What Is Driving the Transformation of Luxury Retail Channels? | Transforming Luxury
Podcast: The Business of Fashion PodcastPublished On: Mon Oct 04 2021
Description: Today, the channels that consumers can now use to connect with brands to elicit a range of interactions have multiplied, dramatically. With major new platforms emerging all over the world, the retail networks utilised by luxury brands are evolving at an unprecedented pace to include a huge number of customer touch points — each a distinct opportunity for growth but requiring an idiosyncratic strategy for success. Due to mobile-commerce and social-commerce, when, how and why a consumer transacts with a brand has been reimagined entirely. The linear paths to purchase with which we are so familiar are being replaced by new conduits that combine digital content with customer-centric retail strategies to make transacting as engaging, enjoyable and instantaneous as possible. There is one region responsible for the lion’s share of retail innovation: China. The engine of the luxury industry’s growth for decades is now the epicentre of the most significant retail innovation in the market. From buy now, to swipe up, unboxing to bounce houses, KOLs, KOCs, shoppable video, live streaming, digital clienteling, resale sites, marketplaces, macro and micro influencers — luxury’s retail channels have been reimagined at scale. Now, that innovation is beginning to shape global retail strategy. Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges a redefined industry will bring and how luxury’s transformation will impact your business. Hosted on Acast. See acast.com/privacy for more information.
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