Sustainability: Finding themselves with a surplus of inventory, luxury brands are reconsidering production in a world where consumers are demanding higher accountability on sustainability. New York’s 260 Sample Sale gives brands the means to launch online sample sales in a matter of days.Offline, Scarce offers so-called luxury mystery boxes made up from the excess stock of boutiques and factories.
Marketing: With fewer physical customer touchpoints at their disposal, luxury brands are turning to live-streaming as a way to engage directly with consumers. Gucci recently made a move into the film industry, launching cinematic festival GucciFest featuring films by famed and emerging talents.
Customer service: The inter-Covid period will require a new generation of customer service, especially as the pandemic has shown that luxury can exist in other realms entirely. As such, virtual influencers such as Chinese beauty brand Perfect Diary’s very own Xiao Wanzi will become personalised consultants to affluent shoppers.
Digital luxury: With fewer tangible opportunities to experience luxury in person in 2020, luxurians are now comfortable interacting with the immaterial. Companies such as The Dematerialised, a blockchain-powered digital marketplace for virtual fashion assets, and MetaFactory, a marketplace for digi-physical apparel that is inspired by cryptoculture, are embracing the opportunities this new market represents.
: As concerns about sustainability grow at a similar rate to deadstock, off-price goods are now highly desirable. Think about how your brand can enter this market and emerge with cleaner, leaner and smarter inventories
: Retailtainment has boomed as a way to keep shoppers engaged online when they haven’t been able to visit the store. Consider how new innovations such as live-streaming and virtual events can continue to live on beyond the pandemic and complement physical footfall
: Luxury is increasingly adapting to luxurians’ day-to-day routines. These new modes of access and data points will allow your brand to get closer than ever into consumers’ homes, needs and preferences
: Wealthy consumers may be more open than ever to immaterial luxury, but they are still seeking personal recommendations and services from brands to establish tangibility and quality. Implement a Feedback Frontiers approach and begin circular conversations with customers