The new luxury shopper wants more shopping channels, loyalty rewards, and overall customization. Engaging this new luxury consumer is an opportunity for retailers to move the conversation from price and status to a deeper relationship, one that focuses on experiences, quality and the feelings that luxury products bring to their buyers.
Changes in consumer culture have struck all retail industries, and luxury brands are no exception. The worldwide achievement of fast fashion distributors such as H&M, Zara and Uniqlo has had a significant effect on the fashion sector as a whole and compelled luxury fashion companies to adapt to a changing fashion company pattern.
Use of Alternative Materials
Advanced materials technology has a major effect on the industry for luxurious clothing and cosmetics. From the silk of Stella McCartney, influenced by spiderwebs and tree DNA, to the “tree cashmere” of Linda Loudermilk, there has been an increase in “eco-luxury shopping,” with customers requiring environmentally friendly solutions to traditional raw materials.
For instance, Omega, a luxurious watch company, once used mineral glass or acrylic crystals. These were not hard to scratch but very inexpensive to replace. Now, most luxury watches like the Omega Speedmaster Moonwatch, use the exceptionally scratch-resistant synthetic sapphire crystals. The reason for this is directly connected with its space-use certification.
Personalization
Many fashion companies are now engaging in technology that provides their shoppers with more private knowledge to promote allegiance and commitment. The objective? Anticipating the customer’s needs thus making sure customers won’t end up with a competitor to complete their outfit.
With a strong personal recommendation in hand, store staff has the tools not only to customize but also to fully impress the customer, resulting in higher conversion rates, higher than average order value and greater loyalty.
One-On-One Service
With the decrease in foot traffic, premium fashion companies use technology that empowers employees in-store, allowing them to provide in-depth understanding and 360-degree support to suit and exceed the number of data clients can discover the internet.
Customers want to get style advice that caters to their tastes; they want to get suggestions on products that might complement their purchases; they request in-depth, clear information on the items they might buy; and, if they find something that sparks their interest, they want to be able to order it on the spot, even if it’s only available in another store location.
Mobility
Store of the Future seeks to provide the future’s in-store knowledge by giving consumers aware of what’s going on in the shop. It is the offline cookie that completes the circle between an excellent internet existence and a full omnichannel service and, ultimately, in-store technology that increases in-store and general customer experience.
Consumers of today switch to their mobile phones from consumer studies to bills payments for everything. This wish to store with mobile apps, mobile payment choices, real-time deals, and embedded exchange facilities is pursued by luxury fashion companies.
Seamless Omnichannel Marketing
A powerful marketing strategy aimed at constructing an e-commerce platform that rivaled its physical place. Their achievement was in bringing into the virtual store the exclusivity of an in-store buying, combining the in-store customer service with the separately tailored comfort that luxury brand supporters appreciate.
Luxury Start-Ups
With e-commerce and fresh business models, there has been an increase in start-ups accountable for bringing old-school luxury retailers into the fresh digital globe over the past year. The internet environment, like FarFetch, has seen the increase of fashion e-tailers selling premium internet products anywhere in the globe.
Luxury leasing businesses such as Rent the Runway or Girl Meets Dress have become very effective by offering sites where users can lease high-end garments and equipment for some time, allowing customers to purchase vanity fashion on a charge.
Takeaway
Luxury fashion is no longer an iconic, standalone brand domain. There is a steadily growing army of fashion tech startups that brings luxury brands into a single retail space and creates a distinct brand in the process. And internet fashion marketplace demonstrates that high-end brands can retain their credibility on e-commerce platforms.
On Spring, companies can choose which items they buy and how they present their products on the device, maintaining the retail journey brand-centric. There are blurring the lines between digital experiences and physical products, leaving a huge opportunity open for fashion to answer questions technology could be neglected.