Good news for luxury brands – Luxury will see continued growth for online sales and for in-store sales that are influenced by digital touchpoints, per Forrester’s newly updated Global Luxury Retail Sales Forecast 2017 to 2022.
So that’s great – but, as we saw in our research last summer, many luxury brands still have work to do when it comes to developing their digital capabilities and customer experiences. To be clear: luxury consumers are digitally fluent with high expectations, and that includes digital touchpoints that enhance and even elevate their experience when they’re in the store — and vice versa. In fact, luxury consumers are significantly more digitally mature than the average consumer: They are among the first to adopt new technology, frequently engage with social media, and shop across multiple touchpoints – online and offline – based on what is most convenient for them in the moment.
This year, luxury brands and retailers need to act (and invest) decisively in digital, or they stand to lose their digitally savvy customers to online luxury multi-channel retailers (like Yoox Net-a-Porter and Farfetch, among others) that offer much more sophisticated digital experiences. Standalone “online flagship stores” are no longer nearly enough. Richemont has already stepped in and announced its intent to acquire Yoox Net-a-Porter Group. In 2018, luxury retail brands must:
This article is from a Forrester blog. The original content is here.