One of my favorite writers in the fintech space is Lex Sokolin, and he's a pretty interesting guy with a strong entrepreneurial tech backgound. According to his website..."Lex is on the Board of Directors and previously was the Chief Operating Officer at AdvisorEngine, a digital wealth management technology platform. He was also founder and CEO of NestEgg Wealth, a roboadvisor that pioneered online wealth management in partnership with financial advisors, acquired by AdvisorEngine." Sokolin also happens to be an artist (also on his website) and puts out an excellent weekly newsletter on the future of fintech. Today's newsletter discussed the emergence of new virtual reality platforms on Google and Amazon that let you try on makeup virtually and then make a purchase from within the VR. Trippy, right? Fintech keeps evolving.....more info below from his 7/8 newsletter.
Cindy Taylor/Publisher
"Google recently launched "Virtual Try On", a capability that lets users apply make-up through an augmented reality filter. Think Snapchat or Instagram filters, just tied to some particular product. The social network companies have played a lot with the idea of sponsored filters, trying to find a way to use custom 3D rendered effects to align with brands. But it is awkward, and separated from intent in our marketing funnel. Google's approach is far more compelling, because (1) it can live inside of an ad unit in YouTube and (2) is pushed by influencers and celebrities engaging with their fans.
These augmented reality shopping experiences are also happening deeper down the funnel, within ecommerce aggregators like Amazon. Using Amazon's mobile app, users can try on L'Oreal products. As a result, the company saw conversation rates triple when viewers got to engage with it in an augmented reality interface. The reason Amazon and Google are the destinations for such technology -- rather than Walmart or the product website itself -- is because they run massive clouds, have powerful machine learning software for facial recognition, and own the attention of millions of people around the globe. In fact, 69% of American women start their online shopping for beauty products on Amazon. No wonder the retailer is going to start manufacturing under its own brand..."
Lex Sokolin Website