The term luxury has evolved since it was first brought to play. Managing luxury goods and services has become way harder, as the market has become global in its true self. New trends and tactics come into play every now and then which are used to enhance a consumer’s luxury shopping experience. Here are some of the more recent trends…
Consumers today have become more knowledgeable and sophisticated. They are well travelled and have experienced the best of the best from around the world. Luxury continues to evolve with each passing day and it is constantly being updated to suit the needs of the consumer’s. Here are the recent trends in luxury shopping and experiences that are making their mark on the new-age luxury buyers.
Luxury companies weren’t very keen on selling their products online thinking that doing so might make their products ‘mainstream’. However, in recent times many luxury brands have designed their official websites where they sell their products online. This shift has come due to a change in the consumer’s mentality where s/he wants to be able to shop 24/7 anywhere in the world. Now that more and more companies are coming into the online business, the demand for a better e-commerce experience also increases. Some of the brands provide a full 360-degree view of the product.
Blockchains are a very cost-efficient system in which information is protected and records are maintained. In a blockchain, there are no worries about a third party interference and your data being leaked or stolen. The whole process is securely protected by cryptography. Buying and holding luxury goods can be seen as an up and coming alternative to the stock market. However, the majority of investors are the wealthy individuals due to high entry price and low liquidity. Through Blockchain, these luxury goods are being authenticated and promising a higher liquidation making luxury investments cheaper, easier and more secure. This, in turn, is making the luxury goods market open to the aspirational shoppers who are keen on owning luxury.
With changing times a change in the attitude of people is also being seen. People are inclining towards adopting eco-friendly methods. Fashion comes with harming the environment and the beautiful fashion designs that we flip through in magazines is in actuality very damaging. The underlying question to this is whether eco-friendly products can be featured in Vogue. Brands like Armani, Stella McCartney, and Valentino have all made attempts to be more eco-friendly and make products that don’t harm the environment. Donatella Versace recently made an announcement that she will stop using animal fur in her clothes in an attempt to be more environment-friendly.
Renting Luxury Goods
Another thing that has been coming up in luxury shopping is the products being rented. This helps a lot more people be able to use them for important events and return them later without burning a hole in their pocket. Many e-commerce websites provide this service where people get to rent designer products at a certain price and return them according to the date they have chosen. This business model is based on the promotion of access rather than of ownership. These startups are offering luxury products with not only more flexibility but also at a fraction of their original price. However, if the luxury companies themselves decide to launch their own subscription services to gather more profits then there is a chance for these startups to suffer heavy losses.
Many luxury sites are giving the customer a chance to customize the products and make them more personal. All this is available in their online shops which are then delivered to the customers with their customizations. Luxury brands come with a promise to give its customers a unique product. With the companies coming online and giving personalization as an option to the customers, there is a chance their profits would increase. Fendi offers its customers full creative control and gives the customers a chance to personalize their comments completely to their will. Recently Burberry launched their Burberry bespoke Fragrance where customers are given a chance to collaborate with the brand to make a fragrance of their choice.
Luxury companies have used customers experience and especially in-store experience to be able to distinguish themselves from mainstream brands. Even though brands are moving online, the customer’s experience in the stores cannot be replaced. Stores are still where customers get a chance to connect with the brand through private shopping sessions, personalized styling, and top-notch customer service. This quality of service, added to the quality of the products, provides potential customers with the best possible store experience.