The luxury bazaar is intensifying at an extraordinary pace.
Luxury brands have transformed drastically in the recent years and a lot of people pronounce that it will certainly not be what it once was: a diplomatic and little economic sector designed for the wealthy. The rapid development of budding countries has bent new framework for luxury expansion that changes its essence and performance. The business also faces challenges from technical advances and the growing shift towards digitalization. Each year brings an extensive predictions and trends popping up in feeds and inboxes around the globe.
The classic symbols—the Hermès Birkin bag, a couture dress by Dior, a watch by Rolex—aren’t in any threat of losing its status.
It is a zero-tolerance domain. Luxury companies seek practitioners who are well-versed with the needs and desires of the customers. Hence, one needs to be an enthusiastic admirer of the luxury industry and have aspirations for the merchandise. Breaking into the industry and working for the luxury bazaar needs a convinced attitude with the blend of appropriate academic excellence and professional experience. As a luxury retail professional, one is expected to provide a unique ambiance and atmosphere, dazzling and reinforcing the brand’s culture. One must also have inherent sensibilities for appreciation of time and sheer work that goes in crafting such fine-looking products.
“Luxury is when, it seems flawless”
Changes in consumer culture have hit all sectors of retail, and luxury brands are no exception. The universal success of retailers like Zara, Uniqlo, Forever 21 & H&M, had a significant beat on the overall style business and strained luxury retailers to adjust to an evolving fashion business representation. The new luxury consumer wants more shopping channels, rewards for their loyalty, and personalization across the world. Who doesn’t right? Engaging with this new luxury consumer is a break for retailers to shift the conversation from price and status to a deeper association, one determined on experiences, quality, and the judgment that luxury products bring to their consumers.
Although traditionally cautious with technology, many luxury retailers have reacted by rethinking their business with modernism in mind, all the way from product progress to customer understanding, with an especially strong focus on e-commerce sales and personalization.
The 5 of the biggest technology trends reshaping the luxury industry today are:
- · Alternative materials
- · One-on-one service
- · Personalization
- · Mobility
- · Experiential stores
The online world has seen the rise of luxury which sells luxury products online, anywhere in the world, setting examples of luxury through bloggers or by giving, perspective through P.R.
Sensing the essence, brands like Darveys, Burberry Thom Browne have already teamed up with them to enlarge their visibility to new generations of consumers. Renting and luxury may have seems like an odd coupling just a few years ago – but not anymore. Luxury rental companies like Rent the Runway, have become very successful by providing platforms on which users can rent high-end clothes and accessories for a period of time, giving even consumers on a budget the opportunity to wear luxury fashion.
Luxury brands have been criticized as being sluggish towards the execution of digital platforms, but it’s apparent that there is a vivid future ahead. High-end retailers are revaluating their strategies and accepting that digitization is the answer to supply chain effectiveness and sourcing new substitute materials. Hence, Luxury is the future!
“Creating a memorable experience, with lavishness on your door steps”