Commerce chronicles: May 19, 2024

Reebok and Futureverse create a virtual product experience, Hilma partners with Walmart and Crocs embraces the circular economy. Plus, Shopsense AI to power shoppable TV and is blockchain the key to supply chain management?

In this week’s news, Crocs expands its shoe recycling program, Adore Me offers customizable undergarments and natural remedy brand Hilma to sell products at Walmart. Plus, see how technology is changing shopping and supply chain management. Visit our blog every week for a roundup of the latest commerce news.

Reebok and Futureverse launch custom AI experience “Reebok Impact”

Reebok introduces "Reebok Impact," an AI-powered fashion experience on Instagram, revolutionizing sneaker culture by allowing users to create custom digital sneakers. Through the Futureverse AI, users can immortalize their photo memories as unique Reebok digital sneakers in real-time chats. The experience is free for up to four digital sneaker creations, which can be shared or purchased as game-ready files compatible with various virtual platforms. "We are thrilled to announce the launch of Reebok Impact, which marks an important milestone in our commitment to innovation and technology. We are excited to partner with Futureverse to explore new and engaging ways to bring our brand's ethos to a wider audience. Through Reebok Impact, we look forward to revolutionizing the digital fashion landscape and providing our customers with a unique and immersive experience," said Todd Krinsky, CEO of Reebok.

"Reebok Impact" marks the beginning of a long-term partnership between Reebok and Futureverse, which aims to create innovative AI, web3 and metaverse experiences. As the popularity of avatar wearables grows, Reebok and Futureverse bridge the virtual and physical worlds, offering incentives for sneaker purchases in real life within Reebok Impact. "We couldn't be prouder to introduce this initial experience as part of our long-term partnership with Reebok. Together we've pushed the boundaries of both personal expression with the exemplification of life imitating art and art imitating life. Leveraging AI creates an easy-to-navigate user experience that meets sneaker fans where they are. The future of fashion has arrived, and this is only the beginning," said Shara Senderoff and Aaron McDonald, Co-Founders of Futureverse.

Natural remedy brand Hilma partners with Walmart

Walmart is embracing the growing interest in gut and digestive health by introducing several startup brands to refresh its supplements aisle, including Hilma, which specializes in natural digestive supplements.² Hilma's expansion into Walmart aligns with the retailer's commitment to offer cleaner, natural solutions in the digestive health category. This move is part of Walmart's broader strategy to carry more sustainable and clean-label products, capitalizing on consumers' growing interest in health and wellness. Hilma’s products can be found online, and with Walmart’s partnership, their brick-and-mortar retail presence has expanded significantly.

Crocs expands “Old Crocs New Life” program

Crocs, Inc. is expanding the 'Old Crocs. New Life' shoe takeback program, encouraging fans to drop off their used Crocs shoes at any retail location or participate online for a no-cost mail-back option.³ Participants across the continental United States will receive a 10% discount on Crocs products, both in-store and online, as a token of appreciation. The program's expansion reflects Crocs' commitment to sustainability and addressing environmental challenges in the footwear industry. Gently used shoes will be donated to Soles4Souls, while unwearable pairs will be repurposed and reimagined, aligning with Crocs' mission to champion circular models of production and consumption. Through partnerships and product innovation, Crocs aims to give each received pair its next best use, contributing to a more circular economy for footwear and beyond. "We are taking learnings from last year's pilot and working to create an even bigger impact together with our fans," said Deanna Bratter, Vice President, Global Head of Sustainability, Crocs, Inc. "The growth of this program is an exciting continuation of our efforts to address the environmental and social challenges faced by the footwear industry and ultimately make a difference by keeping shoes on feet and out of landfills."

Adore Me gives customers the power to customize with colors, patterns and text

Adore Me, part of the Victoria’s Secret & Co. family, launched "AM by You," a pioneering retail initiative allowing customers to design their own bralette and panty sets using AI technology.⁴ The program, a first in the industry, leverages generative AI and Prompt.ly's sustainable printing to let users create unique fashion prints from their text inputs. The AI, trained by Adore Me, transforms these prompts into high-quality, personalized designs. "Up until now, customizable clothing has largely been reserved for simple images and words. As generative AI is making its way into the mainstream, we set out on a mission to bring AI’s benefits to the everyday consumer,” said Morgan Hermand, Founder and CEO at Adore Me. “We are proud to get our customers more involved in the design process of their own pieces. We are harnessing generative AI to deliver completely unique designs from start to finish, while maintaining our core values of inclusive sizing, sustainable manufacturing practices, and exceptional quality."

AM by You democratizes fashion design, enabling customers to engage with generative AI for the first time. Users generated multiple prompts per session during its pilot, indicating high engagement. The program emphasizes sustainability using a print-on-demand system that significantly reduces water usage and material waste.

Shopsense AI is turning TV audiences into real-time buyers with shoppable content

Shopsense AI has launched its AI-powered retail media platform, partnering with Paramount Global to integrate shoppable content within broadcast and streaming networks.⁵ This technology enables seamless shopping experiences during shows and events. Paramount will use Shopsense’s platform to offer viewers curated collections inspired by on-screen content. “Paramount’s premium entertainment content consistently influences consumer shopping journeys,” said John Halley, President of Paramount Advertising. “TV is no longer just a top-of-the-funnel awareness generator. It is a 1:1 vehicle that brings the full funnel to the living room.”

Shopsense allows viewers to easily find and purchase products related to their favorite content, addressing the trend of using mobile devices while watching TV. This integration taps into the rapidly growing retail media market, offering publishers new revenue opportunities and full-funnel marketing strategies. “With so many consumers scrolling on their phones while they watch TV on a bigger screen, content publishers like Paramount have been looking for ways to activate a frictionless, personalized and convenient second-screen shopping experience for their viewers,” said Glenn Fishback, CEO and Co-founder of Shopsense AI. “Shopsense AI provides an end-to-end solution that makes it easy for consumers to shop their favorite products on a second device while they watch TV—without having to deal with clunky QR codes or find the missing remote. Our AI-curated storefronts instantly turn every show into a shopping journey that features an endless selection of products to browse and purchase versus a labor-intensive experience where they have to manually select items.”

The platform offers an easy-to-integrate, no-SDK solution that connects audiences to shoppable content within the publisher’s ecosystem. Shopsense will soon introduce "Shopsense Lens," enabling viewers to capture and purchase products directly from their screens.

How blockchain is transforming supply chain management

Supply chains connect the world by transporting goods globally, driving economic growth and innovation. However, many companies lack full visibility into their supply chains, leading to inefficiencies and challenges in verifying sustainable and ethical sourcing. In a recent article on Forbes.com, contributor Matthew Keller explored the potential of blockchain in the supply chain.⁶ He cited a survey from MIT Sloan School of Management,⁷ which revealed that 81% of companies have limited visibility, and 54% have none, resulting in significant issues like food waste, as noted by the UN FAO.

The article highlighted that blockchain technology addresses these challenges by providing transparency, security and efficiency. Companies like Wholechain use blockchain to enhance traceability and accountability within supply chains. Wholechain's integration with the Algorand blockchain allows automatic recording of traceability data, ensuring products are sustainably sourced and compliant with international standards, such as food safety and labor laws.

Blockchain's ability to provide immutable, verifiable data benefits both large corporations and small producers. It enables small-scale suppliers to compete globally by substantiating their sustainable practices. Moreover, the technology fosters trust and transformation across diverse industries, from diamonds to food, highlighting the broad potential of blockchain in supply chain management.