THEY CALL IT RETAIL THERAPY for a reason, it releases happy hormones. Regardless of your station in life, when you buy that holiday, or a piece of jewellery you've always wanted, you feel on top of the world. And, this is precisely what makes the luxury sector tick. This sector has successfully created desire and aspiration for its products. It is interesting how you feel you need that scented candle, or you must have the impossibly expensive sneakers. The most successful luxury brands always evoke the 'I must have this' feeling. And, the new brands entering the sector know that once they achieve this, they are golden.
Craftsmanship, innovation and exclusivity define the success of these products, but so do, sustainability, and customer experience. The last few years have seen tech take a central role in helping luxury brands hyper-personalise their offerings and deliver the best experience. For instance, think of a beauty brand that offers digital consultation for your skin and based on the results their experts create the perfect moisturiser for you. Or the concierge service that knows the colour and variety of long stem roses your wife likes. In this day and age, where the consumer is a digital native and connected via multiple touchpoints, for brands to succeed, hyperpersonalisation is key.
When Tech Stepped In
Esta historia es de la edición November 02, 2024 de BW Businessworld.
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