Luxury Retail's Digital Moment
With consumers interacting with brands more frequently than ever before, luxury brands have recognized the need to to leverage technologies that are native to the social, mobile, and connected world. In order to be successful in the omnichannel world, companies must be ready to sell, service, market, and engage with their customers anytime, anywhere, and on any device.
Using proprietary data collected from top luxury retail executives, this whitepaper covers key trends in digital luxury retail, including:
- How the new wave of digital marketing is transforming luxury retail
- How brands are leveraging content and social media
- How luxury retailers are taking advantage of mobile marketing opportunities
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The past ten years have comprised the single most powerful and innovative time in the history of technology. Ever y industry is being disrupted by technology. Everyone and ever y thing is being connected by the mobile and social revolution, which has placed hundreds of thousands of applications at consumers’ fingertips. This has created a sea of data unlike any thing that has ever existed.
In the last two years alone, 90% of the world’s data has been created. Cloud, social, and mobile technologies have transformed business models and consumer behavior. Customers are interacting with brands more frequently and more profoundly every day. In order to succeed in this new business environment, companies have recognized the need to turn to technologies that are native to this new social, mobile, and connected world. To foster loyalty and growth, companies must grow with their ever-changing customers and find the key to easily adapt to their ever-changing needs. In order to be successful in the omnichannel world, companies must be ready to sell, service market and engage with their customers any time, any where and on any device.
Brands have long emphasized touchpoints—the many critical moments when customers interact with the organization and its offerings on their way to purchase and after. But the narrow focus on maximizing satisfaction at those moments can create a distorted picture, suggesting that customers are happier with the company than they actually are. It also diver ts attention from the bigger—and more important—picture: the customer’s end-to-end journey. Customers demand more depth, emotion, & personality from companies. As a result, it seems every brand is trying to be a human brand, but few get it right. While creating digital brand awareness and adapting to consumers’ preferences continues to be at the forefront of marketing campaigns for luxury brands, retailers have begun to realize the linchpin of the brand experience is delivery consistency across the omnichannel journey. Creating a great customer experience is the driving force in fostering customer loyalty.
It was with that in mind that over sixty thought leaders from the world’s largest luxury brands came together at Luxury Interactive to evaluate current online retail and digital opportunities for luxury brands and professionals. Professionals from companies such as Saks Fifth Avenue, David Yurman, Viceroy Hotel, and more contributed to the survey’s results.