Luxury Customers Behavior
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Making The Best Of A Digital Situation: What Luxury Brands Can Do To Catch Up Online

Making The Best Of A Digital Situation: What Luxury Brands Can Do To Catch Up Online | Luxury Customers Behavior | Scoop.it

A wide range of mainstream brands and sample sale sites are outpacing their luxury counterparts in the adoption of technology – and in turn, are creating a widening gap that luxury brands will need to address. Luxury brands have been particularly challenged to provide a truly “white glove” online experience. While the online interface can be slick, glossy, premium and elegant, at the end of the day, the consumer is still sitting at a computer or balancing a tablet on her lap. Part of the allure of the luxury lifestyle lies in the elevated human-to-human experience, the special customer service and the care and careful attention to detail that luxury brands exhibit. And these are all things that, despite best efforts, cannot yet be replicated by a machine.

 

Yet while luxury brands have been arguably slower to embrace the internet, the increase in digital sales, online browsing and brand consideration across the luxury sector generally and in fashion particularly is forcing these brands to reinvent their online offering. With this in mind, the following are online advances that luxury brands can implement to mirror the special experience and high standards that their consumers have come to expect in-store.

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Gian Marco Saleri's curator insight, July 11, 2013 5:50 AM

Yet while luxury brands have been arguably slower to embrace the internet, the increase in digital sales, online browsing and brand consideration across the luxury sector generally and in fashion particularly is forcing these brands to reinvent their online offering. With this in mind, the following are online advances that luxury brands can implement to mirror the special experience and high standards that their consumers have come to expect in-store.

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McKinsey infographic : Are you ready for the digital revolution?

McKinsey infographic : Are you ready for the digital revolution? | Luxury Customers Behavior | Scoop.it
Multichannel retail : By 2015, top 10 retailers might loose $40 - $60,000,000,000 to mobile price checks. 

65% of offline luxury purchases influenced by digital experience

25% of all luxury sales influence by digital experience

60% of online luxury purchases influenced by store experience

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Luxury Consumers Value Products, Not Buying Experiences

Luxury Consumers Value Products, Not Buying Experiences | Luxury Customers Behavior | Scoop.it

It used to be that a luxury buying experience involved dressing up and going into a high-end boutique to consult with a salesperson on what to buy and enjoying a glass of champagne while it was being carefully wrapped up for you. You’d feel proud to exit the shop with your branded shopping bags and something about spending a lot of money on yourself or a loved one felt good – as though the treat was deserved.

 

Eventually luxury brands attempted to replicate this process with lower quality goods in “outlet” stores and later still the internet allowed for easy shopping at home. No dressing up was required. The aforementioned luxury boutiques were once the locus of luxury. The high-end experience made it possible to price products in the store high. Brands knew consumers entering such retail establishments were ready to open their wallets. The buying experience was oftentimes more important than the product itself or brand name. For the most part that has all changed as consumers fall in love with products and happily forgo the historic luxury buying experience.

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Natalie Massenet : « Le e-commerce a changé l'achat masculin »

Natalie Massenet : « Le e-commerce a changé l'achat masculin » | Luxury Customers Behavior | Scoop.it

"C'est une femme qui a révolutionné la mode en fondant Net-à-Porter, leader de la vente en ligne. Alors qu'elle a accepté d'être Chairman du British Fashion Council, l'équivalent de notre Fédération du prêt-à-porter, Natalie Massenet fait le point sur Londres, l'élégance british, les hommes et le e-commerce..."

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The Luxury Consumer in the New Digital World : Then and Now - 2012 Four Seasons Luxury Trend Report

"The global luxury landscape and the luxury customer have evolved dramatically over the last tumultuous and transformative three years. The advent of unprecedented new technological innovations, coupled with the increased skepticism left over from the global financial crisis, mean that today's consumers are demanding honest, accurate, timely and engaging information. They are looking for intrinsic value and a deeper relationship with the brands with whom they choose to support and interact. 

 

According to The Affluence Collaborative, a research powerhouse that dives deep into the habits of high-income consumers, the affluent seek out companies and brands that can simplify and improve their lives. In the travel sector, this translates into increased expectations around personalization cutting across all touch points - including digital media platforms - as luxury travellers research, purchase, engage in and reflect ipon their travel experiences."

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Digital Anatomy of the Affluent Male by iProspect

"There are 19 millions affluent males on the Internet and they are shopping online and spending more than ever before. Forty percent of them are shoppinh online 2x a week or more and spending over $30K annually."

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