What’s in store for the future of fashion luxury brands
BY DIANA APAKIDZE, EMEA BUSINESS DEVELOPMENT DIRECTOR
Retail continues to have a major presence in eCommerce and digitalization but, luxury brands seem to be falling behind. At this point in time, eCommerce luxury sales only account for 4 percent of these companies sales as a whole. Now is the time for luxury brand retailers to build a space that offers a newer and better digital experience. An innovative way to increase the digital experience for luxury brands is adding digitalization to the customers in-store experience. Luxury brand seeking customers are turning to websites, mobile sites and apps in order to shop.
Consumers often use the internet to research items they’re interested in before purchasing, luxury items being on of the main searches online and on social media it is important to keep up with the changes. 40% of luxury brands are still not offered online, this can create a huge downfall to the growth of their company. This is why it is important to enhance a customer’s digital experience while they are searching for the item of their choice. It is important for luxury retailers to capitalize on this in order to reach optimal sales and keep up with the ever-changing successful user experience.
One way to enhance a consumer’s digital experience is to make a digital presence within the stores. This can include building a strong mobile presence that allows for users to access their smartphones as they shop in store as well as out of the store. 78% of consumers said they would be more inclined to purchase from a retailer that target their specific interests and would be willing to pay 25% more for this service.
Neiman Marcus, for example, has launched an app which uses sensors to track the customer’s progress throughout the store updating them with product promotions, store events, and connects customers and sales associates by letting the customer know about the preferred sales associates present in store.
In addition to eCommerce strategies that can be used in store, luxury brands would also benefit from installing technology that provides a digital experience for the consumer physically in the store. By providing the customer with a digital in-store experience, it makes it easy to recommend similar products to that of what they are looking for, increasing the sales of the store as a whole as well as customer satisfaction.
Burberry has been revolutionizing the customer’s in-store experience by implementing smart mirrors which display a catwalk version of the item that is in front of the mirror as well as newly launching in-Tweet purchasing.
They are now introducing the Customer 1-2-1 tool which allows their salespeople to create customer profiles which include a visual wardrobe and global transaction history using Visual Search and Image Recognition technology. This is exactly what the luxury consumers want, shopping on their own terms, while still seeking optimal customer service experience. By bringing digitalization into luxury stores, not only will the user experience be strengthened but also drive store traffic. Luxury brands are already sought after by many consumers and by creating innovation through digitalization it will just enhance the consumer’s experience that much more.
Retailers are also taking another direction on a digital experience, Kate Spade for instance has created 24 hour pop-up stores where you’re not physically walking into a store but instead their windows are giant touchscreen displays that allow you to place your order of the latest products offered and have it delivered to your door that day, free of charge. Creating new ways to shop will only help retailers and brands engage more with their customers and build on the relationships formed from the already loyal customers.
The integration of fashion eCommerce into physical stores will help better connect the store to the mobile generation as well as millennials. The best way to do this is through a disruptive visual search technology. Visual search allows for a personalized customer experience where the customer can discover fashion. Visual search is also much more efficient in helping the customer find the best combination and managing in-store product stock for every retailer.
Wide Eyes Technologies provides a one of a kind visual search that can set your luxury brand apart from the next. With W.E. Recognize, W.E. Vision, and W.E. Recommend, all making it possible for the consumer to find exactly what they are looking for in store, on their mobile devices and more, these technologies are essential to the digitalization of luxury brands.