Fashion, luxury and digital innovation: what comes next?

In these turbulent times for the industry, many see digital innovation as a potential saviour – that is why we teamed up with our partner LiveArea to gain more insights for the NetComm Community …

In these turbulent times for the industry, many see digital innovation as a potential saviour – that is why we teamed up with our partner LiveArea to gain more insights for the NetComm Community 
Will customers buy a 60.000$ Rolex by using the same device they buy dog’ food with?That’s the challenge for luxury marketers today.
Innovation in luxury is changing trends, and luxury itself has been (already) transformed by technologies. Augmented reality, data analysis and the implementation of a brand-new user experience in e-commerce: the pandemic has confirmed and accelerated the ongoing trends, some say as much as five years.
Nevertheless, scarcity is a key factor in luxury, and hardly pairs with the web, traditionally perceived as the land of abundance. How are brands supposed to cope with these challenges?
A reputation built over decades is no longer enough to guarantee future success” says Benoit Soucaret, Group Creative Director at LiveArea, an award-winning global customer experience and e-commerce agency.
The problem, Soucaret analyses, is “no one wants to be compared via two webpages online, price for price. Luxury remains an incredibly lucrative market. And, unsurprisingly, its brands remain reluctant to push quickly into e-commerce for fear of eroding the exclusivity of the experience. That has to change”.
Ways of doing so include a mixture of online and offline experiences which, borrowing a fortunate word coined by the Italian philosopher Luciano Floridi, we could call “onlife”.
Data are central in this process, aimed at knowing every single customer and personalizing his visit, be it in a shop or via the web. There are, obviously, legal implications that must be diligently evaluated, above all for business operating in different countries.
Luxury marketing in the 2020s requires the whole value chain to be re-shaped. From production to logistic to sales. And, last but not least, must engage Millenials and Generation Z. How? With their buzzwords: “Mobile, social media, inclusion, sustainability”.
Read the full interview to Benoit Soucaret and get your FREEE eBook