Artificial intelligence, social media, bloggers and influencers, technological advancements. These are all part and parcel of the new ‘digital age’, and what consumers expect and more importantly demand from companies, is ease. Even feats such as online shopping aren’t enough, and the digital consumer, whether luxury or high street expects the best.
“Retail is taking a hit, especially in luxury and contemporary. The digital age is shaking the foundations of retail and department stores, if you want to stay afloat you have to keep moving…” @erinhernandez
Evolution is arguably the single most important thing a brand can do to keep customers consuming their product or service. Whether its Apple, LVMH or Sony, big brands must innovate or be left behind. Established luxury brands need to think more like disrupters of the industry, rather than relying on tried and tested approaches of the past.
The success of brands such as Net-A-Porter has shown that customers are still willing to buy luxury products online, and at full prices. Luxury companies are recognizing the increasingly important role that the Internet plays in luxury shoppers’ purchasing decisions.
One telling statistic shows that 40% of luxury purchases are in some way influenced by consumers’ digital experience—for example, through online research of an item that is subsequently bought offline, or social-media “buzz” that leads to an in-store purchase.
Another example of this is from Moncler Genius, which has replaced a usual seasonal collection method with new monthly designs and social media campaigns. Every collection is supported by unique and interesting experiences on social media, but the products themselves focus on quality, uniqueness, newness and creativity. So while staying true to the Moncler branding, Moncler Genius project has managed to intertwine luxe with digital marketing and social media for success.
Given the indisputable and growing influence of the digital world, all luxury brands must seriously consider their digital presence. The “right” digital strategy differs for every brand, but what’s certain is that it’s no longer just about a beautifully designed and user-friendly website or effective banner ads. The most successful luxury brands will be those that build a compelling digital presence, engage and influence consumers with a targeted use of social media.
Digital tools and technologies are revolutionizing the luxury-goods industry, and no luxury brand can afford to ignore them.
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