The Luxury Goods Retailing
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The end goal of every good product or service is to meet a need but that need might not necessarily be physical. Luxury brands are most sought after for emotional satisfaction. They pander to the consumer’s emotions and create a feeling of prestige. In most cases, having a luxury brand gives the consumer more satisfaction than the product’s economic value. Louis Vuitton and Gucci have maintained a consistent position as the world’s most valuable luxury brands — for years with current market values of about $15 billion and nearly $10.8 billion respectively. Although both brands have different aesthetics and marketing techniques, they understand the psychology of perception and exude a larger-than-life persona that consumers aspire to be. A recent report found that the personal luxury goods market was worth over $308 billion in 2019.
In a word, the customer service experience is one of a brand’s most powerful marketing tools. Henceforth, luxury fashion retailers are committed to enhancing the customer’s experience and exploring digital technology to cater to their physical and emotional needs. (1) Even if you look at these other aspects, you could acquire a better understanding of what these things are and why you need them! This site might lead you to a world of luxuriousness!
For the luxury industry it is not just a case of embracing e-commerce, however, in developing and executing an omnichannel strategy that works to engage, inspire or enable, whether through a live video fragrance consultation by Penhaligon’s or a Neiman Marcus’ app that allows customers to photograph a product they see in the street and upload so it could suggest identical products. Unified commerce platforms, greater analytics, improved supply chains — as well as customer-facing innovations such as Burberry’s pioneering social retail store — are just some of the ways in which tech could unlock seamless efficiency, new experiences and customer segments.
Throughout all though, successful digital strategies might involve capturing an essence of quality and consideration that aligns with a brand’s products, as luxury consumers’ high expectations carry over to their experiences online. And digital apps also play their part in encouraging customers to come back into the store which, in turn, has now taken on a marketing role (as well as a marketplace), giving customers the possibility to interact with products and develop a relationship with the brand through the experiential interiors and VIP appointments, without necessarily making a transaction. (2) The other industries have entirely restructured their wholesale management and commerce strategy, and they are claimed to be extending. Use this site to make the process easier!
Heightened personalization might continue to be key to nurturing the luxury experience, particularly as the sector walks the line of embracing digital capability and potential — while not allowing it to threaten quality and exclusivity through a ‘digital dilute’. One in five consumers cited customization as a relevant and important factor to them when acquiring luxury products according to a report by the Boston Consulting Group and Altagamma. And as such, it is critical that luxury brands have relevant, tailored interactions with customers at every touchpoint, creating a sense of individual connection and meaningful value beyond the transaction. In-store, tech could now allow every offering ceremony to be informed by valuable data from the customer’s personal profile, cinching in the experience to fit them perfectly. Past acquisition, social data, frequency, and delivery preferences could all inform a highly individual suite of services provided by product associates. See if you could find out more by hitting on this link! Check the disclaimer on my profile and landing page.
Source1: https://www.forbes.com/sites/josephdeacetis/2020/08/15/relationship-goals-luxury-retail-and-technology-make-a-perfect-combo-for-customer/?sh=3328d5fe1275
Source2: https://www.cegid.com/en/blog/7-luxury-trends-2021/
