta hit it every month.
Speaker CYes, I know but no, I mean first of all I'd say like stepping back, it's, it's quite comforting to hear David and Chris say that retailers are actively thinking about that.
Speaker AThis I agree.
Speaker CThat's good.
Speaker CI mean it shows me they've learned from the mistakes of the past where they discounted e commerce for so long.
Speaker CSo, so that's very comforting.
Speaker CThe one place where I probably, I disagree with, I think Chris, who said this is I do think there's an order of operations here of the right way to approach this from a retail executive perspective.
Speaker CBecause like I think was outlined, I think there's two imperatives that, that the retailers are facing.
Speaker COne, they have to decide how they want to show up on the search engines themselves and two, they have to decide what it means for their own e commerce experiences.
Speaker ARight.
Speaker CAnd I'm inclined to disproportionately invest in the former because that's all really about having great data quality at the end of the day, which is a good thing to have regardless.
Speaker CWhereas the latter, to see the benefit, it's going to still require a step change in how people shop which is likely going to come by way of a culturing to the search engines themselves.
Speaker CSo I think that's kind of a, a next order of operations concern.
Speaker CYou got to get your data quality right first and the proof point will be how do you show up on those search engines?
Speaker CThat, that's, that's the approach I would be taking if I was in the executive chair.
Speaker AYeah.
Speaker AAnd Chris, I, you got me thinking of something too.
Speaker ALike as, as we talked about as searching behaviors are changing and you know, even people are going to a brand's own website even less so traffic like this is going to be really important and making sure that you're investing and showing up on the search engines on Google or on any of the gen AI search platforms too where people are going to be starting their, their searching and discovering process.
Speaker ABut I also wonder if like from Google's perspective, does this allow them another data set to sell to brands in the long run of like these are the things that people are creating like for specifically for this tool.
Speaker ALike here's what's missing in the category.
Speaker AHere are the search terms that people are entering in when they come to this Google create and find tool.
Speaker AAnd then they can in turn take that back to the brands and be like as you're developing your R and D as you're trying to figure out, like what the next trend is, here's another collection of data that we can give you exact pinpointed information on.
Speaker AHere's what people are dreaming up that doesn't exist out there in the world.
Speaker CYeah, I mean it's, it's a 100%.
Speaker CIt's another data point for Google.
Speaker CIt's another data point to serve up advertising too in the Google platform as well, which I'm sure they're thinking about, you know, long, long, long term, you know, without a doubt.
Speaker CSo yeah, I think, I think that's exactly right.
Speaker CAnd the other point I'd make too is like you brought it up like the traffic to websites is going to be less and less.
Speaker BYeah.
Speaker CSo, you know, you've got to convert it, but at the end of the day you need to show up where the traffic is going to go.
Speaker CAnd so that's the point I would make here that people need to keep top of mind.