Online channels in the luxury market are expected to reach 16% growth by 2025. This market shift is mainly due to the millennials: these ultra-connected young consumers are buying ever more online. From e-consumption to the shopping experience, Odette Rushton from Lambert+Associates offers a roundup of innovations in retail.
Raising the bar
Retail is changing. With this in mind, many brands and companies have grasped the importance of updating their strategies to survive. This is the case for Ikea which has revolutionized the retail industry. The Swedish giant now offers new and original collaborations and limited editions to stand out from competitors. The aim is to win over millennials through innovation. Retailers are also branching out into the hotel industry to offer new customer experiences and above all, to engage customers’ emotions. The interior designer B and Williams has transformed its store into a fully equipped house to give customers an immersive experience of home design options.
A question of balance
Reinvention is key. Luxury players are required to function as start-ups in a new domain which is no longer limited to retail. Transparency and experiences are essential. A number of brands are prioritizing customer relationships by creating enjoyable experiences, without any sales pressure. The Rituals candle and incense brand has developed a seamless omni-channel experience. It has launched a mobile app which devotes 25% of content to yoga and meditation. Welcome offers, complimentary coffees, music and massage immerse customers in the brand experience and identity.
Pushing back boundaries
Several countries are leading from the front in terms of technology. China is the perfect example, with ever more surprising innovations. The leading BtoB platform Alibaba offers a fully-digitized experience and aims to simplify in-store purchasing. Shoppers can now scan products in the supermarket, which will then be prepared for them immediately, or use connected mirrors in shopping centres to purchase items. Other companies are taking these concepts even further. Farfetch, the fashion store of the future, uses artificial intelligence to generate a wish-list on the customer’s smartphone: the future starts here!
Podcast Odette Rushton – Experte en tendances et innovations, Lambert+Associates
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