Tech Changes That Will Transform the Face of Luxury Fashion

The luxury fashion industry, including luxury boutiques and department stores, have been undergoing a massive change caused by the digital revolution. True, the influence of the likes of AI, blockchain and virtual reality is penetrating every industry but it’s within the fashion industry that such innovations are really interesting. After all, the wide adoption of machine learning (as an example) is one thing but if you think of it within a retail environment then we can really start to see into the future.

Today’s market demands convenience, next year (and the years following) will see the continuation of multi-channel retailing. However, budget will be preserved for areas that allow businesses to understand customers on a deeper level – this includes customer experience teams (notice the replacement of word ‘service’) and technology that predicts spending behaviour and makes spending easier.

It’s well known that luxury is industry based on individual touch and fine details – quite possible the totally nemesis of everything a digital revaluation stands for – speed, choice and ready availability. However, if iconic brands and designers are hoping to appeal to buyers in the future – they have to step up and acknowledge that even craft-led products cannot remain untouched by digital technologies.

Why should I stay up-to-date?

The digital revolution has changed the luxury retail landscape sustainably. Not only do luxury brands reach out to customers differently but those consumers also interact with brands in a way they never have before. Fact is, the internet has changed so many buying habits and brands have to respond to the continual challenges this poses. Of course, this also creates challenges for retailers as they try to keep up – last year gave us many examples of brands who struggled to keep up and disappeared as a result.

If you are a luxury fashion brand, it’s imperative to stay on top digital advancements in the technology and marketing arena. After all, consumers have never been so demanding nor have market conditions been so volatile. Keeping abreast of digital innovation is not just a like to have – it’s never been so pertinent. Take a moment to read the below and remind yourself of some of the opportunities available to you in the coming year (and beyond!).

Time to Get Your Brand an Online Presence

It might seem just ridiculous to have to suggest this, but it’s imperative that every luxury brand have a web space. We say this because, fact is, 40% of luxury brands are not available online. These brands put everything they have into physical stores, ignoring the precedent set by the likes of Net-A-Porter who prove that the customer is willing to pay full price for online luxury fashion.

For the millennial generation, online is the platform for discovery, their first introduction to retail experiences but also brand experiences. Most luxury brands know this but the problem lies in the fact that brands are aware of the necessity to go digital, but often lack the experience and knowledge in this field – this slows down the process. However, it’s imperative that brands don’t waste time due to inexperience or ignorance, and start partnering with allies who can guide them through the process. At Think Positive, we can take you through the whole process towards becoming not just digital but digitally competitive and conversational.

 

 

To arrange a free consultation with Think Positive call us now on 0044 (0)20 8678 7378 or email info@antonio-marsocci.com.

www.antonio-marsocci.com