Luxury Daily – Over the course of 2015, the economy showed signs of uncertainty and global happenings affected consumer spending, but researchers agree that 2016 is on pace to maintain and curate a luxury ecosystem.
Insights gathered by market researchers with a focus on affluence and spending behavior have assisted brands in understanding target demographics, including the elusive millennial. Through this understanding brands have been able to curate communications that speak to the market on a global and localized scale using social media and omnichannel experiences, tactics and trends that are expected to continue into the new year.
Here are the outlook views of some researchers featured in Luxury Daily last year. Below are the comments from Boston Retail Partners, read the full article to see more insights.
Boston Retail Partners
Luxury shoppers have elevated expectations for their shopping experience – they expect it to be easy, convenient and most of all, special,” said Ken Morris, principal, Boston Retail Partners. “To deliver on this promise in 2016, many retailers will focus on digitizing the black book to bring the ‘Amazon-like experience’ to the store.
“Providing a truly luxury shopping experience requires knowledge of a consumer’s wants and needs, which can be aided and supported by technology – in real-time,” he said. “Real-time retail is the ability for retailers to personalize the shopping experience based on an individual’s preferences, purchase history, what’s in their closet and their most recent online browsing history – all based on real-time information.
“Rather than adding associates, retailers will be adding technology to aid associates in providing customers a personalized, real-time retail experience. According to Boston Retail Partners’ 2015 POS Survey, within the next two years many retailers plan to offer personalized suggested selling capabilities based on: the customer’s previous purchases (76 percent of retailers); what’s in the customer’s closet (61 percent of retailers) and the customer’s online browsing history (58 percent of retailers).
“The key to personalizing the shopping experience is analyzing all customer data that is collected in real-time to offer meaningful suggestions and offers based on ‘customer context’ – the interrelated factors of customer insights and environmental conditions that make the shopping experience relevant,” he said.
“By personalizing the shopping experience with real-time customer context, luxury retailers will create an ‘Amazon experience’ in the store and give customers the exclusive treatment they expect.”
Read Full Article: What luxury marketers should expect in 2016