Millennials and GenZ, who usually shop digital, will account for 40% of luxury goods markets by 2025.
This piece states with the rapid growth of online retail stores, luxury brands should drop their “anti-marketing” ethos and adapt to the eCommerce space. Luxury brands need to provide their usual exceptional consumer experience in the eCommerce segment to create a space for themselves.
The higher-value products that luxury brands sell usually have a limited number of buyers. This allows luxury brands more time to concentrate their efforts into providing services like exclusive access to new collections and private online sales to their clientele.
Luxury brands can further stand apart from their competitors by focusing on details like packaging and offering post-sales interactions. Sending out cart- abandonment emails can help luxury brands recover higher revenues, as cart-abandonment emails for luxury brands have conversion rates of nearly 28%.
[4 minute read]