Posted by Ben Cheston
Traditionally, shopping for high price items is more than just a purchase; whether it’s positive or negative, it’s an experience. Brands are now starting to offer luxury goods at accessible prices. Digital has become essential, which alongside accessible pricing, has spurred new customers and an increase in market size.
In a research piece from Statista, E-commerce sales are growing more than 19% a year, predicted to reach nearly $2.35 trillion in 2018. Along with this, The Independent has headlined that high-end fashion (and specifically fine jewellery), “business is booming”.
The likes of Selfridges, Harrods and Peter Jones seem to be helping high-end brands see the value of creating a digital experience that matches the brand values and quality of the items they sell. High-end fashion brands should be striving for the quality of customer experience most brands aim to achieve offline. I recently had an outstanding in-store customer experience with Astley Clarke, and soon after, saw a fine jewellery article in the Independent, quoting they aim to deliver this experience “right the way through” (across digital).
Digital and mobile give brands a chance to engage before and after the purchase. Mariko Oya from Mikimoto, presented a poignant statement to a digital marketing panel at a recent Guardian event, ‘Marketing Luxury Goods’ — “Not many people buy pearls every month”. In fact, few buy pearls at all.
Customers for luxury goods are hard to come by and digital destinations are crucial to the consideration process. In a recent digital luxury thought piece, McKinsey referenced that “45 percent of luxury purchases are influenced by what shoppers find in the digital universe…. Furthermore, by the time many shoppers have reached a bricks-and-mortar luxury store, they’re likely to have a good understanding of all the products in the category, including features and prices.”
Whilst we have to consider paucity when it comes to high-end items — success for brands in this arena need to focus on these core principles:
- Maintaining brand values and tenets with digital destination
- Offering the highest quality of user experience and navigation
- Embracing pre and post purchase relationships
- Use relevant and focused marketing mechanics
Read more on the luxury and digital industry news here:
Digital luxury experience: Keeping up with changing customers (McKinsey & Company)
Originally published at www.himumsaiddad.com.