THE FUTURE OF LUXURY FASHION
THE FUTURE OF LUXURY FASHION
The future of luxury fashion will be omnichannel – a combination of physical and virtual stores that offer a click-and-brick shopping experience.
While technology will enable upselling, brand loyalty and offer a more personalized customer service experience. While initially slow to adopt the digital transformation, high-end luxury brands are opening online platforms alongside their physical stores, as they try to keep up with their customers’ evolving online habits. Some only offer a limited online boutique, so as not to compromise the exclusivity associated with their brand.
The future of luxury fashion will be omnichannel – a combination of physical and virtual stores that offer a click-and-brick shopping experience.
While technology will enable upselling, brand loyalty and offer a more personalized customer service experience.While initially slow to adopt the digital transformation, high-end luxury brands are opening online platforms alongside their physical stores, as they try to keep up with their customers’ evolving online habits. Some only offer a limited online boutique, so as not to compromise the exclusivity associated with their brand.
HOW TECHNOLOGY WILL CHANGE LUXURY FASHION FOREVER
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The future of luxury fashion will be omnichannel – a combination of physical and virtual stores that offer a click-and-brick shopping experience. While technology will enable upselling, brand loyalty and offer a more personalized customer service experience.
While initially slow to adopt the digital transformation, high-end luxury brands are opening online platforms alongside their physical stores, as they try to keep up with their customers’ evolving online habits. Some only offer a limited online boutique, so as not to compromise the exclusivity associated with their brand.
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Photo by Julien Tondu on Unsplash
ONLINE LUXURY SHOPPING IS EXPECTED TO INCREASE
The luxury goods market was valued at $310 billion in 2019 with close to 20% of personal luxury sales being made online, according to Bain & Company’s 2019 Luxury Goods Worldwide Market Study. Forty-eight percent of affluent consumers searched for luxury items online before making purchases. Online luxury shopping was expected to increase to $91 billion by 2025, in pre-COVID-19 predictions by McKinsey.
BRICK-AND-MORTAR STORES ARE NOT GOING OUT OF FASHION ANYTIME SOON
While e-commerce is on the rise, brick-and-mortar stores are not going out of fashion anytime soon. They increase brand trust and awareness, build online credibility, drive online sales and offer an immersive in-store experience.
Stores allow customers to pop in for more precise measurements than those submitted online, which results in better-fitting outfits and fewer returns. They also offer free pick-up services for click-and-collect orders, which reduces shipping costs and time. At the same time, they serve as a return centre, which increases customer satisfaction.
THE FUTURE OF RETAIL WILL BE DRIVEN BY ARTIFICIAL INTELLIGENCE
Photo by Julien Tondu on Unsplash
ONLINE LUXURY SHOPPING IS EXPECTED TO INCREASE
ONLINE LUXURY SHOPPING IS EXPECTED TO INCREASE
The luxury goods market was valued at $310 billion in 2019 with close to 20% of personal luxury sales being made online, according to Bain & Company’s 2019 Luxury Goods Worldwide Market Study. Forty-eight percent of affluent consumers searched for luxury items online before making purchases. Online luxury shopping was expected to increase to $91 billion by 2025, in pre-Covid predictions by McKinsey.
The luxury goods market was valued at $310 billion in 2019 with close to 20% of personal luxury sales being made online, according to Bain & Company’s 2019Luxury Goods Worldwide Market Study. Forty-eight percent of affluent consumers searched for luxury items online before making purchases. Online luxury shopping was expected to increase to $91 billion by 2025, in pre-Covid predictions by McKinsey.
BRICK-AND-MORTAR STORES ARE NOT GOING OUT OF FASHION ANYTIME SOON
BRICK-AND-MORTAR STORES ARE NOT GOING OUT OF FASHION ANYTIME SOON
While e-commerce is on the rise, brick-and-mortar stores are not going out of fashion anytime soon. They increase brand trust and awareness, build online credibility, drive online sales and offer an immersive in-store experience.
Stores allow customers to pop in for more precise measurements than those submitted online, which results in better-fitting outfits and fewer returns. They also offer free pick-up services for click-and-collect orders, which reduces shipping costs and time. At the same time, they serve as a return centre, which increases customer satisfaction.
THE FUTURE OF RETAIL WILL BE DRIVEN BY ARTIFICIAL INTELLIGENCE
While e-commerce is on the rise, brick-and-mortar stores are not going out of fashion anytime soon. They increase brand trust and awareness, build online credibility, drive online sales and offer an immersive in-store experience.
Stores allow customers to pop in for more precise measurements than those submitted online, which results in better-fitting outfits and fewer returns. They also offer free pick-up services for click-and-collect orders, which reduces shipping costs and time. At the same time, they serve as a return centre, which increases customer satisfaction.
THE FUTURE OF RETAIL WILL BE DRIVEN BY ARTIFICIAL INTELLIGENCE
Customers will be able to compare outfits they tried on side-by-side and will be able to share photos and videos with friends to ask for advice. These smart mirrors will also recommend other items to pair with the outfit or similar items bought by other customers. They will also be connected to the fitting room, whereby customers can change the lightning or call a consult with the click of the touchscreen.
The future of retail will be driven by Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR). Interactive smart (or digital) mirrors will offer 360-degree views and the ability to ‘try’ on a different color with the tap of the screen.
Customers will be able to compare outfits they tried on side-by-side and will be able to share photos and videos with friends to ask for advice. These smart mirrors will also recommend other items to pair with the outfit or similar items bought by other customers. They will also be connected to the fitting room, whereby customers can change the lightning or call a consult with the click of the touchscreen.
The future of retail will be driven by Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR). Interactive smart (or digital) mirrors will offer 360-degree views and the ability to ‘try’ on a different color with the tap of the screen.
Customers will be able to compare outfits they tried on side-by-side and will be able to share photos and videos with friends to ask for advice. These smart mirrors will also recommend other items to pair with the outfit or similar items bought by other customers. They will also be connected to the fitting room, whereby customers can change the lightning or call a consult with the click of the touchscreen.
ONLINE STORES ARE REPLICATING THE CUSTOMER-CENTRIC EXPERIENCE
Online stores are replicating the customer-centric experience of physical stores by experimenting with personal AI style consultants that have insights into a customers’ profile, purchase history and wish lists. Facebook Messenger Style Bots and live video chats are also gaining popularity. Soon online stores will be programmed to automatically replenish subscriptions on behalf of consumers.
ONLINE STORES ARE REPLICATING THE CUSTOMER-CENTRIC EXPERIENCE
ONLINE STORES ARE REPLICATING THE CUSTOMER-CENTRIC EXPERIENCE
Online stores are replicating the customer-centric experience of physical stores by experimenting with personal AI style consultants that have insights into a customers’ profile, purchase history and wish lists. Facebook Messenger Style Bots and live video chats are also gaining popularity. Soon online stores will be programmed to automatically replenish subscriptions on behalf of consumers.
Online stores are replicating the customer-centric experience of physical stores by experimenting with personal AI style consultants that have insights into a customers’ profile, purchase history and wish lists. Facebook Messenger Style Bots and live video chats are also gaining popularity. Soon online stores will be programmed to automatically replenish subscriptions on behalf of consumers.
ONLINE STORES ARE REPLICATING THE CUSTOMER-CENTRIC EXPERIENCE
LUXURY PERSONAL SHOPPING SERVICES
Online stores are replicating the customer-centric experience of physical stores by experimenting with personal AI style consultants that have insights into a customers’ profile, purchase history and wish lists. Facebook Messenger Style Bots and live video chats are also gaining popularity. Soon online stores will be programmed to automatically replenish subscriptions on behalf of consumers.
Luxury personal shopping services deliver online orders to consumers’ homes, where they can fit items in different sizes and colors, and return anything they don’t want. While these high-net worth customers only make up 2% of Net-a-Porter’s clientele, they account for 40% of sales.
photo by Gustavo Fring on Pexels
Exclusive fashion brands can choose between mono-branded and multi-branded stores – some choose both. Mono branded stores are centered around a brand’s range and look-and-feel. While multi-brand stores promote a lifestyle by displaying associated brands alongside each other. The latter accounts for 78% of online purchases, according to the Deloitte Global Powers of Luxury Goods.
LUXURY PERSONAL SHOPPING SERVICES
Luxury personal shopping services deliver online orders to consumers’ homes, where they can fit items in different sizes and colors, and return anything they don’t want. While these high-net worth customers only make up 2% of Net-a-Porter’s clientele, they account for 40% of sales.
Photo by Gustavo Fring on Pexels
Exclusive fashion brands can choose between mono-branded and multi-branded stores – some choose both. Mono branded stores are centered around a brand’s range and look-and-feel. While multi-brand stores promote a lifestyle by displaying associated brands alongside each other. The latter accounts for 78% of online purchases, according to the Deloitte Global Powers of Luxury Goods.
LUXURY PERSONAL SHOPPING SERVICES
LOOKING AHEAD...
Studies found that high-net worth consumers are willing to buy luxurious goods online at undiscounted prices to stores. Millennials and Generation Z consumers drove 100% of global luxury growth in 2019 and make up 40% of the market. The future of luxury retail will be a dual model with a stronger focus on how technology can better serve consumers’ evolving wants and needs.
Luxury personal shopping services deliver online orders to consumers’ homes, where they can fit items in different sizes and colors, and return anything they don’t want. While these high-net worth customers only make up 2% of Net-a-Porter’s clientele, they account for 40% of sales.
Photo by Andrea Piacquadio from Pexels
Photo by Gustavo Fring on Pexels
Exclusive fashion brands can choose between mono-branded and multi-branded stores – some choose both. Mono branded stores are centered around a brand’s range and look-and-feel. While multi-brand stores promote a lifestyle by displaying associated brands alongside each other. The latter accounts for 78% of online purchases, according to the Deloitte Global Powers of Luxury Goods.
LUXURY PERSONAL SHOPPING SERVICES
LOOKING AHEAD...
Studies found that high-net worth consumers are willing to buy luxurious goods online at undiscounted prices to stores. Millennials and Generation Z consumers drove 100% of global luxury growth in 2019 and make up 40% of the market. The future of luxury retail will be a dual model with a stronger focus on how technology can better serve consumers’ evolving wants and needs.
Luxury personal shopping services deliver online orders to consumers’ homes, where they can fit items in different sizes and colors, and return anything they don’t want. While these high-net worth customers only make up 2% of Net-a-Porter’s clientele, they account for 40% of sales.
Exclusive fashion brands can choose between mono-branded and multi-branded stores – some choose both. Mono branded stores are centered around a brand’s range and look-and-feel. While multi-brand stores promote a lifestyle by displaying associated brands alongside each other. The latter accounts for 78% of online purchases, according to the Deloitte Global Powers of Luxury Goods.
LOOKING AHEAD...
LOOKING AHEAD...
Studies found that high-net worth consumers are willing to buy luxurious goods online at undiscounted prices to stores. Millennials and Generation Z consumers drove 100% of global luxury growth in 2019 and make up 40% of the market. The future of luxury retail will be a dual model with a stronger focus on how technology can better serve consumers’ evolving wants and needs.
Studies found that high-net worth consumers are willing to buy luxurious goods online at undiscounted prices to stores. Millennials and Generation Z consumers drove 100% of global luxury growth in 2019 and make up 40% of the market. The future of luxury retail will be a dual model with a stronger focus on how technology can better serve consumers’ evolving wants and needs.
Photo by Andrea Piacquadio from Pexels
looking ahead...
Studies found that high-net worth consumers are willing to buy luxurious goods online at undiscounted prices to stores. Millennials and Generation Z consumers drove 100% of global luxury growth in 2019 and make up 40% of the market. The future of luxury retail will be a dual model with a stronger focus on how technology can better serve consumers’ evolving wants and needs
