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THE CHANGING WORLD OF LUXURY The Tides and Times of Luxury Retail

THE CHANGING WORLD OF LUXURY RETAILING
THRIVING
IN THE
DIGITAL
STORMNO BRAND IN ANY INDUSTRY can afford to ignore the
new realities of our digitized world, especially luxury
retailers. Technology is both increasing customer
touch-points and providing unique experiences
through personalization, enhanced through data.
The luxury goods market is using big
data technologies to combat Amazon in a
different way. Barney’s uses big data tools
to gain a better perspective of who their
customer is, rather than using them in a
product-centric manner like Amazon.
Mobile remains incredibly important as
well. Selinger shared his observation on
how a mobile site was launched to put out
new merchandise right after the Burberry
Prorsum Show, which represents how
quick the continuity of the consumer
journey needs to be. He added that 2015
is the first year that we can really use data
to glean the most segmented and direct
luxury consumer and establish a one-
to-one relationship with a customer.
Predictive analytics can be used to identify
patterns and profiles of the most profitable
customers, perform smart segmentations and
execute automated marketing campaigns
to not just drive sales, but increase
inspiration through enabling discovery
through personalized editorial, product,
and search. Brands need to get smarter
at creating unparalleled experiences for
customers more quickly if they want the
industry to go from tepid to blazing hot.
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