As the retail industry embraces technology, the consumer now has the power to buy pretty much anything on their mobile devices with just a few taps. Luxury stores are also leaning into this shift by creating unique, upscale experiences online for each customer.
"Luxury for us is all in the experience we deliver," Geoffroy Van Raemdonck, CEO of Neiman Marcus, told Cheddar.
As the 2019 holiday shopping season gets underway, Raemdonck reported that the retailer did well online during Black Friday, finding a greater demand than last year, although Cyber Monday "started a little softer."
The "softer" start might have been a reflection of how the retailer promoted its Cyber Monday sale. "We're not too concerned about that. We actually plan on Cyber Monday to be less promotional. At Neiman Marcus Group we focus on profitable and sustainable growth and we're willing not to chase market share," the CEO said.
To carry its well-known brand into the e-commerce space, Neiman Marcus has invested in creating personal experiences not only for in-store shoppers but also for its online users. "We have 55 personal digital stylists that are personal shoppers who will curate assortments to you and potentially come to your home to deliver them," Raemdonck said. The company plans to continue using technology and data to build a better relationship with customers.
"The power of data multiplied by artificial intelligence and machine learning allows us to personalize the experience much better, and I see substantial growth for a company like us," he added.
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A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
