Why Luxury Fashion Retailers Should Embrace Technology
Today, luxury fashion retailers are characterized by how they meet their consumer standards. These trends are fed by technologies that provide high bespoke experiences. The digital revolution has greatly influenced the luxury fashion industry. However, how are luxury brands able to implement these technologies without having to go against their own traditional values that actually make them stand out? (Image Credits: Artem Beliaikin/Pexels)
Innovative Technologies In-Store
The implementation of innovative technologies has greatly changed the game of customers’ experience in fashion retail stores. The popularity of online shopping has had a negative impact on physical stores. However, luxury fashion retailers should understand the benefits that come with integrating in-store technologies that enhance their customers’ shopping experience. For instance, customers can simply pick up items without having to check out on Amazon Go. They use artificial intelligence and cameras that charge the customer automatically.
Most luxury fashion retailers have a marketing strategy that focuses on offering an outstanding shopping experience coupled with unique customer service. For instance, a customer can walk into a store, consult an expert, have a glass of wine, and get their purchase wrapped elegantly. However, they struggle to find a balance between accessibility and exclusivity. Modern customers do not have similar expectations. They are tech-savvy and want to be able to access a product within a few clicks. This means that luxury retailers should reconsider their marketing strategy and implement digital marketing innovations that offer amazing experiences to their customers.
Increase in Online Sales of Luxury Goods
Luxury fashion retailers are a little bit behind in technology uptake compared to other industries. However, the sale of online luxury goods such as footwear, perfumes, watches, and jewelry has been on the increase in the last couple of years. In addition, these online sales are expected to triple in the next five years. This tells you that luxury customers are now embracing technology and ready to shop online compared to walking into a physical store.
Tactile Shopping Experience
Some of the oldest companies in the world include luxury brands. Most of them are named after their original founders, with a good percentage embodying Italian or French roots. They differentiate themselves from other brands through their heritage, family traditions, and values. This is one of the main reasons as to why they lag behind in implementing modern technologies. However, luxury fashion retailers should look for a way to integrate technology with their values. This is because almost everything today happens online, or has an internet influence associated with it. That way, they will be able to meet modern customers’ requirements while at the same time preserving their values.
Use of Data
Technology allows companies to collect their customer data and information. Also, there are many devices that collect such data and send it to a centralized server. This data can be analyzed and used to predict the customer’s preferences and purchasing patterns. If luxury fashion retailers implement these technologies, they will be able to know what their customers want, and even offer customized sales and experiences to their customers. This will in no doubt increase their sales and offer unique customer service.
Technology has simplified how we do things today. A person wants to be able to check what a luxury fashion retailer offers, place an order, make a payment, and get the order delivered, all from the comfort of their homes. This makes it vital for luxury fashion retailers to embrace technology for their businesses.