Online shopping: changing the ways to buy
Once the luxury playground was one, players were trying to protect themselves from the fast changing environment in order to preserve the heritage of their brands. Even though the traditional demand and supply equilibrium doesn’t work for the world of luxury, our profile as global customer is changing and although reluctantly, the luxury market has to move forward and satisfy its quest.
What we talk about here is not quantitative demand. We are asking for quality, digitization, different ways in which we can purchase goods and explore brand’s catalogue. For that reason the luxury brands are obliged to keep their identities very strong so that they can offer the same products and services in an equivalent way both in store and online.
Talking about the constantly changing online field, there is as much opportunity as there is a threat. Opportunity comes in the face of loyal clients. Many of the luxury shoppers own a smartphone, which enables them to engage much more with the brand. Bigger engagement, more spending! Years ago the luxury maison were gravitating towards the secret story of the creation of the perfect product, flawless work of art with the usage of materials which are of unique quality and craftsmanship. Now with the introduction of online stores, all the materials should be listed. No more secret about it. The mystery is revealed. This is not something to get worried about though, because there is a remedy for every pain.
Every player should know its squad and its competition. The squad- the customers. If they need a mobile application, give it to them. Give them more ways to shop and stay loyal. Provide them with a nice playground and a fresh green grass to explore. The competition is-competition. Get to know everything about it. Only in that way a brand will be able to be completely up-to-date and cope with its competitors.
All that players need to do is change the rules of the game – change the ways to buy.