e-tail:3 big benefits that drive Luxury retail marketing
Digital retail marketing or e-tailing is inevitable…and this revolution has fundamentally altered many many businesses core. Luxury retail has not been spared. While some luxury retailers have embraced the online world and others are ‘herding’ around.
Brands like Burberry seem to be suffering the brunt of some poor choices. In a true sense Digital is a meritocracy medium and has been invented without commercial breaks!
As a Luxury retailer if you’re still clinging on to traditional models, then consider the up-start Bluenile that has redefined online luxury retailing or the strong consumer led market momentum. According to a recent Mckinsey report European, for this segment is growing at 28%!
The 3 BIG benefits of Luxury retailing going digital are:-
A.Limitless inventory with negligible variable costs
B.Improved customer care and personalization that even pales the traditional store front model
However to achieve this, the following needs to be done:-
1.Real-time optimization:- A culture of responsiveness built on ever-improving metrics & optimization. Get your hands around your audience data, re-architect your processes, and re-align your technology stack to manage a real time optimization system along-with strong Analytics tools
2.A/B, and Multi-variate testing:-While everything that your audience wants should be the holy grail never release an imagery, content block or text link if its not been through a battery of bi-variate or multi-variate testing rigor.
3.Experience:-Build a personalized, and memorable user experience that allows for seamless discovery, manages expectation and influences emotion with a social connect
4.Customer centricity:-Follow a bottom-up approach, and ensure that every decision is driven by the customer‟s needs.Fix customer‟s concerns,identify recurring concerns and finally track customer behavior to eventually guide them humanely. This service could possibly be the only human-to-human interaction for your brand.
While its hard to imagine that you’ll go wrong with this advice, the real challenge is getting a Team to deliver this promise! Do feel free to get in touch for any clarifications or should you need further help.