Millennials and Gen Z, the most affluent luxury brand consumers of today, live and breathe digital. These tech-savvy consumers respond to seamless experiences which are integrated online and offline. In a pandemic-world, this is what is driving global luxury trends and sales growth.
Luxury loft office: the digital & WFH era
This wave of digitalisation has helped luxury brands rethink priorities and has forced brands to optimise resources and make each step of the value chain more efficient and cost effective. With the cancellation of events and experiences, brands have had to come up with new and innovative ways to interact with their consumers in a virtual way.
A significant advantages of being online, is the analytics and big data at play: brands have realised they can access the right data to create effective marketing strategies and target the right audience.
AI is also proving significant in optimising the seamless strategy online-instore, and helping brands to manage product development and issues in the supply chain.
Burberry has aligned their new creative vision with a new architectural and visual concept.
Digital transformation in luxury, is therefore about building, empowering, and enhancing internal and external human relationships.
To achieve the optimal Digital transformation in luxury, it requires a change in the organizational structure because it commands seamless, friction-free execution, not self-serving, disconnected, or dysfunctional activities. The focus must be on the customers, the customer segments, and domain expertise. These experts must organize, reorganize, and coalesce around customer-centric objectives, demonstrating the most powerful empathic and emotionally intelligent communication.
Coney Luxury 