Luxury retail brands: increase your experience online and gain loyal customers
Technological developments have led to a breakthrough in the retail industry. However, although the digital revolution has taken a little longer to arrive in the field of luxury retail, with high-street brands.
Klarna’s new research reveals that almost half of shoppers who purchase regularly luxurious goods believe they can’t get online as much a luxurious experience as they do — a perception that is primarily attributable to the sluggish acceptance by luxury retailers of revolutionary online technology. As a result, large sales are missing.
The global luxury personal items are tracked by Alta gamma and Bain & Company, a management consultancy firm
The way we buy things online shopping has revolutionized. Long gone are the days when online consumers concentrated solely on books and electrical content. In the luxury market, consumers are now increasingly valuing technology over tradition, and buyers are searching for anything from foodstuffs to jewellery to vehicles with a button. Our figures show that 51% of consumers want up-to-date and creative luxury brands they shop with. For retailers who historically value the legacy of their brand as well as the “investment” aspect of shopping with luxury brands, this insight is extremely strong.
56% of luxury buyers want to adjust rapidly to evolving consumer expectations for their favourite luxury brand, overwhelming the reality that luxury shoppers want a new experience. Since the first online store, retail technology has advanced tremendously. Shopping applications, tapping and collecting and ‘shopping similar’ functionality have all led to high consumer standards and luxury consumers now expect to experience all of their devices effortlessly and conveniently.
Companies now rely on digital payments and returns processing methods, or on logistics and distribution. The best technologies will turn the offering of a brand and make it easier to pay back and slicker. Anything that aims to make online shopping experience easier and more personalized can lead to conversions.
Luxury retailers have been mindful that what their rivals intend to do is not suffice to ‘wait-and-see’ anymore. You must act soon to keep pace with your fellow staff. That is precisely the mentality that luxury retailers now need to embrace. It’s time for them to build a better online experience, remember that consumers with digital technology services may want and therefore invest in technology.
Originally published at https://www.iluveit.co.uk on February 23, 2021.
Disclaimer : This story contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those links.
